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Template:GMSLA 2010 11.3: Difference between revisions
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{{gmslaprov|11.3}} For the purposes of this {{gmslaprov|Agreement}}, the {{gmslaprov|Default Market Value}} of any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} in the form of a {{gmslaprov|Letter of Credit}} shall be zero and of any {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or any other {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} shall be determined in accordance with paragraphs {{gmslaprov|11.4}} to {{gmslaprov|11.6}} below, and for this purpose: <br> | {{gmslaprov|11.3}} For the purposes of this {{gmslaprov|Agreement}}, the '''''{{gmslaprov|Default Market Value}}''''' of any {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} in the form of a {{gmslaprov|Letter of Credit}} shall be zero and of any {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or any other {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} shall be determined in accordance with paragraphs {{gmslaprov|11.4}} to {{gmslaprov|11.6}} below, and for this purpose: <br> | ||
:(a) the '''''{{gmslaprov|Appropriate Market}}''''' means, in relation to securities of any description, the market which is the most appropriate market for securities of that description, as determined by the {{gmslaprov|Non Defaulting Party}}; <br> | :(a) the '''''{{gmslaprov|Appropriate Market}}''''' means, in relation to securities of any description, the market which is the most appropriate market for securities of that description, as determined by the {{gmslaprov|Non Defaulting Party}}; <br> | ||
:(b) the '''''{{gmslaprov|Default Valuation Time}}''''' means, in relation to an {{gmslaprov|Event of Default}}, the close of business in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after the day on which that {{gmslaprov|Event of Default}} occurs or, where that {{gmslaprov|Event of Default}} is the occurrence of an {{gmslaprov|Act of Insolvency}} in respect of which under paragraph {{gmslaprov|10.1(d)}} no notice is required from the {{gmslaprov|Non Defaulting Party}} in order for such event to constitute an {{gmslaprov|Event of Default}}, the close of business on the fifth dealing day after the day on which the {{gmslaprov|Non Defaulting Party}} first became aware of the occurrence of such {{gmslaprov|Event of Default}}; <br> | :(b) the '''''{{gmslaprov|Default Valuation Time}}''''' means, in relation to an {{gmslaprov|Event of Default}}, the close of business in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after the day on which that {{gmslaprov|Event of Default}} occurs or, where that {{gmslaprov|Event of Default}} is the occurrence of an {{gmslaprov|Act of Insolvency}} in respect of which under paragraph {{gmslaprov|10.1(d)}} no notice is required from the {{gmslaprov|Non Defaulting Party}} in order for such event to constitute an {{gmslaprov|Event of Default}}, the close of business on the fifth dealing day after the day on which the {{gmslaprov|Non Defaulting Party}} first became aware of the occurrence of such {{gmslaprov|Event of Default}}; <br> | ||