Fair value is determined in the first instance by reference to observable prices in an active market for identical assets or liabilities.

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Fair value is initially determined by observable prices in an active market for identical assets or liabilities. This is referred to as Level 1 of the fair value hierarchy. If there are no observable prices, fair value may be determined using other valuation techniques and inputs, such as comparable market transactions or discounted cash flow models, which fall under Levels 2 and 3 of the fair value hierarchy.

Fair Value Is Determined in the First Instance by Reference