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| =={{1992ma}}==
| | {{isdasnap|Market Quotation}} |
| | ====Commentary==== |
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| “'''Market Quotation'''” means, with respect to one or more {{isdaprov|Terminated Transactions}} and a party making the
| | ====See Also==== |
| determination, an amount determined on the basis of quotations from {{isdaprov|Reference Market-maker}}s. Each
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| quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number)
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| or by such party (expressed as a positive number) in consideration of an agreement between such party (taking
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| into account any existing {{isdaprov|Credit Support Document}} with respect to the obligations of such party) and the
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| quoting Reference Market-maker to enter into a transaction (the “'''Replacement Transaction'''”) that would
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| have the effect of preserving for such party the economic equivalent of any payment or delivery (whether
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| the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable
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| [[condition precedent]]) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group
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| of Terminated Transactions that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have
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| been required after that date. For this purpose, {{isdaprov|Unpaid Amounts}} in respect of the Terminated Transaction or
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| group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that
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| would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each
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| applicable condition precedent) after that Early Termination Date is to be included. The Replacement
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| Transaction would be subject to such documentation as such party and the Reference Market-maker may, in
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| good faith, agree. The party making the determination (or its agent) will request each Reference
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| Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time
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| (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early
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| Termination Date. The day and time as of which those quotations are to be obtained will be selected in good
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| faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after
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| consultation with the other. If more than three quotations are provided, the Market Quotation will be the
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| arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If
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| exactly three such quotations are provided, the Market Quotation will be the quotation remaining after
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| disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same
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| highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations
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| are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group
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| of Terminated Transactions cannot be determined.
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| Ghastly piece of drafting, isn't it.
| | {{isdaanatomy}} |
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| =={{2002ma}}==
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| Note that there is no concept of "Market Quotation" under 2002 ISDA. Instead, the concept of {{isdaprov|Close-out Amount}} applies to the valuation of terminated transactions.
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| {{means}} | | {{means}} |
| {{nuts|ISDA|Market Quotation}} | | {{nuts|ISDA|Market Quotation}} |
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| | =={{2002ma}}== |
| | Note that there is no concept of "Market Quotation" under {{2002ma}}. Instead, the concept of {{isdaprov|Close-out Amount}} applies to the valuation of terminated transactions. Which is, if anything, worse. {{isia}} |
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| ==Commentary== | | ==Commentary== |