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===The [[JC]]’s handy guide to closing out a {{gmsla}}=== | ===The [[JC]]’s handy guide to closing out a {{gmsla}}=== | ||
If even the nutshell version is too tedious: | If even the nutshell version is too tedious: | ||
*'''There’s an {{gmslaprov|Event of Default}}''': Note that (unlike the {{isdama}} an event only becomes an {{gmslaprov|Event of Default}} once the {{gmslaprov|Non-Defaulting Party}} has given notice of it with no need for the {{gmslaprov|Non-Defaulting Party}} to give a further notice: it has already given one (or not had to, if it’s an event triggering {{gmslaprov|Automatic Early Termination}}. Thus, at once: | *'''There’s an {{gmslaprov|Event of Default}}''': Note that (unlike the {{isdama}}) an event only becomes an {{gmslaprov|Event of Default}} once the {{gmslaprov|Non-Defaulting Party}} has given notice of it with no need for the {{gmslaprov|Non-Defaulting Party}} to give a further notice: it has already given one (or not had to, if it’s an event triggering {{gmslaprov|Automatic Early Termination}}). Thus, at once: | ||
*'''Acceleration''': All payment and delivery obligations are accelerated, becoming due as of the date of the {{eqderivprov|Event of Default}}, which is therefore the ''effective'' {{gmslaprov|Termination Date}}, although not the date on which the close-out is settled (bear with me). | *'''Acceleration''': All payment and delivery obligations are accelerated, becoming due as of the date of the {{eqderivprov|Event of Default}}, which is therefore the ''effective'' {{gmslaprov|Termination Date}}, although not the date on which the close-out is settled (bear with me). | ||
*'''{{gmslaprov|Default Market Value}}''': {{gmslaprov|Non-Defaulting Party}} determines the {{gmslaprov|Default Market Value}} for all non-cash obligations. | *'''{{gmslaprov|Default Market Value}}''': {{gmslaprov|Non-Defaulting Party}} determines the {{gmslaprov|Default Market Value}} for all non-cash obligations. |