Template:Nutshell 1992 ISDA Market Quotation

“Market Quotation” when valuing Terminated Transactions, will be 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 “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.

Each Reference Market-maker must quote on or as soon as practicable after the Early Termination Date on the basis of such documentation as the determining party and the Reference Market-maker may in good faith agree, including as regards any Credit Support Document.

If more than three Reference Market-makers quote, the Market Quotation will be their average having disregarded the highest and lowest. If exactly three do, the Market Quotation will be the middle quotation.

If fewer than three Reference Market-makers quote, it will not be possible to determine a Market Quotation [and, to calculate the Settlement Amount, the determining party must value the affected Terminated Transactions by reference to the determining party’s Loss].