Agency Annex - Pledge GMSLA Provision
2018 Global Master Securities Lending Agreement (Pledge version)
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Crosscheck: Agency Annex in a Nutshell™
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Basics
This is the Annex referred to in the definitions section:
Agency Annex means the Annex to this Agreement published by the International Securities Lending Association and providing for Lender to act as agent for a third party in respect of one or more Loans;
This applies where you the arrangement being documented is an agent lending arrangement: essentually a wealth manager, as agent, hawking out its customers’ long collateral into the stock loan market to earn its customers fees and itself some additional commission.
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See also
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