Template:Nutshell Pledge GMSLA 11.3: Difference between revisions
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{{ | {{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: | ||
:'''{{ | :'''{{pgmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{pgmslaprov|Non-Defaulting Party}}; | ||
:'''{{ | :'''{{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); | ||
:'''{{ | :'''{{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}}'''). | ||