Default Swap definition

Default Swap means each Synthetic Security which is an unfunded credit default swap referencing a single Reference Obligation;
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Default Swap means an unfunded credit default swap referencing a single Reference Obligation under which the Issuer is the seller of protection;
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Default Swap means a notional First to Default Credit Derivative Transaction between the Issuer and a hypothetical credit default swap counterparty (the "Default Swap Counterparty") in the form attached as Schedule 2 (Default Swap) hereto. Pursuant to the Default Swap, the Calculation Agent such as defined in the Applicable Terms would have the right to exercise the credit default provisions immediately upon (and at any time subsequent to) the occurrence of a Credit Event affecting any Reference Entity included in the Reference Portfolio during the period from and including the Effective Date (as defined in the Default Swap) to and including the last day of the relevant Notice Delivery Period (as defined in the Default Swap).
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Examples of Default Swap in a sentence

  • A Contingent Credit Default Swap under which one of the Deliverable Obligations is a claim against the Reference Entity under an ISDA Master Agreement with respect to which an Early Termination Date (as defined therein) has occurred.

  • A Credit Default Swap for which the Reference Obligation is a cash or synthetic asset-backed security.

  • Solely for purposes of this Agreement, any references to “principal amount” or “obligations” owed by any Person under any Hedging Agreement or Credit Default Swap shall refer to the amount that would be required to be paid by such Person if such Hedging Agreement were terminated at such time (after giving effect to any netting agreement) less any collateral posted in support thereof.

  • In the event the issuer’s CDS widens by more than 15% intraday change based on the 5yr Credit Default Swap price, the issuer will be reviewed by the Manager on a daily basis prior to the commencement of additional issuer purchases.

  • The Transferor agrees that Proceeds of any Credit Default Swap Collateral that are not immediately payable hereunder to the Transferee in respect of Credit Losses shall be held in a Credit Default Collateral Account in a manner satisfactory to the Administrative Agent and in which the Administrative Agent has a perfected security interest, free and clear of any Adverse Claims (other than Permitted Adverse Claims).

  • On each date on which any Credit Default Swap Obligations are payable pursuant to the terms of the Credit Default Swaps, the Collection Agent shall pay such Credit Default Swap Obligations to the Hedge Counterparties entitled thereto out of Collections set aside for such purpose pursuant to Sections 2.06(b)(i) and (iii).

  • In the event the issuer’s CDS widens by more than 25% intraday change based on the 5yr Credit Default Swap price, the issuer may be removed from the buy list pending further analysis to determine suitability of investment.

  • At the time of any Transfer hereunder the Transferee will have a valid and perfected security interest in the Credit Default Swap Collateral and the Administrative Agent will have a valid and perfected security interest in the Account Collateral, in each case free and clear of any Adverse Claim (other than Permitted Adverse Claims).

  • The Transferor hereby agrees to pay to the Transferee, out of the Proceeds of the related Credit Default Swap Collateral, the amount of all Credit Losses relating to the Special Obligors.

  • The Transferor agrees that at any time that it enters into any Credit Default Swap, it shall execute and deliver to the Administrative Agent, for the benefit of the CP Conduit Purchasers, the Committed Purchasers and Funding Agents, an assignment of all amounts payable to the Transferor under such Credit Default Swap.