Template:ISDA English Law Credit Support Annex 2016 Exposure: Difference between revisions

“'''{{isdaprov|Exposure}}'''” means, [[unless otherwise specified in]] Paragraph {{vmcsaprov|11}} for any {{vmcsaprov|Valuation Date}} or other date for which {{vmcsaprov|Exposure}} is calculated and subject to Paragraph {{vmcsaprov|4}} in the case of a dispute:

:(i) if this Agreement is a [[1992 ISDA Master Agreement]], 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 {{isdaprov|6(e)(ii)}}(1) of this Agreement if all {{vmcsaprov|Covered Transactions}} (other than the {{isdaprov|Transaction}} constituted by this {{vmcsaprov|Annex}}) were being terminated as of the relevant {{vmcsaprov|Valuation Time}} on the basis that  

:provided that {{isdaprov|Market Quotation}}s will be determined by the {{vmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for {{isdaprov|Replacement Transaction}}s (as that term is defined in the definition of "{{isdaprov|Market Quotation}}"); and

:(ii) if this Agreement is an [[ISDA 2002 Master Agreement]] or a [[1992 ISDA Master Agreement]] in which the definition of {{isdaprov|Loss}} [[and/or]] {{isdaprov|Market Quotation}} has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of {{isdaprov|Close-out Amount}} from the pre-printed form of the [[ISDA 2002 Master Agreement]] as published by {{tag|ISDA}}, 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 {{isdaprov|6(e)(ii)}}(1) (but without reference to clause (3) of Section {{isdaprov|6(e)(ii)}}) of this {{isdaprov|Agreement}} as if all {{vmcsaprov|Covered Transactions}} (other than the {{isdaprov|Transaction}}s constituted by this {{vmcsaprov|Annex}}) were being terminated as of the relevant {{vmcsaprov|Valuation Time}} on the basis that  

:provided that the {{isdaprov|Close-out Amount}} will be determined by the {{vmcsaprov|Valuation Agent}} on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of (X) the material terms of the {{vmcsaprov|Covered Transaction}}s, including the payments and deliveries by the parties under Section {{isdaprov|2(a)(i)}} in respect of the {{isdaprov|Covered Transaction}}s that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have been required after that date (assuming satisfaction of the [[conditions precedent]] in Section {{isdaprov|2(a)(iii)}} of this Agreement); and (Y) the [[option]] rights of the parties in respect of the {{isdaprov|Covered Transaction}}s. <br>