# Master Lending Agreement

OpenTrade's **Master Lending Agreement (MLA)** is a master agreement governing secured lending between Lenders and Borrowers on the OpenTrade Platform. 

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For the Treasury Management Product, currently the only approved Borrower is OpenTrade SPC. The MLA will be executed between Lenders and OpenTrade SPC during the [onboarding process](https://docs.opentrade.io/onboarding). 
{% endhint %}

### What is the Master Lending Agreement (MLA)?

The MLA is an umbrella agreement that defines lending mechanics, rights and obligations of the parties, roles and responsibilities of the parties, definitions, and more.

Each individual Loan made under the MLA is documented via a [Loan Confirmation](https://docs.opentrade.io/stablecoin-yield/product-overview/legal/loan-confirmations) which is a legally binding agreement specifying the amount and key terms of the loan. 

The OpenTrade MLA has been adapted for digital asset lending from the [Global Master Securities  Lending Agreement (GMLSA)](https://www.islaemea.org/gmsla-title-transfer/), a widely used standard legal framework published and maintained by the International Securities Lending Association (ISLA). 

### Key Terms of the MLA

* Definitions & Parties 
* [Loan Mechanics](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/fixed-term-vault-mechanics) (timing, events, payment dates, early withdrawals, rollovers etc)
* Calculation and payment of [rates and fees](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/interest-rates-and-fees)
* Borrower warrants that it has acquired or will acquire the [Collateral](https://docs.opentrade.io/stablecoin-yield/product-overview/loan-collateral) on the [Loan Commencement Date](https://docs.opentrade.io/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/fixed-term-vault-mechanics#loan-commencement-and-confirmation) and has granted a valid and fully perfected security interest in the accounts in which the Collateral will be held pursuant to the [Security Trust Deed](https://docs.opentrade.io/stablecoin-yield/product-overview/legal/security-trust-deed)
* Borrower agrees that the Loans (and any proceeds thereof) will be used solely to acquire the applicable Collateral and pay amounts due  including fees. 
* Borrower and lender warranties
* Default event(s) and consequences
* Termination, Notices, and Assignment 
* English Law as the governing law and jurisdiction

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