Template:2014 ISDA Credit Derivatives Definitions 4.9: Difference between revisions
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'''Section {{cddprov|4.9}} {{cddprov|Certain Definitions Relating to Credit | '''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 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> | ||
:(b) “'''{{cddprov|Governmental Authority}}'''” means:<br> | :(b) “'''{{cddprov|Governmental Authority}}'''” means:<br> | ||
Latest revision as of 09:14, 25 April 2023
Section 4.9 Certain Definitions Relating to Credit Events.
- (a) “Default Requirement” means the amount specified as such in the related Confirmation or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, USD 10,000,000 or its equivalent in the relevant Obligation Currency) in either case, as of the occurrence of the relevant Credit Event.
- (b) “Governmental Authority” means:
- (i) any de facto or de jure government (or any agency, instrumentality, ministry or department thereof);
- (ii) any court, tribunal, administrative or other governmental, inter-governmental or supranational body;
- (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 Reference Entity or some or of all of its obligations; or
- (iv) any other authority which is analogous to any of the entities specified in Sections 4.9(b)(i) to (iii).
- (i) any de facto or de jure government (or any agency, instrumentality, ministry or department thereof);
- (c) “Obligation Currency” means the currency or currencies in which an Obligation is denominated.
- (d) “Payment Requirement” means the amount specified as such in the related Confirmation or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, USD 1,000,000 or its equivalent in the relevant Obligation Currency) in either case as of the occurrence of the relevant Failure to Pay or Potential Failure to Pay, as applicable.