Expected Exposure definition
Expected Exposure means, in respect of a Consideration Payment Date, an amount determined on the basis of quotations obtained by the Calculation Agent from Reference Market-makers. Each such quotation will be for the maximum expected or average exposure (and not the peak future exposure or maximum likely exposure or similar concept) determined by the relevant Reference Market-maker in respect of the aggregate of all outstanding Transactions hereunder and the aggregate of all outstanding transactions under the ▇▇▇▇▇▇▇ ▇▇▇▇▇ ISDA and the credit exposure created thereby from the perspective of a dealer. The Calculation Agent will request each Reference Market-maker to provide its quotation, to the extent reasonably practicable, as of the same day and time (without regard to difference time zones) on or as soon as reasonably practicable after UBS becomes aware that a Consideration Payment Date is to occur. The day and time as of which those quotations are to be obtained will be selected in good faith by the Calculation Agent. If more than three quotations are provided, the Expected Exposure will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three quotations are provided, the Expected Exposure will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If the Expected Exposure is a negative number, then the Expected Exposure shall be deemed to be zero. If fewer than three quotations are provided, either by Reference Market-makers selected by the Calculation Agent or by Reference Market-makers selected by the Company, the Expected Exposure will be determined by the Calculation Agent in a commercially reasonable manner.