2010 Global Master Securities Lending Agreement
The prevailing market standard English law stock lending master agreement. Compare with the new York law Master Securities Lending Agreement and, latterly the English law 2018 Pledge GMSLA.
You can access the clause-by-clause anatomy from the table of contents over ==> there.
How do you say it? However you like, basically. The 2010 GMSLA is an agreement once drafted by a magic circle law firm but whose carriage nowadays is almost exclusively handled by inhouse lawyers and negotiators, to the point where seeking external advice on what a given provision means is a bad idea, because private practice lawyers will have far less of a clue — having likely never looked at a 2010 GMSLA — than will their inhouse clients who ask the question. They will be baffled by the terminology — is it a loan or isn’t it? — the fact that failing to redeliver securities or collateral is de rigueur and does not usually sifnify the end of the world as we know it, that there should really not be damages for consequential losses and countless other trifling, tedious things.
This won’t stop the inhouse clients asking, of course, and indeed they are known to have the bright idea of outsourcing GMSLA negotiations to outside law firms. This is a disaster. Don’t do it, folks.