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Template:GMSLA 2010 11.4: Difference between revisions
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{{gmslaprov|11.4}} If between the Termination Date and the {{gmslaprov|Default Valuation Time}}: <br> | {{gmslaprov|11.4}} If between the Termination Date and the {{gmslaprov|Default Valuation Time}}: <br> | ||
:{{gmslaprov|11.4(a)}} the {{gmslaprov|Non Defaulting Party}} has sold, in the case of {{gmslaprov|Receivable Securities}}, or purchased, in the case of {{gmslaprov|Deliverable Securities}}, securities which form part of the same issue and are of an identical type and description as those {{gmslaprov|Equivalent}} {{ | :{{gmslaprov|11.4(a)}} the {{gmslaprov|Non Defaulting Party}} has sold, in the case of {{gmslaprov|Receivable Securities}}, or purchased, in the case of {{gmslaprov|Deliverable Securities}}, securities which form part of the same issue and are of an identical type and description as those {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or that {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, (and regardless as to whether or not such sales or purchases have settled) the {{gmslaprov|Non Defaulting Party}} may elect to treat as the {{gmslaprov|Default Market Value}}: <br> | ||
::(i) in the case of {{gmslaprov|Receivable Securities}}, the net proceeds of such sale after deducting all {{gmslaprov|Transaction Costs}}; provided that, where the securities sold are not identical in amount to the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, the {{gmslaprov|Non Defaulting Party}} may, acting in good faith, either (A) elect to treat such net proceeds of sale divided by the amount of securities sold and multiplied by the amount of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as the {{gmslaprov|Default Market Value}} or (B) elect to treat such net proceeds of sale of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} actually sold as the {{gmslaprov|Default Market Value}} of that proportion of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, and, in the case of (B), the {{gmslaprov|Default Market Value}} of the balance of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} shall be determined separately in accordance with the provisions of this paragraph {{gmslaprov|11.4}}; or <br> | ::(i) in the case of {{gmslaprov|Receivable Securities}}, the net proceeds of such sale after deducting all {{gmslaprov|Transaction Costs}}; provided that, where the securities sold are not identical in amount to the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, the {{gmslaprov|Non Defaulting Party}} may, acting in good faith, either (A) elect to treat such net proceeds of sale divided by the amount of securities sold and multiplied by the amount of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} as the {{gmslaprov|Default Market Value}} or (B) elect to treat such net proceeds of sale of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} actually sold as the {{gmslaprov|Default Market Value}} of that proportion of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, and, in the case of (B), the {{gmslaprov|Default Market Value}} of the balance of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}} shall be determined separately in accordance with the provisions of this paragraph {{gmslaprov|11.4}}; or <br> | ||
::(ii) in the case of {{gmslaprov|Deliverable Securities}}, the aggregate cost of such purchase, including all {{gmslaprov|Transaction Costs}}; provided that, where the securities purchased are not identical in amount to the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, the {{gmslaprov|Non Defaulting Party}} may, acting in good faith, either (A) elect to treat such aggregate cost divided by the amount of securities purchased and multiplied by the amount of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}as the {{gmslaprov|Default Market Value}} or (B) elect to treat the aggregate cost of purchasing the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}actually purchased as the {{gmslaprov|Default Market Value}} of that proportion of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, and, in the case of (B), the {{gmslaprov|Default Market Value}} of the balance of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}shall be determined separately in accordance with the provisions of this paragraph {{gmslaprov|11.4}}; <br> | ::(ii) in the case of {{gmslaprov|Deliverable Securities}}, the aggregate cost of such purchase, including all {{gmslaprov|Transaction Costs}}; provided that, where the securities purchased are not identical in amount to the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, the {{gmslaprov|Non Defaulting Party}} may, acting in good faith, either (A) elect to treat such aggregate cost divided by the amount of securities purchased and multiplied by the amount of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}as the {{gmslaprov|Default Market Value}} or (B) elect to treat the aggregate cost of purchasing the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}actually purchased as the {{gmslaprov|Default Market Value}} of that proportion of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}, and, in the case of (B), the {{gmslaprov|Default Market Value}} of the balance of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Collateral}}shall be determined separately in accordance with the provisions of this paragraph {{gmslaprov|11.4}}; <br> | ||