Template:Nutshell GMSLA 4

4. Delivery
4.1 Delivery of Securities on commencement of Loan
Lender must Deliver Securities to Borrower as required by the terms of the relevant Loan.
4.2 Requirements to effect Delivery
The Parties do whatever is needed to ensure that all interests in:

(a) any Securities borrowed under paragraph 3;

(b) any Equivalent Securities delivered under paragraph 8;

(c) any Collateral delivered under paragraph 5;

(d) any Equivalent Collateral delivered under paragraphs 5 or 8;

passes as required by this Agreement with full title guarantee, free from all encumbrances. For dematerialised Securities, Collateral delivery and transfer of title will take place under the prevailing rules of the relevant settlement system. The Party acquiring such interests does not have to return the actual assets it recceives but must, subject to the terms of this Agreement, to deliver Equivalent assets as appropriate.
4.3 Deliveries to be simultaneous unless otherwise agreed
Even where a Party is entitled to require simultaneous Payment or Delivery under paragraph 8.6 (Delivery obligations to be reciprocal) it may waive that right in light of prevailing circumstances. Such a waiver will not affect any other Delivery or Payment.
4.4 Deliveries of Income
Where a party receives Income on any Loaned Securities or Collateral, it must provide to the other Party any customary endorsements or assignments needed to effect payment or delivery of Equivalent Income in accordance with paragraph 6, whether or not it received such endorsements or assignments under the Loaned Securities or Collateral.