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Template:Nutshell GMRA 4(c)

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4(c) A party’s Net Exposure to the other party is any excess of:

(A) the total of its Transaction Exposures plus any Income Payments the other party owes minus the Net Margin provided to it by the other party, over
(B) the total of the other party's Transaction Exposures plus any Income Payments it owes the other party minus any Net Margin it provided to the other party, converting amounts into the Base Currency at the prevailing Spot Rate where necessary.
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