Template:Pledge GMSLA 2018 5.2

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5.2 Deliveries through securities settlement systems generating automatic payments: Unless otherwise agreed between the Parties, where any Securities or Equivalent Securities are transferred through a book entry transfer or settlement system which automatically generates a payment or Delivery, or obligation to pay or deliver, against the transfer of such Securities, then such automatically generated payment, Delivery or obligation shall be treated as a payment or Delivery by the transferee to the transferor, and except to the extent that it is applied to discharge an obligation of the transferee to effect payment or Delivery, the Party so treated as receiving such payment or Delivery shall cause to be made to the other Party for value the same day either, where such transfer is a payment, an irrevocable payment in the amount of such transfer or, where such transfer is a Delivery, an irrevocable Delivery of Securities (or other property, as the case may be) Equivalent to such property.