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}} 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}};
:'''{{gmslaprov|Deliverable Securities}}''' means {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} to be delivered by the {{gmslaprov|Defaulting Party}};
:'''{{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}}''').
:'''{{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>

Latest revision as of 17:52, 25 January 2021

11.3 The Default Market Value of any Equivalent Securities 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;
Net Value of any securities means the Non-Defaulting Party’s reasonable opinion of their fair Market Value less (where Lender is the Defaulting Party) or plus (where Borrower is the Defaulting Party), all reasonable costs of any transaction needed under paragraph 11.4 or 11.5 (Transaction Costs).
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