Template:ISDA English Law Credit Support Annex 1995 Exposure

"Exposure" means, with respect to a party on a Valuation Date and subject to Paragraph 4 in the case of a
dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive
number) or by that party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1)
of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being
terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) the Base Currency is the Termination Currency; provided that Market Quotations will be determined by
the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be
paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”).