Talk:Market Value - GMSLA Provision: Difference between revisions

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2000
2022 ISDA


Market Value means:
“Market Value” means, unless otherwise agreed between the parties, in relation to:
(a) in relation to the valuation of Securities, Equivalent Securities, Collateral or Equivalent Collateral (other than Cash Collateral or a Letter of Credit):
(i) any Securities at any time on any date:
(i) such price as is equal to the market quotation for the bid price of such Securities, Equivalent Securities, Collateral and/or Equivalent Collateral as derived from a reputable pricing information service reasonably chosen in good faith by Lender; or
(a) the price for such Securities obtained from the Relevant Pricing Source or, if no Relevant Pricing Source is specified, a generally recognized pricing source agreed by the parties; or
(ii) if unavailable the market value thereof as derived from the prices or rates bid by a reputable dealer for the relevant instrument reasonably chosen in good faith by Lender,
(b) if a price from such a source is unavailable, the price obtained from a dealer for the relevant Securities as agreed by the parties,
in each case at Close of Business on the previous Business Day or, at the option of either Party where in its reasonable opinion there has been an exceptional movement in the price of the asset in question since such time, the latest available price; plus (in each case)
in each case as of that time on that date, or as otherwise agreed by the parties plus, in each case, the aggregate amount of Distributions which have accrued but not yet been paid in respect of the Securities to the extent not included in such price; and
(iii) the aggregate amount of Income which has accrued but not yet been paid in respect of the Securities, Equivalent Securities, Collateral or Equivalent Collateral concerned to the extent not included in such price,
(ii) cash, the amount of the currency concerned.
(provided that the price of Securities, Equivalent Securities, Collateral or Equivalent Collateral that are suspended shall (for the purposes of paragraph 5) be nil unless the Parties otherwise agree and (for all other purposes) shall be the price of such Securities, Equivalent Securities, Collateral or Equivalent Collateral, as the case may be, as of Close of Business on the dealing day in the relevant market last preceding the date of suspension or a commercially reasonable price agreed between the Parties;
However, if Securities are suspended or cannot legally be Transferred, or are Transferred or required to be Transferred to a government, trustee or other third party (whether by reason of nationalization, expropriation or otherwise) the Market Value of those Securities shall be the amount agreed between the parties, or, absent agreement, an estimate of the market value of the Securities as of that time on that date provided by a dealer agreed between the parties. If the parties do not agree a dealer, then the Market Value of the Securities shall be the Arithmetic Mean of the Market Value of the Securities as of that time on that date quoted by two or more leading dealers in the relevant Securities selected by the party making the determination of Market Value in good faith.
(b) in relation to a Letter of Credit the face or stated amount of such Letter of Credit; and
(c) in relation to Cash Collateral the amount of the currency concerned;

Revision as of 10:46, 21 March 2022

2022 ISDA

“Market Value” means, unless otherwise agreed between the parties, in relation to: (i) any Securities at any time on any date: (a) the price for such Securities obtained from the Relevant Pricing Source or, if no Relevant Pricing Source is specified, a generally recognized pricing source agreed by the parties; or (b) if a price from such a source is unavailable, the price obtained from a dealer for the relevant Securities as agreed by the parties, in each case as of that time on that date, or as otherwise agreed by the parties plus, in each case, the aggregate amount of Distributions which have accrued but not yet been paid in respect of the Securities to the extent not included in such price; and (ii) cash, the amount of the currency concerned. However, if Securities are suspended or cannot legally be Transferred, or are Transferred or required to be Transferred to a government, trustee or other third party (whether by reason of nationalization, expropriation or otherwise) the Market Value of those Securities shall be the amount agreed between the parties, or, absent agreement, an estimate of the market value of the Securities as of that time on that date provided by a dealer agreed between the parties. If the parties do not agree a dealer, then the Market Value of the Securities shall be the Arithmetic Mean of the Market Value of the Securities as of that time on that date quoted by two or more leading dealers in the relevant Securities selected by the party making the determination of Market Value in good faith.

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