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Template:Nutshell GMSLA 11.2: Difference between revisions
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{{gmslaprov|11.2}} The {{gmslaprov|Parties}}’ obligations will be accelerated as at the {{gmslaprov|Event of Default}} (the {{gmslaprov|Termination Date}}) as follows: | {{gmslaprov|11.2}} '''Acceleration''': The {{gmslaprov|Parties}}’ obligations will be accelerated as at the {{gmslaprov|Event of Default}} (the {{gmslaprov|Termination Date}}) as follows: | ||
:(a) The {{gmslaprov|Non-Defaulting Party}} will determine the {{gmslaprov|Default Market Value}} of all amounts (and securities) due by each Party under paragraph {{gmslaprov|11.4}} as at the {{gmslaprov|Termination Date}}. | :(a) The {{gmslaprov|Non-Defaulting Party}} will determine the {{gmslaprov|Default Market Value}} of all amounts (and securities) due by each Party under paragraph {{gmslaprov|11.4}} as at the {{gmslaprov|Termination Date}}. | ||
(b) | :(b) Using those values, [the {{gmslaprov|Non-Defaulting Party}} will determine ''and notify'']<ref>Well, we ''assume'' it will be the [[Non-Defaulting Party - GMSLA Provision|NDP]]: the {{gmsla}} rather brilliantly puts it into an unattributed [[passive]], as if God is going to to it, or it will magically happen by itself. Go, {{islacds}}.</ref>what each Party owes as at the {{gmslaprov|Termination Date}}, converting into the {{gmslaprov|Base Currency}} at the {{gmslaprov|Spot Rate}} where necessary, and will set those sums off against each other. The {{gmslaprov|Party}} owing the greater amount must pay the difference on the {{gmslaprov|Business Day}} after notification. | ||
(c) and (d) If that balance is payable by a {{gmslaprov|Party}} who had delivered a {{gmslaprov|Letter of Credit}} to the other {{gmslaprov|Party}} the other {{gmslaprov|Party}} must draw on the {{gmslaprov|Letter of Credit}} to settle the amount due and then deliver it for cancellation. | :(c) ''and'' (d) ''[(d) being the vice-versa]'' If that balance is payable by a {{gmslaprov|Party}} who had delivered a {{gmslaprov|Letter of Credit}} to the other {{gmslaprov|Party}} the other {{gmslaprov|Party}} must draw on the {{gmslaprov|Letter of Credit}} to settle the amount due and then deliver it for cancellation. <br> | ||