Template:M comp disc Pledge GMSLA 7

The rate payable on Loaned Securities and, for the 2010 GMSLA only, provision for interest on Cash Collateral. You wouldn’t have cash collateral in a 2018 Pledge GMSLA, the very point of the transaction being to upgrade all those crappy equity securities sitting on your balancesheet that you rehypothecated as collateral for your margin loans and bought as Hedge Positions for your delta-one synthetic equity swaps.

Aside from chopping out that middle paragraph 7.2 relating to Cash Collateral, and some conforming amendments, the 2018 Pledge GMSLA has much the same vibe as the 2010 GMSLA.