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Precedent of Legal Agreement

This paper does not override any contractual arrangements agreed between parties but instead outlines practical operational guidance for market participants during the course of their day-to-day collateral operations. This paper is intended to be read in conjunction with the Global Master Securities Lending Agreement (GMSLA: the master agreement) or equivalent agreement. In the event of a conflict between this paper and the master agreement, the master agreement should prevail. (IBP-101)

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