Template:Nutshell GMSLA 6

6. Distributions and Corporate Actions
6.1 In this paragraph, Income recevied on any Loaned Securities or Non Cash Collateral means the amount received after any withholdings or deductions of Tax.
6.2 Where a Loan extends over an Income Record Date, on the distribution date the Borrower must manufacture the Income the Lender would have received had it held the Loaned Securities on the Income Record Date.
6.3 Manufactured payments in respect of Non-Cash Collateral
Where Borrower provides the Lender with Non Cash Collateral over an Income Record Date Lender must, on the date the Income is paid, manufacture an equivalent amount of Income to Borrower that Lender would have received on that Non Cash Collateral had it held it on the Income Record Date and not been entitled to any Tax relief on that payment under Applicable Law.
Template:Nutshell GMSLA 6.4 Template:Nutshell GMSLA 6.5 6.6 Exercise of voting rights
If any voting rights arise under any Loaned Securities or Collateral, the party holding the asset in question is not required to vote it at the direction of the party that originally delivered it.
6.7 Corporate actions
Where a holder is entitled to exercise any “corporate rights” under any Loaned Securities or any Collateral (“assets”) before the receiver can return equivalent ones to the provider, then the provider can, within a reasonable time before the relevant deadline, notify the receiver that it wishes to receive the assets as if the corporate rights been exercised.

“Corporate rights” include any:

• conversion, sub-division, consolidation or pre-emption rights;
• rights arising under a takeover offer;
• rights to receive securities now or in the future; or
• other rights, including ones that require the holder to make an election.