Template:Nutshell GMSLA Market Value

Cash and LCs: for Cash or any Letter of Credit, the relevant face value.
Securities: For Securities (and non-cash Collateral) the market quotation for the mid price as at Close of Business on the previous Business Day (unless either party thinks there's been an unusual market movement since then, in which case the latest available price) plus accrued but unpaid Income if not included in such price.

Where the relevant instruments are trading freely the market quotation will be extracted from a reputable source or dealer chosen by the Lender. If they are not the Market Value will be agreed between the Parties or, failing that, provided by an mutually acceptable third party dealer or, if they can't agree on one, the average price of certain Reference Dealer quotations (with a laborious mechanism for figuring our what to include and how to average it, eventually giving up altogether and falling back on the reasonable determination of the Party making the determination in question). Tiresome, I know.