Template:Nutshell Pledge GMSLA 5.4

5.4(a) By the Notification Time on each Business Day each Party will notify the other Party the Custodian of its determination of the Required Collateral Value.

5.4(b) Borrower will be liable for Custodian’s performance as if it were its own and the Custodian’s actions will be deemed to be those of the Borrower when assessing Events of Default. Lender will not be liable for the Custodian’s performance.

5.4(c) The Lender’s obligation to instruct Custodian to transfer Posted Collateral to Borrower will be deemed satisfied if the Lender validly instructs the Custodian under the Control Agreement. Lender will not be liable for any failure by Custodian to comply with its instructions and nor will such a failure be an Event of Default for Lender.