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GMSLA Anatomy™
In a Nutshell™ Clause 2.4:
2.4 Currency conversions: Subject to paragraph 11, values stated in other currencies other must be converted into the Base Currency at the spot rate obtained by Lender (or if it is subject to an Event of Default, the Borrower) on the relevant day (or, if it isn’t a Business Day, at the Close of Business on the previous Business Day on which a quotation was available).
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2010 GMSLA full text of Clause 2.4:
2.4 Currency conversions
Subject to paragraph 11, for the purposes of determining any prices, sums or values (including Market Value and Required Collateral Value) prices, sums or values stated in currencies other than the Base Currency shall be converted into the Base Currency at the latest available spot rate of exchange quoted by a bank selected by Lender (or if an Event of Default has occurred in relation to Lender, by Borrower) in the London inter bank market for the purchase of the Base Currency with the currency concerned on the day on which the calculation is to be made or, if that day is not a Business Day, the spot rate of exchange quoted at Close of Business on the immediately preceding Business Day on which such a quotation was available.
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