Template:M comp disc GMSLA 12: Difference between revisions

Template:M comp disc GMSLA 12 (view source)

309 bytes added , 19 January 2021

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	Sole difference between the {{gmsla}} and {{pgmsla}} is the removal in the pledge version of the lead-in reference in {{gmslaprov\|12.1(d)}} “other than in respect of any payment made by {{pgmslaprov\|Lender}} to {{pgmslaprov\|Borrower}} under paragraph {{pgmslaprov\|6.3}}...”.		Sole difference between the {{gmsla}} and {{pgmsla}} is the removal in the pledge version of the lead-in reference in {{gmslaprov\|12.1(d)}} “other than in respect of any payment made by {{pgmslaprov\|Lender}} to {{pgmslaprov\|Borrower}} under paragraph {{pgmslaprov\|6.3}}...”. This is for the very sensible reason that under the pledge structure the {{gmslaprov\|Lender}} never holds the {{gmslaprov\|Collateral}} — unless there’s an enforcement event — so is never required to manufacture income on it, since the {{gmslaprov\|Borrower}} is holding it and gets the income directly.