Credit Position definition

Credit Position means, as applicable: (i) subject to the other provisions hereof, in respect of each Reference Entity the amount specified as the Credit Position for that Reference Entity in the Swap Agreement or, as the case may be, the Final Terms, provided that if further Notes are issued which form a single Series with the Notes, the Credit Position in respect of each Reference Entity will be increased pro rata to the aggregate principal amount of such further Notes and if Notes are repurchased and cancelled, the Credit Position in respect of each Reference Entity will be reduced pro rata to the aggregate principal amount of such repurchased and cancelled Notes; or (ii) subject to the other provisions hereof, in respect of each Reference Entity in a Reference Portfolio, the percentage determined as the Credit Position for that Reference Entity in accordance with the Swap Agreement (and which in the case of each of the initial Reference Entities is set out in the Swap Agreement).

Credit Position means, subject to the other provisions hereof, in respect of each Reference Entity, the principal amount outstanding of the Securities, provided that if further Securities are issued which form a single Series with the Securities, the Credit Position in respect of each Reference Entity will be increased pro rata to the aggregate principal amount of such further Securities and if Securities are repurchased and cancelled, the Credit Position in respect of each Reference Entity will be reduced pro rata.

Credit Position or "CP" means U.S.$ 10,000,000, provided that if further Securities are issued which form a single Series with the Security, the Credit Position in respect of the Reference Entity will be increased pro rata to the aggregate principal amount of such further Securities, and in the case that the Securities are repurchased and cancelled, the Credit Position will be reduced pro rata.

Examples of Credit Position in a sentence

• The amount of interest accruing and payable in respect of the Securities will be reduced with effect from the date on which it would have been reduced upon the occurrence of an Event Determination Date in respect of the Original Reference Entity but the balance on which interest is calculated shall only be reduced by the Credit Position of the Successor in respect of which the relevant Event Determination Date occurred.

• As used herein, " Remaining Credit Position" means, in respect of each Reference Entity in respect of which M(M)R Restructuring is specified as being applicable, at any time, the initial Credit Position of such Reference Entity, less the aggregate of all Exercise Amounts (if any) in respect of such Reference Entity.

• For all the purposes hereof, insofar as the Remaining Credit Position of any Reference Entity in respect of which M(M)R Restructuring is specified as being applicable is, at any time, greater than zero, such Reference Entity shall be treated as a non-Defaulted Credit.

• The amount of interest accruing and payable in respect of the Notes will be reduced with effect from the date on which it would have been reduced upon the occurrence of an Event Determination Date in respect of the Original Reference Entity but the balance on which interest is calculated shall only be reduced by the Credit Position of the Successor in respect of which the relevant Event Determination Date occurred.

• In the event that such Successor is subject to, or involved in, any further Succession Event, the Credit Position of such Successor (or the Successor to that entity, as the case may be) shall be determined in accordance with the foregoing, taking into account and maintaining any distinction between the Subordinated Credit Position and Senior Credit Position already established for the relevant entity.

More Definitions of Credit Position

Credit Position means an amount equal to the aggregate of the Reference Notional Amounts for the affected Reference Entity under the Credit Default Swap Agreement. Notwithstanding the foregoing:

Credit Position means, in respect of each Reference Entity in a Reference Portfolio, the percentage determined for the relevant Reference Entity in accordance with the Swap Agreement (and which in the case of each of the Reference Entities comprising the initial Reference Portfolios is as set out in the Master Swap Confirmation Annex).

Credit Position means USD 10,000,000, provided that if further Securities are issued which form a single Series with the Security, the Credit Position in respect of the Reference Entity will be increased pro rata to the aggregate principal amount of such further Securities and in the case that the Securities are repurchased and cancelled, the Credit Position will be reduced pro rata; and (iii) The definition of "Cut-off Date" in the Credit Annex shall be deleted and replaced as follows:

Credit Position means the positive net clearing position.

Credit Position means an amount equal to the product of the aggregate, for each Credit Default Swap Agreement entered into in connection with a Class of Notes which has not been redeemed or purchased in full at the time the Quotation Amount is being determined, of the Reference Entity Weighting of the affected Reference Entity under the relevant Credit Default Swap Agreement and the Reference Portfolio Notional Amount relating thereto. Notwithstanding the foregoing:

Credit Position means, in respect of:

Credit Position means, subject to the other provisions hereof, with respect to each Reference Entity, the nominal amount outstanding of the Securities, provided that if further Securities are issued which form a single Series with the Securities, the Credit Position with respect to each Reference Entity will be increased pro rata to the aggregate nominal amount of such further Securities and if Securities are repurchased and cancelled, the Credit Position with respect to each Reference Entity will be reduced pro rata.