Template:Nutshell GMSLA 11.3

11.3 The Default Market Value:

• of a Letter of Credit will be zero
• of any Equivalent Securities or any other Equivalent Non-Cash Collateral is determined under paragraphs 11.4 to 11.6 below, and:

(a) the Appropriate Market means the most appropriate market for any securities determined by the Non Defaulting Party;

(b) the Default Valuation Time means, relating to any Event of Default, the close of business in the Appropriate Market on the fifth dealing day after:

(i) the day of the Event of Default

(ii) or where it was an Automatic Early Termination , after the Non Defaulting Party became aware of the Event of Default;

(c) Deliverable Securities means Equivalent Securities or Equivalent Non-Cash Collateral to be delivered by the Defaulting Party;

(d) Net Value means at any time, in relation to any Deliverable Securities or Receivable Securities, the amount which the Non Defaulting Party reasonably considers to be their fair market value, plus or minus all reasonably anticipated Transaction Costs;

(e) Receivable Securities means Equivalent Securities or Equivalent Non-Cash Collateral to be delivered to the Defaulting Party; and

(f) Transaction Costs means the reasonable costs and expenses reasonably anticipated in buying Deliverable Securities or selling Receivable Securities, assuming that the aggregate is the least that could reasonably be expected to be paid in order to carry out the transaction.