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Template:Nutshell Pledge GMSLA 11: Difference between revisions
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:provided that, where the {{pgmslaprov|Securities}} sold or purchased are not in identical in amount to the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, {{pgmslaprov|Non-Defaulting Party}} may [[in good faith]] pro rate those values to determine the necessary {{pgmslaprov|Default Market Value}}. | :provided that, where the {{pgmslaprov|Securities}} sold or purchased are not in identical in amount to the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}}, {{pgmslaprov|Non-Defaulting Party}} may [[in good faith]] pro rate those values to determine the necessary {{pgmslaprov|Default Market Value}}. | ||
:{{pgmslaprov|11.4(b)}} the {{pgmslaprov|Non-Defaulting Party}} has received [[bid]]s (where it is {{pgmslaprov|Borrower}}) or [[offer]]s (where it is {{pgmslaprov|Lender}}) for [[fungible]] {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} from at least two regular participants in the {{pgmslaprov|Appropriate Market}} in what it determines to be a commercially reasonable size, it may treat as the {{pgmslaprov|Default Market Value}} the arithmetic mean of the quoted prices as reasonably adjusted to account for for accrued but unpaid interest and {{pgmslaprov|Transaction Costs}}. <br> | :{{pgmslaprov|11.4(b)}} the {{pgmslaprov|Non-Defaulting Party}} has received [[bid]]s (where it is {{pgmslaprov|Borrower}}) or [[offer]]s (where it is {{pgmslaprov|Lender}}) for [[fungible]] {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} from at least two regular participants in the {{pgmslaprov|Appropriate Market}} in what it determines to be a commercially reasonable size, it may treat as the {{pgmslaprov|Default Market Value}} the arithmetic mean of the quoted prices as reasonably adjusted to account for for accrued but unpaid interest and {{pgmslaprov|Transaction Costs}}. <br> | ||
{{pgmslaprov|11.5}} '''Where there’s no [[commercially reasonable]] value''': If, having tried in [[good faith]], the {{pgmslaprov|Non-Defaulting Party}} has managed neither to sell | {{pgmslaprov|11.5}} '''Where there’s no [[commercially reasonable]] value''': If, having tried in [[good faith]], the {{pgmslaprov|Non-Defaulting Party}} has managed neither to sell nor purchase {{pgmslaprov|Securities}} under paragraph {{pgmslaprov|11.4(a)}}, nor obtain quotations under paragraph {{pgmslaprov|11.4(b)}}, or it has determined that the quotations are not commercially reasonable, it may determine the {{pgmslaprov|Net Value}} of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} treat that {{pgmslaprov|Net Value}} as their {{pgmslaprov|Default Market Value}}. <br> | ||
{{pgmslaprov|11.6}} If the {{pgmslaprov|Non-Defaulting Party}} has not determined the {{pgmslaprov|Default Market Value}} under paragraph {{pgmslaprov|11.4}}, it will equal the {{pgmslaprov|Net Value}} of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} at the {{pgmslaprov|Default Valuation Time}} unless | {{pgmslaprov|11.6}} If the {{pgmslaprov|Non-Defaulting Party}} has not determined the {{pgmslaprov|Default Market Value}} under paragraph {{pgmslaprov|11.4}}, it will equal the {{pgmslaprov|Net Value}} of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} at the {{pgmslaprov|Default Valuation Time}} unless it is not [[commercially reasonable]] to determine such {{pgmslaprov|Net Value}} at that time, in which case it will equal the {{pgmslaprov|Net Value}} that the {{pgmslaprov|Non-Defaulting Party}} determines as soon as reasonably practicable after the {{pgmslaprov|Default Valuation Time}}. <br> | ||
{{pgmslaprov|11.7}} '''{{pgmslaprov|Other costs, expenses and interest payable in consequence of an Event of Default}}''': The {{pgmslaprov|Defaulting Party}} must pay the {{pgmslaprov|Non-Defaulting Party}} all its reasonable professional expenses in connection with the {{pgmslaprov|Event of Default}} with interest at the rate specified in paragraph 10 of the Schedule or, if not specified, the overnight [[LIBOR]] rate as at 11.00 a.m., London time. Interest will accrue daily on a compound basis. <br> | {{pgmslaprov|11.7}} '''{{pgmslaprov|Other costs, expenses and interest payable in consequence of an Event of Default}}''': The {{pgmslaprov|Defaulting Party}} must pay the {{pgmslaprov|Non-Defaulting Party}} all its reasonable professional expenses in connection with the {{pgmslaprov|Event of Default}} with interest at the rate specified in paragraph 10 of the Schedule or, if not specified, the overnight [[LIBOR]] rate as at 11.00 a.m., London time. Interest will accrue daily on a compound basis. <br> | ||
{{pgmslaprov|11.8}} '''{{pgmslaprov|Set-off}}''': The {{pgmslaprov|Non-Defaulting Party}} may [[set off]] any amount due under paragraph {{pgmslaprov|11.2(b)}} against any amount payable the other way under any other agreement between the Parties and for that purpose may in [[good faith]] estimate any unascertained obligations but must account for any difference when the obligation is finally ascertained. This paragraph does not create a [[security interest]] and operates in addition to and without affecting any other right of [[set-off]], [[combination of accounts]], [[lien]] or other right to which any {{pgmslaprov|Party}} may be entitled. <br> | {{pgmslaprov|11.8}} '''{{pgmslaprov|Set-off}}''': The {{pgmslaprov|Non-Defaulting Party}} may [[set off]] any amount due under paragraph {{pgmslaprov|11.2(b)}} against any amount payable the other way under any other agreement between the Parties and for that purpose may in [[good faith]] estimate any unascertained obligations but must account for any difference when the obligation is finally ascertained. This paragraph does not create a [[security interest]] and operates in addition to and without affecting any other right of [[set-off]], [[combination of accounts]], [[lien]] or other right to which any {{pgmslaprov|Party}} may be entitled. <br> | ||