Borrower - Pledge GMSLA Provision
2018 Global Master Securities Lending Agreement (Pledge Version)
Clause Borrower in full
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Unlike in the 2010 GMSLA, in a 2018 Pledge GMSLA which is designed with agent lending arrangements in mind, one party (presented by an agent lender) will always be the Lender and the other (a bank desirous of upgrading the funding status of its balance sheet with higher quality assets) will always be the Borrower, so the Agreement is not entirely symmetrical — though it nearly is, since the Loans are fully collateralised, and it is heavily based on a purely bilateral agreement, and ISLA’s crack drafting squad™ we markedly disinclined to make any changes to it they didn’t have to.