Template:Nutshell GMSLA 11.2

11.2 The Parties’ obligations will be accelerated as at the Event of Default (the Termination Date) as follows:

(a) The Non-Defaulting Party will determine the Default Market Value of all amounts (and securities) due by each Party under paragraph 11.4 as at the Termination Date.

(b) The Non-Defaulting Party will convert all sums into the Base Currency at the prevailing Spot Rate and then set off the resulting sums against each other and the out-of-the-money Party will pay the balance to the in-the-money Party on the following Business Day.

(c) and (d) [(d) being the vice-versa] If that balance is payable by a Party who had delivered a Letter of Credit to the other Party the other Party must draw on the Letter of Credit to settle the amount due and then deliver it for cancellation.