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In a {{nutshell}} | |||
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{{gmslaprov|11.4}} If between the {{gmslaprov|Termination Date}} and the {{gmslaprov|Default Valuation Time}}: | |||
(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; | |||
(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. | |||
}} | |||
{{gmslasnap|11.4}} | {{gmslasnap|11.4}} | ||
{{gmsla2000snap|11.4}} | {{gmsla2000snap|11.4}} |