Page 111 - PRIAA Glossary

fund, with separate investment vehicles or feeders created for each investor group.
MATERIAL ADVERSE CHANGE
Any negative event affecting a party that is deemed to be material. Such events can either be specifically defined or left undefined in the contract.
MATURITY DATE
The date upon which a debt security or an over-the-counter (OTC) derivative transaction expires. See also “scheduled termination date”.
MAXIMUM DAILY QUANTITY (MDQ)
The upper limit for the amount of gas a buyer may take in a single 24-hour period.
MCDX
A credit derivative index administered by Markit comprised of fifty equally weighted municipal reference entities.
MEDIUM RANGE (MR) PRODUCT CARRIER
A product carrier in the 40,000 dwt to 52,000 dwt size range with internally coated tanks that make it easier to clean when switching between different cargos.
MEMO PLEDGE
A custodian’s promise of encumbrance of a particular piece of collateral within its clients’ portfolio for the purpose of a margin call without actually moving the collateral.
MERGER EVENT
An example of an event used as an arbitrage opportunity by a hedge fund manager in an event-driven strategy of investing. Short-term price fluctuations can result when a company is pending merger, acquisition, restructuring or other major change, and the strategy subscribes to taking these buy opportunities when the manager is optimistic of a return to a more stable price.
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