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Pledge GMSLA Anatomy: Difference between revisions
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In other words this is likely to be restricted to [[agent lender]]s and quasi-agent lenders ([[Luxembourg fiduciary|fiduciaries]], [[Espievie|espievies]], [[Repackaging programme|repackaging]] vehicles). | In other words this is likely to be restricted to [[agent lender]]s and quasi-agent lenders ([[Luxembourg fiduciary|fiduciaries]], [[Espievie|espievies]], [[Repackaging programme|repackaging]] vehicles). | ||
=== | ===Major changes=== | ||
Close out works quite differently. | *No concept of {{pgmslaprov|Equivalent}} {{pgmslaprov|Collateral}}, seeing as collateral is pledged and dead-ended, so you ''do'' get back what you pledged (and in fact never technically give it away) — there is none of this fuss around [[true sale]] that you have with [[title transfer]] (in that there's no [[recharacterisation]] to a [[secured loan]]: we’re saying it ''is'' a [[secured loan]]). | ||
*Close out works quite differently. | |||