Template:Nutshell GMSLA 11.5: Difference between revisions

Template:Nutshell GMSLA 11.5 (view source)

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-{{gmslaprov|11.5}}. If the {{gmslaprov|Non Defaulting Party}} <br>
+{{gmslaprov|11.5}} '''Where there’s no [[commercially reasonable]] value''': If, having tried in [[good faith]], the {{gmslaprov|Non-Defaulting Party}} has not been able to sell nor purchase {{gmslaprov|Securities}} under paragraph {{gmslaprov|11.4(a)}} or obtain quotations under paragraph {{gmslaprov|11.4(b)}}, or it considers the quotations it did obtain are not commercially reasonable, it may determine the {{gmslaprov|Net Value}} of the {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} and treat that as their {{gmslaprov|Default Market Value}}. <br>
-:(A) cannot buy or sell securities (per {{gmslaprov|11.4(a)}}) or obtain quotations (per {{gmslaprov|11.4(b)}}); or <br>
-:(B) determines it would not be commercially reasonable to do so (or use any {{gmslaprov|11.4(b)}} quotations which did get);
-it may determine the {{gmslaprov|Net Value}} of {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Collateral}} and treat it as the relevant {{gmslaprov|Default Market Value}}. <br>