Other costs, expenses and interest payable in consequence of an Event of Default - GMSLA Provision
GMSLA Anatomy™
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11. Consequences of an Event of Default
- 11.1 Application of 11.2 to 11.7 following Event of Default
- 11.2 Delivery and payment obligations following Event of Default
- 11.3 Definition of Default Market Value
- 11.4 Determination of Default Market Value
- 11.5 Net Value determination where unable to sell Securities
- 11.6 Where Non-Defaulting Party has not determined Default Market Value
- 11.7 Other costs, expenses and interest payable in consequence of an Event of Default
- 11.8 Set-off
Note a potentially troublesome reference to LIBOR in there, seeing as LIBOR is being phased out, though it is only a fall back, and only for Default Interest (once a party has failed to meet its payment obligations) so, while there are more cataclysmic threats to the capital markets than this, that won’t stop financial services firms across the western world diverting key internal risk management resource towards remediating it, generating 18 months’ meaningful employment for an army of contractors of course.