Interpretation (Agency Addendum) - GMSLA Provision
2010 Global Master Securities Lending Agreement
Clause Interpretation (Agency Addendum) in a Nutshell™
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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.