PPT Slide
• Occurs when the calculation agent is aware of publicly available
information as to the existence of a credit condition.
• Credit condition means either a payment default or a bankruptcy
event in respect of the issuer.
• Payment default means, subject to a dispute in good faith by the
issuer, either the issuer fails to pay any amount due of the
reference asset, or pay any amount due of the reference asset, or
any other present or future indebtedness of the issuer for or in
respect of moneys borrowed or raised or guaranteed.