Template:Nutshell GMSLA 11.4

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11.4 If between the Termination Date and the Default Valuation Time:
(a) the Non-Defaulting Party (NDP) has bought Securities/Collateral equivalent to those it owes Defaulting Party (DP) or has sold Securities/Collateral equivalent to those DP owes it (whether or not that transaction has settled) it may treat the Default Market Value as the net sale proceeds or aggregate purchase cost of such Securities/Collateral;
(b) the NPD has received bid or offer quotations from two or more market makers in a commercially reasonable size (as determined by the NDP) it may elect to treat as the Default Market Value as the arithmetic mean of the prices quoted adjusted in a commercially reasonable manner by the NDP to reflect accrued but unpaid coupons plus or minus transaction costs.

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