Template:M comp disc Pledge GMSLA 9.2

Clause 9.3 of the 2010 GMSLA is identical to Clause 9.2 of the 2018 Pledge GMSLA but for the fussy references in the pledge document to “instructions to the Custodian to deliver Posted Collateral” (because the Posted Collateral under a pledge is never transferred to the Lender in the first place, but rather is held by the Borrower’s Custodian subject to a pledge in favour of the Lender, so the Lender isn’t technically in a position to deliver it back).

Fun comparison: the 2002 ISDA Equity Derivatives Definitions completely botch the equivalent settlement failure terms for equity swaps. What business you have physically settling synthetic equity swaps is a whole other question of course — so it doesn’t really matter — but for a spot of gratuitous bafflement, look no further than Consequences of Failure to Deliver under Section 12.9(b)(ii) of the 2002 ISDA Equity Derivatives Definitions.