83,038
edits
Template:Nutshell Pledge GMSLA 11: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 6: | Line 6: | ||
{{pgmslaprov|11.3}} '''Determining the {{pgmslaprov|Default Market Value}}''': The {{pgmslaprov|Non-Defaulting Party}} will determine the '''{{pgmslaprov|Default Market Value}}''' of any {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} according to paragraphs {{pgmslaprov|11.4}} to {{pgmslaprov|11.6}}, where: | {{pgmslaprov|11.3}} '''Determining the {{pgmslaprov|Default Market Value}}''': The {{pgmslaprov|Non-Defaulting Party}} will determine the '''{{pgmslaprov|Default Market Value}}''' of any {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} according to paragraphs {{pgmslaprov|11.4}} to {{pgmslaprov|11.6}}, where: | ||
:'''{{pgmslaprov|Appropriate Market}}''' is the most appropriate market for {{pgmslaprov|Securities}} of that description, as determined by the {{pgmslaprov|Non-Defaulting Party}}; | :'''{{pgmslaprov|Appropriate Market}}''' is the most appropriate market for {{pgmslaprov|Securities}} of that description, as determined by the {{pgmslaprov|Non-Defaulting Party}}; | ||
:'''{{pgmslaprov|Default Valuation Time}}''' means the {{pgmslaprov|Close of Business}} in the {{pgmslaprov|Appropriate Market}} on the fifth dealing day after the {{pgmslaprov|Termination Date}}; | :'''{{pgmslaprov|Default Valuation Time}}''' means the {{pgmslaprov|Close of Business}} in the {{pgmslaprov|Appropriate Market}} on the fifth dealing day after the {{pgmslaprov|Termination Date}}; and | ||
:'''{{pgmslaprov|Net Value}}''' of any securities means the {{pgmslaprov|Non-Defaulting Party}}’s reasonable opinion of their fair {{pgmslaprov|Market Value}} less (where {{pgmslaprov|Lender}} is the {{pgmslaprov|Defaulting Party}}) or plus (where {{pgmslaprov|Borrower}} is the {{pgmslaprov|Defaulting Party}}), all reasonable costs of any transaction needed under paragraph {{pgmslaprov|11.4}} or {{pgmslaprov|11.5}} ('''{{pgmslaprov|Transaction Costs}}''').<br> | |||
{{pgmslaprov|11.4}} '''Transactions and quotes''': If, between the {{pgmslaprov|Termination Date}} and the {{pgmslaprov|Default Valuation Time}}: | {{pgmslaprov|11.4}} '''Transactions and quotes''': If, between the {{pgmslaprov|Termination Date}} and the {{pgmslaprov|Default Valuation Time}}: | ||
:{{pgmslaprov|11.4(a)}} as {{pgmslaprov|Non-Defaulting Party}}, the {{pgmslaprov|Borrower}} has sold or the {{pgmslaprov|Lender}} has purchased, [[fungible]] {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} it may treat as the {{pgmslaprov|Default Market Value}}: | :{{pgmslaprov|11.4(a)}} as {{pgmslaprov|Non-Defaulting Party}}, the {{pgmslaprov|Borrower}} has sold or the {{pgmslaprov|Lender}} has purchased, [[fungible]] {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} it may treat as the {{pgmslaprov|Default Market Value}}: | ||