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Template:M summ Pledge GMSLA 28.1: Difference between revisions
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As well as the general objections to this feebly drafted provision (as to which, see below) we have another one: if the counterparties to this pledge-style agreement are already counterparties to an existing 2010 GMSLA — the one where collateral flows by [[title transfer]] — then glibly asserting that the old agreement has been superseded does not work — the collateral arrangements are utterly different operationally as well as legally — and is not likely to be the parties’ intention. | [[28.1 - Pledge GMSLA Provision|As]] well as the general objections to this feebly drafted provision (as to which, see below) we have another one: if the counterparties to this pledge-style agreement are already counterparties to an existing 2010 GMSLA — the one where collateral flows by [[title transfer]] — then glibly asserting that the old agreement has been superseded does not work — the collateral arrangements are utterly different operationally as well as legally — and is not likely to be the parties’ intention. | ||
The Pledge GMSLA exists to cater for the [[agent lending]] universe, where are securities lenders are happy for their collateral to be delivered into a tri party system where it is “dead-ended”, and where are collateral lenders are generally represented by an agent who has entered into a master agency lending agreement. | The Pledge GMSLA exists to cater for the [[agent lending]] universe, where are securities lenders are happy for their collateral to be delivered into a tri party system where it is “dead-ended”, and where are collateral lenders are generally represented by an agent who has entered into a master agency lending agreement. | ||