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| [[11 - Pledge GMSLA Provision|ISLA]] published a curious piece of thought leadership in September 2018 which painted a worst-case scenario timeline for closing out a {{pgmsla}} which made it look quite a bit worse than the corresponding critical path under a normal — hardly calculated to set at ease the jittery nerves of a very modern [[agent lender]]er. The perceived difference was this:
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| !style="width: 50%"|{{gmsla}}
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| |Upon notice of default, {{gmslaprov|Non-Defaulting Party}} can start immediately liquidate and has 5 days to trade and set pricing to allow for liquidity. You have to return any excess.
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| |Upon notice of default {{pgmslaprov|Non-Defaulting Party}} can theoretically start liquidating but has value the pledged {{gmslaprov|Collateral}} to be transferred. This may take a bit longer in an illiquid market. But seems to the[[JC]] there’s no reason you can’t execute trades in the collateral without physically holding it, seeing as it settles later. Any excess goes back to the pledgor
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