Termination of this Agreement - Pledge GMSLA Provision

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2018 Global Master Securities Lending Agreement (Pledge Version)
A Jolly Contrarian owner’s manual™

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2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex

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GMSLA

Clause 16 in a Nutshell
Use at your own risk, campers!

16 Termination of this Agreement
Each Party may terminate this Agreement on 15 Business Days’ written notice specifying the date of termination but the Security Agreement and the Control Agreement remain in place under all Loans are terminated.
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Full text of Clause 16

16 Termination of this Agreement
Each Party shall have the right to terminate the entry into of further Loans under this Agreement by giving not less than 15 Business Days’ notice in writing to the other Party (which notice shall specify the date of termination) provided that the provisions of this Agreement, the Security Agreement and the Control Agreement shall remain in full force and effect at all times with respect to all Loans entered into at any time prior to such termination and each Party will duly comply with and discharge all of its obligations under this Agreement, the Security Agreement and the Control Agreement in relation to such Loans as if no such termination notice had been given.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2010 GMSLA
Comparison: Click to compare the 2010 GMSLA and 2018 Pledge GMSLA versions of this clause.

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Content and comparisons

There is a difference: first, curiously, the 2018 Pledge GMSLA inserts the right to terminate the entry into of further Loan under this Agreement — a genuine “WTF” moment there, since there is no obligation to enter into any Loan at any time that you don’t want to anyway — and the second is to add a chicken-lickenish statement of the bleeding obvious that if one terminates the Agreement that doesn’t whip away the rug from under your carefully constructed the security arrangements — at least not until you’ve sorted out the outstanding Loans and returned whatever you have borrowed.
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See also

Template:M sa Pledge GMSLA 16
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References