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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: | | {{pgmslaprov|11.3}} The '''{{pgmslaprov|Default Market Value}}''' of any {{pgmslaprov|Equivalent}} {{pgmslaprov|Securities}} or any other {{pgmslaprov|Equivalent}} {{pgmslaprov|Non-Cash Collateral}} will be determined under paragraphs {{pgmslaprov|11.4}} to {{pgmslaprov|11.6}} below, where: |
| :'''{{gmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{gmslaprov|Non-Defaulting Party}}; | | :'''{{pgmslaprov|Appropriate Market}}''' is the most appropriate market for any securities determined by the {{pgmslaprov|Non-Defaulting Party}}; |
| :'''{{gmslaprov|Default Valuation Time}}''' means the {{gmslaprov|Close of Business}} in the {{gmslaprov|Appropriate Market}} on the fifth dealing day after the {{gmslaprov|Event of Default}} (or where {{gmslaprov|Automatic Early Termination}} applies, the day the {{gmslaprov|Non Defaulting Party}} became aware of it); | | :'''{{pgmslaprov|Default Valuation Time}}''' means the {{pgmslaprov|Close of Business}} in the {{pgmslaprov|Appropriate Market}} on the fifth dealing day after the {{pgmslaprov|Event of Default}} (or where {{pgmslaprov|Automatic Early Termination}} applies, the day the {{pgmslaprov|Non Defaulting Party}} became aware of it); |
| :'''{{gmslaprov|Deliverable Securities}}''' means {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} to be delivered by the {{gmslaprov|Defaulting Party}}; | | :'''{{ppgmslaprov|Net Value}}''' of any securities means the {{ppgmslaprov|Non-Defaulting Party}}’s reasonable opinion of their fair {{ppgmslaprov|Market Value}} less (where {{ppgmslaprov|Lender}} is the {{ppgmslaprov|Defaulting Party}}) or plus (where {{ppgmslaprov|Borrower}} is the {{ppgmslaprov|Defaulting Party}}), all reasonable costs of any transaction needed under paragraph {{ppgmslaprov|11.4}} or {{ppgmslaprov|11.5}} ('''{{ppgmslaprov|Transaction Costs}}'''). |
| :'''{{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}}'''); and
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| :'''{{gmslaprov|Receivable Securities}}''' means {{gmslaprov|Equivalent}} {{gmslaprov|Securities}} or {{gmslaprov|Equivalent}} {{gmslaprov|Non-Cash Collateral}} to be delivered to the {{gmslaprov|Defaulting Party}}.<br>
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