A measure for determining termination payments following an event of default or termination event under the 1992 ISDA Master Agreement. Loss is defined as the total losses and costs (or gain) incurred by the non-defaulting party (or affected party) with respect to terminated transactions, including costs of funding and the reestablishment of any hedge or related trading position. Loss is determined by the non-defaulting party (for an event of default) or non-affected party (for a termination event) acting reasonably and in good faith. The terminating party must be able to show in reasonable detail how the loss was calculated.