Template:Pledge GMSLA 2018 11: Difference between revisions
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the {{pgmslaprov|Non-Defaulting Party}} may determine the {{pgmslaprov|Net Value}} of the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} (which shall be specified) and the {{pgmslaprov|Non-Defaulting Party}} may elect to treat such {{pgmslaprov|Net Value}} as the {{pgmslaprov|Default Market Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br> | the {{pgmslaprov|Non-Defaulting Party}} may determine the {{pgmslaprov|Net Value}} of the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} (which shall be specified) and the {{pgmslaprov|Non-Defaulting Party}} may elect to treat such {{pgmslaprov|Net Value}} as the {{pgmslaprov|Default Market Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}. <br> | ||
{{pgmslaprov|11.6}} To the extent that the {{pgmslaprov|Non-Defaulting Party}} has not determined the {{pgmslaprov|Default Market Value}} in accordance with paragraph {{pgmslaprov|11.4}}, the {{pgmslaprov|Default Market Value}} of the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be an amount equal to their {{pgmslaprov|Net Value}} at the {{pgmslaprov|Default Valuation Time}}; provided that, if at the {{pgmslaprov|Default Valuation Time}} the {{pgmslaprov|Non-Defaulting Party}} reasonably determines that, owing to circumstances affecting the market in the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in question, it is not reasonably practicable for the {{pgmslaprov|Non-Defaulting Party}} to determine a {{pgmslaprov|Net Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} which is commercially reasonable (by reason of lack of tradable prices [[or otherwise]]), the {{pgmslaprov|Default Market Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be an amount equal to their {{pgmslaprov|Net Value}} as determined by the {{pgmslaprov|Non-Defaulting Party}} as soon as reasonably practicable after the {{pgmslaprov|Default Valuation Time}}. <br> | {{pgmslaprov|11.6}} To the extent that the {{pgmslaprov|Non-Defaulting Party}} has not determined the {{pgmslaprov|Default Market Value}} in accordance with paragraph {{pgmslaprov|11.4}}, the {{pgmslaprov|Default Market Value}} of the relevant {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be an amount equal to their {{pgmslaprov|Net Value}} at the {{pgmslaprov|Default Valuation Time}}; provided that, if at the {{pgmslaprov|Default Valuation Time}} the {{pgmslaprov|Non-Defaulting Party}} reasonably determines that, owing to circumstances affecting the market in the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} in question, it is not reasonably practicable for the {{pgmslaprov|Non-Defaulting Party}} to determine a {{pgmslaprov|Net Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} which is commercially reasonable (by reason of lack of tradable prices [[or otherwise]]), the {{pgmslaprov|Default Market Value}} of such {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} shall be an amount equal to their {{pgmslaprov|Net Value}} as determined by the {{pgmslaprov|Non-Defaulting Party}} as soon as reasonably practicable after the {{pgmslaprov|Default Valuation Time}}. <br> | ||
{{ | {{Pledge GMSLA 2018 11.7}} | ||
{{pgmslaprov|11.8}} '''{{pgmslaprov|Set-off}}''': Any amount payable to one Party (the {{pgmslaprov|Payee}}) by the other Party (the {{pgmslaprov|Payer}}) under paragraph {{pgmslaprov|11.2(b)}} may, at the option of the {{pgmslaprov|Non-Defaulting Party}}, be reduced by its [[set-off]] against any amount payable (whether at such time or in the future or upon the occurrence of a contingency) by the {{pgmslaprov|Payee}} to the {{pgmslaprov|Payer}} (irrespective of the currency, place of payment or booking office of the obligation) under any other agreement between the {{pgmslaprov|Payee}} and the {{pgmslaprov|Payer}} or instrument or undertaking issued or executed by one Party to, or in favour of, the other Party. If an obligation is unascertained, the {{pgmslaprov|Non-Defaulting Party}} may in [[good faith]] estimate that obligation and set off in respect of the estimate, subject to accounting to the other Party when the obligation is ascertained. Nothing in this paragraph shall be effective to create a charge or other security interest. This paragraph shall be [[without prejudice]] and in addition to any right of [[set-off]], [[combination of accounts]], [[lien]] or other right to which any {{pgmslaprov|Party}} is at any time otherwise entitled (whether by operation of law, contract or otherwise). <br> | {{pgmslaprov|11.8}} '''{{pgmslaprov|Set-off}}''': Any amount payable to one Party (the {{pgmslaprov|Payee}}) by the other Party (the {{pgmslaprov|Payer}}) under paragraph {{pgmslaprov|11.2(b)}} may, at the option of the {{pgmslaprov|Non-Defaulting Party}}, be reduced by its [[set-off]] against any amount payable (whether at such time or in the future or upon the occurrence of a contingency) by the {{pgmslaprov|Payee}} to the {{pgmslaprov|Payer}} (irrespective of the currency, place of payment or booking office of the obligation) under any other agreement between the {{pgmslaprov|Payee}} and the {{pgmslaprov|Payer}} or instrument or undertaking issued or executed by one Party to, or in favour of, the other Party. If an obligation is unascertained, the {{pgmslaprov|Non-Defaulting Party}} may in [[good faith]] estimate that obligation and set off in respect of the estimate, subject to accounting to the other Party when the obligation is ascertained. Nothing in this paragraph shall be effective to create a charge or other security interest. This paragraph shall be [[without prejudice]] and in addition to any right of [[set-off]], [[combination of accounts]], [[lien]] or other right to which any {{pgmslaprov|Party}} is at any time otherwise entitled (whether by operation of law, contract or otherwise). <br> |