Template:Nutshell Credit Derivatives 4.9: Difference between revisions

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'''Section {{cddprov|4.9}} {{cddprov|Certain Definitions Relating to Credit Events}}'''.<br>
'''Section {{cddprov|4.9}} {{cddprov|Certain Definitions Relating to Credit Events}}'''.<br>
:(a) “'''{{cddprov|Default Requirement}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or its equivalent in the relevant {{cddprov|Obligation Currency}} (or, if no such amount is specified, USD 10,000,000 or its equivalent in the relevant {{cddprov|Obligation Currency}}) in either case, as of the occurrence of the relevant {{cddprov|Credit Event}}.<br>
:(a) “'''{{cddprov|Default Requirement}}'''” means the amount specified in the {{cddprov|Confirmation}} or, if none, USD 10,000,000 (or in either case its {{cddprov|Obligation Currency}} equivalent) at the date of the {{cddprov|Credit Event}}.<br>
:(b) “'''{{cddprov|Governmental Authority}}'''” means:<br>
:(b) “'''{{cddprov|Governmental Authority}}'''” means a government or governmental, inter-governmental or supranational body, any central bank, financial markets regulator or resolution authority in each case having authority of supervisory powers over the {{cddprov|Reference Entity}} and its business.
::(i) any de facto or de jure government (or any agency, instrumentality, ministry or department thereof);<br>
:(c) “'''{{cddprov|Obligation Currency}}'''” means an {{cddprov|Obligation}}’s currency.<br>
::(ii) any court, tribunal, administrative or other governmental, inter-governmental or supranational body;<br>
:(d) “'''{{cddprov|Payment Requirement}}'''” means the amount specified in the {{cddprov|Confirmation}} or, if none, USD 1,000,000 (or in either case its {{cddprov|Obligation Currency}} equivalent) at the date of the {{cddprov|Credit Event}}.<br>
::(iii) any authority or any other entity (private or public) either designated as a resolution authority or charged with the regulation or supervision of the financial markets (including a central bank) of the {{cddprov|Reference Entity}} or some or of all of its obligations; or<br>
::(iv) any other authority which is analogous to any of the entities specified in Sections {{cddprov|4.9}}(b)(i) to (iii).<br>
:(c) “'''{{cddprov|Obligation Currency}}'''” means the currency or currencies in which an Obligation is denominated.<br>
:(d) “'''{{cddprov|Payment Requirement}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or its equivalent in the relevant {{cddprov|Obligation Currency}} (or, if no such amount is specified, USD 1,000,000 or its equivalent in the relevant {{cddprov|Obligation Currency}}) in either case as of the occurrence of the relevant {{cddprov|Failure to Pay}} or Potential {{cddprov|Failure to Pay}}, as applicable.<br>

Latest revision as of 09:27, 25 April 2023

Section 4.9 Certain Definitions Relating to Credit Events.

(a) “Default Requirement” means the amount specified in the Confirmation or, if none, USD 10,000,000 (or in either case its Obligation Currency equivalent) at the date of the Credit Event.
(b) “Governmental Authority” means a government or governmental, inter-governmental or supranational body, any central bank, financial markets regulator or resolution authority in each case having authority of supervisory powers over the Reference Entity and its business.
(c) “Obligation Currency” means an Obligation’s currency.
(d) “Payment Requirement” means the amount specified in the Confirmation or, if none, USD 1,000,000 (or in either case its Obligation Currency equivalent) at the date of the Credit Event.
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