4(c) For the purposes of this
Agreement a party has a
Net Exposure in respect of the other party if the aggregate of all the first party's
Transaction Exposures plus any amount payable to the first party under paragraph
5 but unpaid less the amount of any
Net Margin provided to the first party exceeds the aggregate of all the other party's
Transaction Exposures plus any amount payable to the other party under paragraph
5 but unpaid less the amount of any
Net Margin provided to the other party; and the amount of the
Net Exposure is the amount of the excess. For this purpose any amounts not denominated in the
Base Currency shall be converted into the
Base Currency at the
Spot Rate prevailing at the relevant time.