Timing of repayments of excess Collateral or deliveries of further Collateral - GMSLA Provision

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2010 Global Master Securities Lending Agreement
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GMSLA

Clause 5.8 in a Nutshell
Use at your own risk, campers!

5.8. Timing of returns and further deliveries of Collateral: Where any Equivalent Collateral must be returned or further Collateral provided and demand is received by the Notification Time specified in paragraph Schedule 1.5 then it must be made by Close of Business on the Business Day of the demand. If received after the Notification Time, it must be made by Close of Business on the following Business Day.
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Full text of Clause 5.8

5.8. Timing of repayments of excess Collateral or deliveries of further Collateral
Where any Equivalent Collateral falls to be repaid or delivered (as the case may be) or further Collateral is to be provided under this paragraph 5, unless otherwise provided or agreed between the Parties, if the relevant demand is received by the Notification Time specified in paragraph Schedule 1.5 of the Schedule, then the delivery shall be made not later than the Close of Business on the same Business Day; if a demand is received after the Notification Time, then the relevant delivery shall be made not later than the Close of Business on the next Business Day after the date such demand is received.
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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2018 Pledge GMSLA
Related agreements: Click here for the same clause in the 1995 OSLA
Comparison: Template:Gmsladiff 5.8
Comparison: Template:Osladiff 5.8

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Content and comparisons

There is no equivalent provision in the 2018 Pledge GMSLA but the arrangements for by when one must request or comply with a request for the delivery back or forth of Collateral during a Loan under the 2018 Pledge GMSLA are dealt with summarily in Clause 5.4.
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Summary

Deliciously straightforward, though rendered in the baroque curlicues of the ICMA’s crack drafting squad™. Get your call in on time, and you shall have your Collateral by the end of the day. Be late, and you get it tomorrow or, if a weekend, Monday. And, yes, yes, yes — adjustments for other non-Business Days too

Expect to see — or at any rate do not be surprised if you do — a range of different cut-off times for different currencies (generally in the afternoon; European currencies early, American ones late, and Asian currencies in the morning), and some contorted brain-bender for non-cash collateral referring to standard settlement cycles and so on.
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See also

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References