Template:Nutshell Pledge GMSLA 9

9. Failure to Deliver
9.1 Borrower’s failure to deliver Equivalent Securities : If Borrower doesn’t deliver Equivalent Securities under paras 8.1 to 8.3 Lender may:

(a) continue the Loan; or

(b) terminate the individual Loan per para 11.2 as if the Borrower was subject to an Event of Default but the Loan were the only outstanding Loan.

Notwithstanding the above, such a failure will not be an Event of Default.
9.3 Failure by either Party to deliver or instruct delivery
Where Borrower fails to deliver Equivalent Securities or Lender fails to instruct Custodian to deliver Posted Collateral when due (such party the Transferor) and the other Party (the Transferee) incurs interest, overdraft expenses or Buy in costs the Transferor must, within one Business Day of a demand, pay the Transferee and hold it harmless against those costs that arise directly from that failure other than (i) costs arising from the Transferee’s negligence or wilful default and (ii) any consequential losses).