Template:Nutshell Pledge GMSLA 11: Difference between revisions

{{pgmslaprov|11.5}} '''Where there’s no [[commercially reasonable]] value''': If, having tried in [[good faith]], the {{pgmslaprov|Non-Defaulting Party}} has not been able to sell nor purchase {{pgmslaprov|Securities}} under paragraph {{pgmslaprov|11.4(a)}} or obtain quotations under paragraph {{pgmslaprov|11.4(b)}}, or it considers the quotations it did obtain are not commercially reasonable, it may determine the {{pgmslaprov|Net Value}} of the {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} and treat that 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 {{pgmslaprov|11.4}}, it will equal the {{pgmslaprov|Net Value}} of the securities in question at the {{pgmslaprov|Default Valuation Time}}. However, if the {{pgmslaprov|Non-Defaulting Party}} determines it is not practicable to calculate a [[commercially reasonable]] {{pgmslaprov|Net Value}} at that time, the {{pgmslaprov|Default Market Value}} will be the {{pgmslaprov|Net Value}} it determines as soon as reasonably practicable after the {{pgmslaprov|Default Valuation Time}}. <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 {{pgmslaprov|Parties}}. The {{pgmslaprov|Non Defaulting Party}} may estimate any [[unascertained obligation]] but must account for any difference once finally ascertained. This paragraph does not create a [[security interest]], or prejudice any other rights either party may have. <br>