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| In a {{nutshell}}
| | {{Manual|MSG|2010|11.4|Clause|11.4|short}} |
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| {{box|
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| {{gmslaprov|11.4}} If between the {{gmslaprov|Termination Date}} and the {{gmslaprov|Default Valuation Time}}: <br>
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| (a) the {{gmslaprov|Non-Defaulting Party}} (NDP) has bought Securities/Collateral equivalent to those it owes {{gmslaprov|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 {{gmslaprov|Default Market Value}} as the net sale proceeds or aggregate purchase cost of such Securities/Collateral; <br>
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| (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 {{gmslaprov|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.<br>
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| {{gmslasnap|11.4}}
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| ====Commentary====
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| ====See Also====
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| {{gmslaanatomy}}
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