Template:Nutshell Pledge GMSLA 11.3

11.3 The Default Market Value of any Equivalent Securities or any other Equivalent Non-Cash Collateral will be determined under paragraphs 11.4 to 11.6 below, where:

Appropriate Market is the most appropriate market for any securities determined by the Non-Defaulting Party;

Default Valuation Time means the Close of Business in the Appropriate Market on the fifth dealing day after the Event of Default (or where Automatic Early Termination applies, the day the Non Defaulting Party became aware of it);

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