We know that:
$Exposure_{CCR} = \max(value - VM - IM^R, 0)$
$Exposure_{Funding} = MTM - VM + IM^P$
$Exposure_{CCR} = \max(15 - 10 - 6, 0) = 0$
$Exposure_{Funding} = 15 - 10 + 6 = 11$

The current counterparty risk exposure is zero and the funded amount should be 11.

Things to Remember

• Counterparty credit risk (CCR) is the risk that a counterparty in a financial transaction will default before the final settlement of the transaction’s cash flows.
• Initial Margin (IM) is the collateral that is posted by a party to a trade to protect the counterparty from credit risk.
• Variation Margin (VM) is the collateral that is posted by a party to a trade to account for changes in the market value of the trade.
• Mark-to-market (MTM) is the process of valuing a position or portfolio based on the current market price for the assets or liabilities being traded.
• Close-out costs are the costs associated with closing out a position in the event of a counterparty default.