Template:M summ OSLA 15

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What on earth, you might muse, is a “course of dealings”? According to BusinessDictionary.com, it is “a pattern of normal business conduct between two parties. It is established over a period involving several transactions, and may be used as a reliable indicator of how they intend to deal in the future.”

In any weather, it adds nothing but heft to this clause. This is a standard termination on notice clause for the 1995 OSLA itself, but doesn’t cut across the terms — and in particular, any stipulated term for any loan, which will be set out in a Borrowing Request[1] They made a much better fist of it in the GMSLA.

So before you can use this clause, you must validly terminate each loan under the terms of its Borrowing Request.

  1. Curiously, the OSLA doesn’t define a “loan” as such, but rather refers to the terms, accepted by the Lender, of a Borrowing Request. This is counting-sheep-legs-and-dividing-by-four behaviour, calculated to discombobulate non-specialists and keep them away.