Template:Nutshell Pledge GMSLA Market Value: Difference between revisions

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-{{subst:Pledge GMSLA Market Value}}
+'''{{pgmslaprov|Market Value}}''' means: <br>
+(a) '''{{pgmslaprov|Securities}}''': For {{pgmslaprov|Securities}} the mid price [[market quotation]] at {{pgmslaprov|Close of Business}} on the previous {{pgmslaprov|Business Day}}
+:(i) published on a reputable information service chosen by the {{pgmslaprov|Lender}}; or failing that
+:(ii) derived from a mid price from a [[dealer]] chosen by the {{pgmslaprov|Lender}}
+:(unless either party thinks there’s been an unusual market movement since then, in which case the latest available price) plus:
+:(iii) accrued {{pgmslaprov|Income}} if not included in the quote.<br>
+Where the assets in question are not trading freely the {{pgmslaprov|Parties}} may agree their {{pgmslaprov|Market Value}}. Failing that, they can ask  an mutually acceptable [[dealer]] to quote. If they can’t agree on one of those, they can seek an average of {{pgmslaprov|Reference Dealer}} quotations (with a laborious mechanism for figuring our what to include and how to average it). If all else fails the Market Value giving up altogether and falling back on the reasonable determination of the {{pgmslaprov|Party}} originally making the determination).<ref>Tiresome, I know.</ref> <br>
+(b) For {{pgmslaprov|Collateral}}, its {{pgmslaprov|Market Value}} valued in accordance with the {{pgmslaprov|Control Agreement}} as adjusted for any haircut or margin percentage specified therein, provided that  {{pgmslaprov|Collateral}} that is suspended, cannot legally be transferred, credited or that must be transferred or credited to a government, trustee or third party (for any reason) will be zero;<br>