Agency Annex - Pledge GMSLA Provision

2018 Global Master Securities Lending Agreement (Pledge version) A Jolly Contrarian owner’s manual™ Go premium Overview — Summary — Premium — See also — Wikitext Crosscheck: →2010 GMSLA equivalent →Pledge GMSLA equivalent Agency Annex in a Nutshell™ The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. You can even ask questions! Ask about it here. Original text The Varieties of Stock Lending Experience Subject 2010 GMSLA 2018 Pledge GMSLA 1995 OSLA Applicability/Preamble 1 1 Preamble Interpretation 2 2 1 Definitions 2.1 2.1 1 Loans of Securities 3 3 2 Delivery 4 4 3 Collateral 5 5 6 Distributions and Corporate Actions 6 6 4 (“Rights and Title”) Rates for Loans and Collateral 7 7 4 Delivery of Equivalent Securities 8 8 7 Failure to Deliver 9 9 N/A Events of Default 10 10 12 Consequences of Events of Default 11 11 8 (“Set-off”) Taxation 12 12 9 Lender's Warranties 13 13 10 Borrower's Warranties 14 14 11 Interest on Outstanding Payments 15 15 13 Termination of Agreement 16 16 15 Single Agreement 17 17 N/A Severance 18 18 18 Specific Performance 19 19 19 Notices 20 20 20 Assignment 21 21 21 Non-Waiver 22 21 22 Governing Law and Jurisdiction 23 23 26 Time 24 24 24 Recording 25 25 25 Waiver of Immunity 26 26 N/A Expenses N/A 27 N/A Miscellaneous 27 28 N/A Resources and Navigation Navigation 2010 GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · Schedule · Agency Annex · Addendum for Pooled Principal Agency Loans 2018 Pledge GMSLA 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · 22 · 23 · 24 · 25 · 26 · 27 · 28 · Schedule · Agency Annex Stock Loan owner’s manuals: 2010 GMSLA · 2000 GMSLA · Pledge GMSLA · OSLA Index: Click ᐅ to expand: GMSLA Pledge GMSLA

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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Here the free bit runs out. Subscribers click 👉 here. New readers sign up 👉 here and, for ½ a weekly 🍺 go full ninja about all these juicy topics👇 JC’s “nutshell” summary of the clause Background reading and long-form essays Template:Gmsla Agency Annex premium