Interpretation (Agency Addendum) - GMSLA Provision

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In a Nutshell Clause Interpretation (Agency Addendum):

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2010 GMSLA full text of Clause Interpretation (Agency Addendum):

2. Interpretation (Agency Addendum)
2.1 In this addendum:

(a) Collateral Transfer has the meaning given in paragraph 5.1 below;
(b) if at any time on any Business Day the aggregate Market Value of Posted Collateral in respect of all Agency Loans outstanding with a Principal under the Agreement exceeds the aggregate of the Required Collateral Value in respect of such Agency Loans, Borrower has a Net Loan Exposure to that Principal equal to that excess; if at any time on any Business Day the aggregate Market Value of Posted Collateral in respect of all Agency Loans outstanding under the Agreement with a Principal falls below the aggregate of the Required Collateral Value in respect of such Agency Loans, that Principal has a Net Loan Exposure to Borrower for such Agency Loans equal to that deficiency;
(c) Pooled Principal has the meaning given in paragraph 6(a) below; and
(d) Pooled Loan has the meaning given in paragraph 6(a) below.

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2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code
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1995 OSLA: Full wikitext · Nutshell wikitext | GMSLA Netting
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A scholar will note that the most of this interpretation section is surplus to requirements, since it merely fingerpost to other parts of the Addendum. Which leaves the vexed question of (b). This is the definition of Net Loan Exposure. This is designed to capture the overall exposure as between the Borrower and any one Principal in the Agent Lender’s portfolio, across all Loans between those two.


GMSLA Anatomy


In a Nutshell Clause Net Loan Exposure:

Net Loan Exposure:

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2010 GMSLA full text of Clause Net Loan Exposure:

Template:GMSLA 2010 Net Loan Exposure view template


2010 GMSLA: Full wikitext · Nutshell wikitext | GMLSA legal code
Pledge GMSLA: Hard copy (ISLA) · Full wikitext · Nutshell wikitext |
1995 OSLA: Full wikitext · Nutshell wikitext | GMSLA Netting
Let me Google that for you: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers

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: GMSLA · Pledge GMSLA · OSLA

Index — Click the ᐅ to expand:
GMSLA

Get in touch
Comments? Questions? Suggestions? Requests? Sign up for our newsletter? Questions? We’d love to hear from you.
BREAKING: Get the new weekly newsletter here Old editions here