Template:Nutshell GMSLA 1

1. Applicability
1.1 The Parties may enter into Loans through their Designated Offices where one (Lender) transfers securities and financial instruments (Securities) to the other (Borrower) against the transfer by the other of Collateral, with a simultaneous agreement by the Borrower to transfer Equivalent Securities back to Lender at a future date against the return of Equivalent Collateral.
1.2 Each Loan will be governed by this Agreement (and the Schedule, Addenda and Annexes). If there is any inconsistency between an Addendum or Annex and this Agreement, the former will prevail unless otherwise agreed.