Template:ISDA English Law Credit Support Deed 2018 Appropriation Value

“Appropriation Value” means, on any date, in relation to securities of any description (such securities, “Relevant Securities”) the fair market value of the Relevant Securities determined by the Secured Party, acting in good faith and in a commercially reasonable manner, by reference to any relevant information, including, without limitation, one or more of the following pricing sources and methods:

(i) available prices for securities with similar maturities, terms and credit characteristics as the Relevant Securities supplied by one or more third parties;

(ii) if the Relevant Securities are listed or traded on a recognised exchange, the value at which they could have been sold on the exchange on the date of appropriation;

(iii) information consisting of relevant market data in the relevant market supplied by one or more third parties, including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or

(iv) information of the types described in paragraph (i) or (iii) above from internal sources (including any of the Secured Party’s Affiliates) if that information is of the same type used by the Secured Party in the regular course of its business for the valuation of similar securities.