Exposure. For the purpose of calculating Exposure pursuant to the meaning set out in Paragraph 10 of the Annex, the Valuation Agent shall, unless otherwise agreed in writing by the Rating Agencies, seek two quotations from Reference Market-makers, provided that if two Reference Market-makers are not available to provide a quotation, then fewer than two Reference Market-makers may be used for such purpose, and if no Reference Market-maker is available, then the Valuation Agent's estimate at mid-market will be used. Where more than one quotation is obtained, the quotation representing the greatest amount of the Transferee's Exposure shall be used by the Valuation Agent.
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Samples: Master Agreement (Permanent Master Issuer PLC), Master Agreement (Permanent Funding (No. 2) LTD), Master Agreement (Permanent Master Issuer PLC)
Exposure. For the purpose of calculating Exposure pursuant to the meaning set out in Paragraph 10 of the Annex, the Valuation Agent shall, unless otherwise agreed in writing by the Rating Agencies, seek two quotations from Reference Market-makers, ; provided that if two Reference Market-makers are not available to provide a quotation, then fewer than two Reference Market-makers may be used for such purpose, and if no Reference Market-maker is available, then the Valuation Agent's estimate at mid-market will be used. Where more than one quotation is obtained, the quotation representing the greatest amount of the Transferee's Exposure shall be used by the Valuation Agent.
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