This is the value, as at the relevant date, of credit exposures (on and off-balance sheet) arising from senior positions and, where applicable, eligible senior exposures to facilities, excluding those relating to revolving facilities.An exposure is treated as a senior tranche if it is effectively secured by a first claim on the entire amount of the exposures in the pool. For this purpose, the reporting party does not have to take into consideration taxes and similar imposts, fees to service providers, amounts due under interest rate swaps, currency swaps or eligible servicer cash advances.A credit exposure represents an asset, liability, claim or commitment of an entity, which may be recorded on or off the balance sheet and which gives rise to credit risk.Revolving facility exposures are those exposures arising from redrawable facilities, other than exposures in the nature of redrawable home loans where the amounts likely to be redrawn are expected to be immaterial relative to the size of the pool. Only exclude those revolving facility exposures where the reporting party has transferred a pool of the revolving exposures into a securitisation that contains an early amortisation provision.