Termination of course of dealings by notice - OSLA Provision
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OSLA Anatomy™
Each Party shall have the right to bring the course of dealing contemplated under this Agreement to an end by giving not less than 15 Business Days’ notice in writing to the other Party (which notice shall specify the date of termination) subject to an obligation to ensure that all loans and which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement and with the Rules.
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What on earth, you might muse, is a “course of dealings”? According to [BusinessDictionary.com www.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<ref>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. 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.
Clause comparison with GMSLA
The equivalent of this clause in the 2010 GMSLA is Clause 16: Template:Gmslasnap
Clause comparison with ISDA Master Agreement
By way of further comparison, the ISDA Master Agreement doesn’t have a general termination right of this sort at all. You can only terminate Transactions, not the master agreement construct which sits around them itself. It is an immortal husk. This is to do with paranoid fears about the efficacy of the ISDA’s sainted close-out netting terms — meh; maybe — but I like to think it has unleashed on the world an army of wight-walker zombie ISDAs, doomed to roam the earth until the day of judgment, apropos nothing but there, undead, and ready to animate and rally to the banner of Sauron, Beelzebub, Lehman Brothers etc., should they be reincarnated, to rain apocalyptic hell on the armies of men.