Direct hedge definition
Direct hedge means holding the underlying and a put on the same underlying.
Direct hedge means, with respect to the Reference Loan under any Transaction, the acquisition by any BNPP Hedging Party of a direct interest or participation interest in such Reference Loan. For the avoidance of doubt, at all times BNPP is hedging its obligations under any Transaction with a Direct Hedge, all references in this Master Confirmation to BNPP with regard to its activities relating to a Direct Hedge shall be deemed to include the BNPP Holder of Record.