Template:Nutshell Pledge GMSLA 11.3: Difference between revisions

{{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:

:'''{{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);

:'''{{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}}''').