Template:Loose prepositional phrases: Difference between revisions
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===[[Loose prepositional phrases]]=== | ===[[Loose prepositional phrases]]=== | ||
Careful, by the way about being too trigger-happy about [[loose prepositional phrase|loose prepositional phrases]] like this. There | |||
Careful, by the way, about being too trigger-happy about [[loose prepositional phrase|loose prepositional phrases]] like this. There is a howler in the definition of {{gmslaprov|income}} in the {{gmsla}}: | |||
:''{{GMSLA 2010 Income}}'' | :''{{GMSLA 2010 Income}}'' | ||
Here, | Here, it ''should'' say “...distributions of [[Any type, kind or nature|any kind whatsoever]]<ref>Actually, in the [[JC]]’s view this is also unintentionally wide and really ought to be “...or other ''similar'' [[Distribution|distributions]]”. See {{gmslaprov|Income}} for more [[tedious]] discussion on this fascinating topic.</ref> paid '''[[under]]''' the {{gmslaprov|Securities}} or {{gmslaprov|Collateral}}.” | ||
{{gmslaprov|Distribution}}s paid ''[[with respect to]]'' the {{gmslaprov|Securities}} could include amounts paid by unreleted third parties that reference the {{gmslaprov|Securities}}: you know, like [[derivative]] payments. Payments on [[Credit Event - Credit Derivative Provision| | {{gmslaprov|Distribution}}s paid ''[[with respect to]]'' the {{gmslaprov|Securities}} could include amounts paid by unreleted third parties that reference the {{gmslaprov|Securities}}: you know, like [[derivative]] payments. Payments on [[Credit Event - Credit Derivative Provision|credit event]]s, where the [[underlier]] has blown up. Payments that could be [[Leverage|levered]], or modified, but nonetheless paid by reference to the shares themselves. So that would be bad. Borrowers of stock loans have no intention to [[Manufactured payments in respect of Loaned Securities - GMSLA Provision|manufacture]] these kinds of payments. <br> | ||
Latest revision as of 08:19, 19 June 2019
Loose prepositional phrases
Careful, by the way, about being too trigger-happy about loose prepositional phrases like this. There is a howler in the definition of income in the 2010 GMSLA:
- Income means any interest, dividends or other distributions of any kind whatsoever with respect to any Securities or Collateral;
Here, it should say “...distributions of any kind whatsoever[1] paid under the Securities or Collateral.”
Distributions paid with respect to the Securities could include amounts paid by unreleted third parties that reference the Securities: you know, like derivative payments. Payments on credit events, where the underlier has blown up. Payments that could be levered, or modified, but nonetheless paid by reference to the shares themselves. So that would be bad. Borrowers of stock loans have no intention to manufacture these kinds of payments.
- ↑ Actually, in the JC’s view this is also unintentionally wide and really ought to be “...or other similar distributions”. See Income for more tedious discussion on this fascinating topic.