Template:M comp disc Pledge GMSLA 12

Sole difference between the 2010 GMSLA and 2018 Pledge GMSLA is the removal in the pledge version of the lead-in reference in 12.1(d) “other than in respect of any payment made by Lender to Borrower under paragraph 6.3...”.

This is for the sensible reason that under the pledge structure the Lender never holds the Collateral — unless there’s an enforcement event — so is never required to manufacture income on it, since the Borrower is holding it and gets the income directly.