Template:Nutshell Pledge GMSLA 11.3: Difference between revisions

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{{gmslaprov|11.3}} The '''{{gmslaprov|Default Market Value}}''' of a {{gmslaprov|Letter of Credit}} will be zero. For any {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or any other {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} it will be determined under paragraphs {{gmslaprov|11.4}} to {{gmslaprov|11.6}} below, where:
{{pgmslaprov|11.3}} The '''{{pgmslaprov|Default Market Value}}''' of any {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} or any other {{pgmslaprov|Equivalent}} {{pgmslaprov|Non-Cash Collateral}} will be determined under paragraphs {{pgmslaprov|11.4}} to {{pgmslaprov|11.6}} below, where:
:'''{{gmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{gmslaprov|Non-Defaulting Party}};
:'''{{pgmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{pgmslaprov|Non-Defaulting Party}};
:'''{{gmslaprov|Default Valuation Time}}''' means the {{gmslaprov|Close of Business}} in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after the {{gmslaprov|Event of Default}} (or where {{gmslaprov|Automatic Early Termination}} applies, the day the {{gmslaprov|Non Defaulting Party}} became aware of it);
:'''{{pgmslaprov|Default Valuation Time}}''' means the {{pgmslaprov|Close of Business}} in the {{pgmslaprov|Appropriate Market}} on the fifth dealing day after the {{pgmslaprov|Event of Default}} (or where {{pgmslaprov|Automatic Early Termination}} applies, the day the {{pgmslaprov|Non Defaulting Party}} became aware of it);
:'''{{gmslaprov|Deliverable Securities}}''' means {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} to be delivered by the {{gmslaprov|Defaulting Party}};
:'''{{ppgmslaprov|Net Value}}''' of any securities means the {{ppgmslaprov|Non-Defaulting Party}}’s reasonable opinion of their fair {{ppgmslaprov|Market Value}} less (where {{ppgmslaprov|Lender}} is the {{ppgmslaprov|Defaulting Party}}) or plus (where {{ppgmslaprov|Borrower}} is the {{ppgmslaprov|Defaulting Party}}), all reasonable costs of any transaction needed under paragraph {{ppgmslaprov|11.4}} or {{ppgmslaprov|11.5}} ('''{{ppgmslaprov|Transaction Costs}}''').
:'''{{pgmslaprov|Net Value}}''' of any securities means the {{pgmslaprov|Non-Defaulting Party}}’s reasonable opinion of their fair {{pgmslaprov|Market Value}} less (where {{pgmslaprov|Lender}} is the {{pgmslaprov|Defaulting Party}}) or plus (where {{pgmslaprov|Borrower}} is the {{pgmslaprov|Defaulting Party}}), all reasonable costs of any transaction needed under paragraph {{pgmslaprov|11.4}} or {{pgmslaprov|11.5}} ('''{{pgmslaprov|Transaction Costs}}'''); and
:'''{{gmslaprov|Receivable Securities}}''' means {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} to be delivered to the {{gmslaprov|Defaulting Party}}.<br>

Revision as of 17:50, 25 January 2021

11.3 The Default Market Value of any Equivalent Securities or any other Equivalent Non-Cash Collateral will be determined under paragraphs 11.4 to 11.6 below, where:

Appropriate Market is the most appropriate market for any securities determined by the Non-Defaulting Party;
Default Valuation Time means the Close of Business in the Appropriate Market on the fifth dealing day after the Event of Default (or where Automatic Early Termination applies, the day the Non Defaulting Party became aware of it);
Template:Ppgmslaprov of any securities means the Template:Ppgmslaprov’s reasonable opinion of their fair Template:Ppgmslaprov less (where Template:Ppgmslaprov is the Template:Ppgmslaprov) or plus (where Template:Ppgmslaprov is the Template:Ppgmslaprov), all reasonable costs of any transaction needed under paragraph Template:Ppgmslaprov or Template:Ppgmslaprov (Template:Ppgmslaprov).
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