Template:Nutshell GMSLA 11.5: Difference between revisions

Latest revision as of 09:27, 24 June 2020

11.5 Where there’s no commercially reasonable value: If, having tried in good faith, the Non-Defaulting Party has not been able to sell nor purchase Securities under paragraph 11.4(a) or obtain quotations under paragraph 11.4(b), or it considers the quotations it did obtain are not commercially reasonable, it may determine the Net Value of the Equivalent Securities or Collateral and treat that as their Default Market Value.

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-:{{gmslaprov|11.5}}. If the {{gmslaprov|Non Defaulting Party}} <br>
+{{gmslaprov|11.5}} '''Where there’s no [[commercially reasonable]] value''': If, having tried in [[good faith]], the {{gmslaprov|Non-Defaulting Party}} has not been able to sell nor purchase {{gmslaprov|Securities}} under paragraph {{gmslaprov|11.4(a)}} or obtain quotations under paragraph {{gmslaprov|11.4(b)}}, or it considers the quotations it did obtain are not commercially reasonable, it may determine the {{gmslaprov|Net Value}} of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} and treat that as their {{gmslaprov|Default Market Value}}. <br>
-::(A) cannot buy or sell securities (per {{gmslaprov|11.4(a)}}) or obtain quotations (per {{gmslaprov|11.4(b)}}); or <br>
-::(B) determines it would not be commercially reasonable to do so (or use any {{gmslaprov|11.4(b)}} quotations which did get); <br>
-:it may determine the {{gmslaprov|Net Value}} of {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} and treat it as the relevant {{gmslaprov|Default Market Value}}. <br>