Template:Nutshell 2016 CSA 6

6. Default.
If there is an Early Termination Date following an Event of Default, the Value of the Credit Support Balance (VM), determined as though the Early Termination Date were a Valuation Date, will be an Unpaid Amount due to the Transferor under Section 6(e). As regards Section 6(e) and the Transaction represented by this Annex:

(a) any Market Quotation will be zero;

(b) any Loss will be limited to the Unpaid Amount representing the Value of the relevant Credit Support Balance (VM) and any unsatisfied Interest Payment (VM) obligations;

(c) any Close-out Amount will be zero; and

(d) there will be no Unpaid Amount relating to any unsatisfied obligation under Paragraph 2 or Paragraph 3(c).