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| {{Pledge GMSLA 2018 11.2}} | | {{Pledge GMSLA 2018 11.2}} |
| {{Pledge GMSLA 2018 11.3}} | | {{Pledge GMSLA 2018 11.3}} |
| {{pgmslaprov|11.4}} If between the {{pgmslaprov|Termination Date}} and the {{pgmslaprov|Default Valuation Time}}: | | {{Pledge GMSLA 2018 11.4}} |
| :{{pgmslaprov|11.4(a)}} {{pgmslaprov|Borrower}} as {{pgmslaprov|Non-Defaulting Party}} has sold, or {{pgmslaprov|Lender}} as {{pgmslaprov|Non-Defaulting Party}} has purchased, {{pgmslaprov|Securities}} which form part of the same issue and are of an identical type and description as the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, (and regardless as to whether or not such sales or purchases have settled) such Non- {{pgmslaprov|Defaulting Party}} may elect to treat as the {{pgmslaprov|Default Market Value}}:
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| ::{{pgmslaprov|11.4(a)(i)}} in the case of such a sale by {{pgmslaprov|Borrower}} as {{pgmslaprov|Non-Defaulting Party}}, the net proceeds of such sale after deducting all {{pgmslaprov|Transaction Costs}}; provided that, where the {{pgmslaprov|Securities}} sold are not identical in amount to the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, {{pgmslaprov|Borrower}} as {{pgmslaprov|Non-Defaulting Party}} may, acting [[in good faith]], either
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| :::(A) elect to treat such net proceeds of sale divided by the amount of {{pgmslaprov|Securities}} sold and multiplied by the amount of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} as the {{pgmslaprov|Default Market Value}} or
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| :::(B) elect to treat such net proceeds of sale of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} actually sold as the {{pgmslaprov|Default Market Value}} of that proportion of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, <br>
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| ::and, in the case of (B), the {{pgmslaprov|Default Market Value}} of the balance of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be determined separately in accordance with the provisions of this paragraph {{pgmslaprov|11.4}}; or
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| ::{{pgmslaprov|11.4(a)(ii)}} in the case of such a purchase by {{pgmslaprov|Lender}} as {{pgmslaprov|Non-Defaulting Party}}, the aggregate cost of such purchase, including all {{pgmslaprov|Transaction Costs}}; provided that, where the {{pgmslaprov|Securities}} purchased are not identical in amount to the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, {{pgmslaprov|Lender}} as {{pgmslaprov|Non-Defaulting Party}} may, acting in good faith, either
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| :::(A) elect to treat such aggregate cost divided by the amount of {{pgmslaprov|Securities}} purchased and multiplied by the amount of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} as the {{pgmslaprov|Default Market Value}} or
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| :::(B) elect to treat the aggregate cost of purchasing the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} actually purchased as the {{pgmslaprov|Default Market Value}} of that proportion of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}},
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| ::and, in the case of (B), the {{pgmslaprov|Default Market Value}} of the balance of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be determined separately in accordance with the provisions of this paragraph {{pgmslaprov|11.4}};
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| :{{pgmslaprov|11.4(b)}} the {{pgmslaprov|Non-Defaulting Party}} has received, where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Borrower}}, [[bid]] quotations or, where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Lender}}, [[offer]] quotations in respect of {{pgmslaprov|Securities}} which form part of the same issue and are of an identical type and description as the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} from two or more market makers or regular dealers in the {{pgmslaprov|Appropriate Market}} in a commercially reasonable size (as determined by the {{pgmslaprov|Non-Defaulting Party}}) the {{pgmslaprov|Non-Defaulting Party}} may elect to treat as the {{pgmslaprov|Default Market Value}} of the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}:
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| ::{{pgmslaprov|11.4(b)(i)}} the price quoted (or where more than one price is so quoted, the arithmetic mean of the prices so quoted) by each of them for, where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Borrower}}, the purchase by the relevant market marker or dealer of such {{pgmslaprov|Securities}} or, where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Lender}}, the sale by the relevant market maker or dealer of such {{pgmslaprov|Securities}}, provided that such price or prices quoted may be adjusted in a commercially reasonable manner by the {{pgmslaprov|Non-Defaulting Party}} to reflect accrued but unpaid coupons not reflected in the price or prices quoted in respect of such {{pgmslaprov|Securities}};
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| ::{{pgmslaprov|11.4(b)(ii)}} after deducting, in the case where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Borrower}}, or adding, in the case where the {{pgmslaprov|Non-Defaulting Party}} is {{pgmslaprov|Lender}}, the {{pgmslaprov|Transaction Costs}} which would be incurred or reasonably anticipated in connection with such transaction. <br>
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| {{pgmslaprov|11.5}} If, acting in [[good faith]], either | | {{pgmslaprov|11.5}} If, acting in [[good faith]], either |
| :(A) the {{pgmslaprov|Non-Defaulting Party}} has endeavoured but been unable to sell or purchase {{pgmslaprov|Securities}} in accordance with paragraph {{pgmslaprov|11.4(a)}} above or to obtain quotations in accordance with paragraph {{pgmslaprov|11.4(b)}} above (or both) or | | :(A) the {{pgmslaprov|Non-Defaulting Party}} has endeavoured but been unable to sell or purchase {{pgmslaprov|Securities}} in accordance with paragraph {{pgmslaprov|11.4(a)}} above or to obtain quotations in accordance with paragraph {{pgmslaprov|11.4(b)}} above (or both) or |