Other costs, expenses and interest payable in consequence of an Event of Default - GMSLA Provision: Difference between revisions

Other costs, expenses and interest payable in consequence of an Event of Default - GMSLA Provision (view source)

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 Note:
 *This only captures [[interest]] ''on professional expenses'' incurred in [[Close out|closing out]] a {{gmsla}}. It corresponds to Clause {{gmraprov|10(f)}} of the {{gmra}}, which is written in similar terms.
-*This would ''not'' capture a “{{gmslaprov|mini close-out}}” under {{gmslaprov|9.1(b)}} or {{gmslaprov|9.2(b)}} as a result of a settlement fail under normal market procedures. . These are treated ''as if'' they were {{gmslaprov|Events of Default}}, but they are clearly deemed ''not'' to be {{gmslaprov|Events of Default}}. For those you pay the innocent party’s ''actual'' [[interest]] costs, not its theoretical ones, so there is no need to refer to a [[benchmark]]
+*This would ''not'' capture a “{{gmslaprov|mini close-out}}” under {{gmslaprov|9.1(b)}} or {{gmslaprov|9.2(b)}} as a result of a settlement fail under normal market procedures. These are treated ''as if'' they were {{gmslaprov|Events of Default}}, but they are deemed ''not'' to be {{gmslaprov|Events of Default}}. For those you pay the innocent party’s ''actual'' [[interest]] costs, not its theoretical ones, so there is no need to refer to a [[benchmark]].
 {{sa}}
 *Clause {{gmraprov|10(f)}}, being the equivalent (and similar) part of the {{gmra}}.
 *{{gmslaprov|Mini close-out}}