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{{gmslaprov|11.4}} '''Transactions and quotes''': If, between the {{gmslaprov|Termination Date}} and the {{gmslaprov|Default Valuation Time}}: <br> | |||
:(a) '''Actual sale or purchase''': the {{gmslaprov|Non-Defaulting Party}} has sold securities {{gmslaprov|equivalent}} to those it owes the {{gmslaprov|Defaulting Party}} or [[Buy-In - GMSLA Provision|bought in]] securities {{gmslaprov|equivalent}} to those the {{gmslaprov|Defaulting Party}} owes it, the {{gmslaprov|Non-Defaulting Party}} may treat the {{gmslaprov|Default Market Value}} as the net proceeds that sale or purchase. Where it sells or {{gmslaprov|Buys In}} a different amount of {{gmslaprov|Equivalent}} {{gmslaprov|Securities}}, {{gmslaprov|Non-Defaulting Party}} may [[in good faith]] pro rate those values to determine the {{gmslaprov|Default Market Value}}. <br> | |||
:(b) '''Market quotes''': the {{gmslaprov|Non-Defaulting Party}} has received [[offer]] quotations for securities it is owed by the {{gmslaprov|Defaulting Party}}; or [[bid]] quotations for securities it owes the {{gmslaprov|Defaulting Party}} from at least two regular participants in the {{gmslaprov|Appropriate Market}} in what it determines to be a commercially reasonable size, it may treat as the {{gmslaprov|Default Market Value}} the arithmetic mean of the quoted prices as reasonably adjusted to account for for accrued but unpaid interest and {{gmslaprov|Transaction Costs}}. <br> |