Template:Nutshell 2016 NY CSA Exposure

A party’s “Exposure” means the amount it would pay (a positive Exposure) or receive (a negative Exposure) if all Covered Transactions were terminated as at the Valuation Time following a Termination Event where the Base Currency was the Termination Currency; and the Valuation Agent made the relevant valuations on the party’s behalf using mid-market estimates of the amounts that would required under the relevant ISDA Master Agreement.