Template:Nutshell 1992 ISDA Market Quotation

“Market Quotation” means, when a party values any Terminated Transactions, an amount based of quotations from Reference Market-makers (taking into account any Credit Support Document in favour of that party and subject to such documentation as such party and the Reference Market-maker may, in good faith, agree) for the amount that the quoting Reference Market-maker 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 payments and deliveries that would have been required afdter that date by the parties under Section 2(a)(i) under the relevant Terminated Transactions had an Early Termination Date not been designated. For this purpose, Unpaid Amounts are excluded. The determining party will ask each Reference Market-maker to provide its quotation on or as soon as reasonably practicable after the relevant Early Termination Date. If more there are more than three quotations, the Market Quotation will be their average, disregarding the highest and lowest values. If three such quotations are provided, the Market Quotation will be the middle one. If there are fewer than three quotations the Market Quotation will be deemed unable to be determined.