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They often fail to lay down clearly what would constitute a default for the purpose of triggering payment to holders of such derivatives.
If parameters have been met, organizations have irrefutable proof they met service level agreements, triggering payment.
Both the country and its state-owned oil company PDVSA defaulted on their U.S. dollar debt in November 2017: the International Swaps and Derivatives Association (ISDA) declared the default a "credit event," triggering payment of credit default swaps.
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Automatic checks to find out whether people have found jobs and stop claiming benefits, triggering payments to contractors, will not go live before March 2012.
"The focus on results is helping improve M&E [monitoring and evaluation] and performance, but within the narrow scope of whatever results are defined as triggering payments.
At the same time, the International Swaps and Derivatives Association declared Argentina in default on Friday, potentially triggering payments worth up to $1bn on credit default swaps – a form of insurance on bonds.
To trigger payment to our funders, we needed to cut re-offending rates by 7.5%.
The occurrence of a specified credit event will trigger payment of the default payment by the seller of protection to the buyer of protection.
This code connects directly to the parties' digital infrastructure, monitoring for the satisfaction of conditions and then sending commands to trigger payment or other responses.
The court said she could not prove she was infected for more than six months, which is required to trigger payment.
"Voluntary" acceptance of a default, on the part of the owners of Greek debt who bought insurance from the banks, has been deemed not to be an event that will trigger payment on these derivative contracts.
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