Template:Nutshell GMSLA 9.3

9.3 Failure by either Party to deliver
Where a Party (the Transferor) fails to deliver Equivalent Securities or Equivalent Collateral when required under this Agreement and the other Party (the Transferee):

(a) incurs interest, overdraft or other expenses; or

(b) incurs costs and expenses under a Buy in exercised against it by a third party,

then the Transferor must, within one Business Day of a demand, pay the Transferee hold it harmless against such properly incurred costs and expenses arising directly from that failure other than (i) costs arising from the Transferee’s negligence or wilful default and (ii) any consequential losses).