Addendum for Pooled Principal Agency Loans - GMSLA Provision
Addendum 1 Scope (Agency Addendum)
Addendum 2 Interpretation (Agency Addendum)
Addendum 3 Modifications to the Agency Annex
Addendum 4 Allocation of Agency Loans
Addendum 5 Allocation of Collateral
Addendum 6 Pooled Principals: Rebalancing of Margin
Addendum 7 Warranties (Agency Addendum)
UK Tax Addendum
Tax Addendum 1 Disapplication of Previous Addendum (Tax Addendum)
Tax Addendum 2 Application of this Addendum (Tax Addendum)
Tax Addendum 3 Disapplication of Gross-Up (Tax Addendum)
Tax Addendum 4 Application of Warranties (Tax Addendum)
Tax Addendum 5 Manufactured Payments: Net Paying UK Securities (Tax Addendum)
Tax Addendum 6 Manufactured Payments: REIT Shares (Tax Addendum)
Tax Addendum 7 Manufactured Payments: PAIF Shares (Tax Addendum)
Tax Addendum 8 Interpretation (Tax Addendum)
So what’s this all about then?
The snappily-named Addendum for Pooled Principal Agency Loans is an addendum dealing with agent lenders who lend across a large portfolio of asset-rich clients (often private wealth management and high net worth clients from their investment management division) who are after a little bit of yield enhancement on their high-quality, low yield, assets. Margin is typically handled in a triparty collateral management system.
Quite a big business.