Talk:Market Value - GMSLA Provision

Nutshell

Market Value means: (a) Securities: For Securities the mid price market quotation at Close of Business on the previous Business Day (i) published on a reputable information service chosen by the Lender; or failing that (ii) derived from a mid price from a dealer chosen by the Lender (unless either party thinks there’s been an unusual market movement since then, in which case the latest available price) plus: (iii) accrued Income if not included in the quote. Where the assets in question are not trading freely the Parties may agree their 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 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 Party originally making the determination).[1] (b) Letters of credit: for any Letter of Credit, its face value. (c) Cash: for Cash its face value.