Template:Nutshell 2000 GMSLA Market Value

“Market Value” means:

(a) for the valuation of instruments other than Cash Collateral or a Letter of Credit):

(i) the market quotation for the bid price of such instruments derived from a pricing service reasonably chosen Lender; or

(ii) if none is available, the market value derived from bids by a reputable dealer for the instrument reasonably chosen by Lender,

in each case at Close of Business on the previous Business Day or, at either Party’s option where it reasonably believes there has been an exceptional movement in the price of the instrument since such time, at the latest available price; plus

(iii) accrued but unpaid Income on the instrument that is not otherwise factored into such price,

(provided that the price of instruments that are suspended shall (for the purposes of paragraph 5) be nil unless the Parties agree otherwise and (for all other purposes) shall be the price of instrument as of Close of Business on the dealing day in the relevant market preceding the suspension, or a commercially reasonable price agreed between the Parties;

(b) For a Letter of Credit its face or stated amount; and

(c) For Cash Collateral the amount of the currency concerned;