Template:Nutshell GMSLA 11.4

11.4 Transactions and quotes: If, between the Termination Date and the Default Valuation Time:

(a) Actual sale or purchase: the Non-Defaulting Party has sold securities equivalent to those it owes the Defaulting Party or bought in securities equivalent to those the Defaulting Party owes it, the Non-Defaulting Party may treat the Default Market Value as the net proceeds that sale or purchase. Where it sells or Buys In a different amount of Equivalent Securities, Non-Defaulting Party may in good faith pro rate those values to determine the Default Market Value.

(b) Market quotes: the Non-Defaulting Party has received offer quotations for securities it is owed by the Defaulting Party; or bid quotations for securities it owes the Defaulting Party from at least two regular participants in the Appropriate Market in what it determines to be a commercially reasonable size, it may treat as the Default Market Value the arithmetic mean of the quoted prices as reasonably adjusted to account for for accrued but unpaid interest and Transaction Costs.