Interpretation (Agency Addendum) - GMSLA Provision

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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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A scholar will note that the definitions bit of this interpretation section is surplus to requirements, since it merely fingerpost to other parts of the Addendum. Which leaves the vexed question of what on earth (b) means. and why it is (b) and not (a), (d), or even 2.2.