Template:Nutshell 1992 ISDA Market Quotation

“Market Quotation” means, when a party values any Terminated Transactions, an amount based on quotations from Reference Market-makers for the amount that those Reference Market-makers would pay (expressed as a negative) or require (expressed as a positive) to enter into a transaction (the “Replacement Transaction”) preserving the economic equivalent of all remaining payments and deliveries after the Early Termination Date by the parties under the relevant Terminated Transactions had they not been terminated, excluding any Unpaid Amounts.

The determining party will ask each Reference Market-maker to quote on or as soon as reasonably practicable after the Early Termination Date, taking into account any Credit Support Document in favour of the determining party, and subject to such documentation as it and the Reference Market-maker may in good faith agree.

If more there are more than three quotations, the Market Quotation will be their average, disregarding the highest and lowest values. If there are three, the Market Quotation will be the middle one. If there are fewer than three the Market Quotation will not be determinable.