Uncollateralised CLN definition
Uncollateralised CLN means a Synthetic Security that is a credit-linked note (a) issued by a corporate entity that is not a special purpose vehicle or a trust and (b) which is not secured by any collateral.
Uncollateralised CLN means a Synthetic Security that (a) is not issued by a special purpose vehicle or trust and (b) is not secured by any collateral.
Uncollateralised CLN means a Synthetic Security that is a credit linked note issued by a corporate entity (which, for the avoidance of doubt, may be a bank) (the “obligor”) which (a) is not issued by a special purpose vehicle or a trust; (b) is not secured by any collateral; and (c) references a single Reference Entity or Reference Obligation which does not include the obligor or its obligations (although, for the avoidance of doubt, the holder of such credit linked note will be exposed to the credit risk of such obligor as the issuer of the credit linked note).