Template:M comp disc GMSLA Equivalent

The difference between these provisions in the 2010 GMSLA and 2018 Pledge GMSLA is the omission “of Collateral” wherever it appeared, and the scratching out of all nine examples of that splended legal redundancy “as the case may be”. Somewhere, a tiny part of the fastidious soul of each member of ISLA’s crack drafting squad™ must have died a little death.

Of course, Collateral is not delivered by title transfer under the 2018 Pledge GMSLA — it’s pledged — so there’s no sense in talking about the return of its “equivalent”. Unless you’re talking about Borrower-initiated substitutions, the Posted Collateral remains ontologically inviolate: the same stuff throughout — absent some kind of security enforcement, it never gets bodily delivered to the Lender at all.