Talk:Consequences of an Event of Default - GMSLA Provision: Difference between revisions

11 Consequences of an Event of Default

11.2(b) Using those values, [the Non-Defaulting Party will determine and notify][1]what each Party owes as at the Termination Date, converting amounts into the Base Currency at the Spot Rate where necessary, and will set those sums off against each other. The Party owing the greater amount must pay the difference on the Business Day after notification.

11.3 Determining the Default Market Value: The Non-Defaulting Party will determine the Default Market Value of any Equivalent Securities according to paragraphs 11.4 to 11.6, where:

Appropriate Market is the most appropriate market for Securities of that description, as determined by the Non-Defaulting Party;

Default Valuation Time means the Close of Business in the Appropriate Market on the fifth dealing day after the Termination Date; and