Template:M comp disc GMSLA 9

9. Failure to Deliver

9.1 Borrower’s failure to deliver Equivalent Securities

9.2 Lender’s failure to deliver Equivalent Collateral

9.3 Failure by either Party to deliver

Paragraph 9 of the 2010 GMSLA is broadly the same in the 2018 Pledge GMSLA, only with no reference to failure by the Lender to return Equivalent Collateral, all for the sensible reason that, under the 2018 Pledge GMSLA construct, the Lender never gets its mitts on the Collateral in the first place, so is hardly in a position to fail to return it.