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Template:Nutshell GMSLA 11.3: Difference between revisions
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{{gmslaprov|11.3}} The '''{{gmslaprov|Default Market Value}}''' of a {{gmslaprov|Letter of Credit}} will be zero. For any {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or any other {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} it will be determined under paragraphs {{gmslaprov|11.4}} to {{gmslaprov|11.6}} below, where: | |||
{{gmslaprov|11.3}} The '''{{gmslaprov|Default Market Value}}''' | |||
:(a) the '''{{gmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{gmslaprov|Non Defaulting Party}}; | :(a) the '''{{gmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{gmslaprov|Non Defaulting Party}}; | ||
:(b) the '''{{gmslaprov|Default Valuation Time}}''' means the [[close of business]] in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after | :(b) the '''{{gmslaprov|Default Valuation Time}}''' means the [[close of business]] in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after | ||