Appropriate Market

The definition of “Appropriate Market” is used in calculating the “Default Market Value” of securities on a close-out under a GMRA.  As the name suggest, the “Appropriate Market” is simply the most appropriate market for the securities in question, as determined by the non-Defaulting Party.  More specifically, as part of the close-out process under the GMRA, the non-Defaulting Party may calculate the “Default Market Value” of securities based on bid and offer quotations received from dealers in the “Appropriate Market”.

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