Template:GMSLA 2010 11.5: Difference between revisions
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{{gmslaprov|11.5}}. If, acting in [[good faith]], either <br> | :{{gmslaprov|11.5}}. If, acting in [[good faith]], either <br> | ||
:(A) the {{gmslaprov|Non Defaulting Party}} has endeavoured but been unable to sell or purchase securities in accordance with paragraph {{gmslaprov|11.4(a)}} above or to obtain quotations in accordance with paragraph {{gmslaprov|11.4(b)}} above (or both) or <br> | ::(A) the {{gmslaprov|Non Defaulting Party}} has endeavoured but been unable to sell or purchase securities in accordance with paragraph {{gmslaprov|11.4(a)}} above or to obtain quotations in accordance with paragraph {{gmslaprov|11.4(b)}} above (or both) or <br> | ||
:(B) the {{gmslaprov|Non Defaulting Party}} has determined that it would not be [[commercially reasonable]] to sell or purchase securities at the prices [[bid]] or offered or to obtain such quotations, or that it would not be commercially reasonable to use any quotations which it has obtained under paragraph {{gmslaprov|11.4(b)}} above the {{gmslaprov|Non Defaulting Party}} may determine the {{gmslaprov|Net Value}} of the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} (which [[shall]] be specified) and the {{gmslaprov|Non Defaulting Party}} may elect to treat such {{gmslaprov|Net Value}} as the {{gmslaprov|Default Market Value}} of the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}. <br> | ::(B) the {{gmslaprov|Non Defaulting Party}} has determined that it would not be [[commercially reasonable]] to sell or purchase securities at the prices [[bid]] or offered or to obtain such quotations, or that it would not be commercially reasonable to use any quotations which it has obtained under paragraph {{gmslaprov|11.4(b)}} above the {{gmslaprov|Non Defaulting Party}} may determine the {{gmslaprov|Net Value}} of the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} (which [[shall]] be specified) and the {{gmslaprov|Non Defaulting Party}} may elect to treat such {{gmslaprov|Net Value}} as the {{gmslaprov|Default Market Value}} of the relevant {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}. <br> | ||
Latest revision as of 12:17, 8 March 2018
- 11.5. If, acting in good faith, either
- (A) the Non Defaulting Party has endeavoured but been unable to sell or purchase securities in accordance with paragraph 11.4(a) above or to obtain quotations in accordance with paragraph 11.4(b) above (or both) or
- (B) the Non Defaulting Party has determined that it would not be commercially reasonable to sell or purchase securities at the prices bid or offered or to obtain such quotations, or that it would not be commercially reasonable to use any quotations which it has obtained under paragraph 11.4(b) above the Non Defaulting Party may determine the Net Value of the relevant Equivalent Securities or Equivalent Collateral (which shall be specified) and the Non Defaulting Party may elect to treat such Net Value as the Default Market Value of the relevant Equivalent Securities or Equivalent Collateral.
- (A) the Non Defaulting Party has endeavoured but been unable to sell or purchase securities in accordance with paragraph 11.4(a) above or to obtain quotations in accordance with paragraph 11.4(b) above (or both) or