Investors could go long on a bond without any upfront cost of buying a bond; all the investor need do was promise to pay in the event of default.
32.
They argue that they should be able to grab the shares in the event of default, which occurred when the company filed for Chapter 11 bankruptcy protection in December.
33.
Non-recourse project finance is an arrangement whereby, in the event of default, the lenders have no recourse to the assets or cash flows of the owners of the project.
34.
When securities firms issue CMBS, they typically subordinate about 11 percent of the notes, giving them a lower priority for repayment in the event of default or early loan repayment.
35.
An increase in the amount of money commercial banks set aside to cover deposits and loans in the event of default helped boost reserves during the month, the central bank said.
36.
They will also take a charge over the assets of the business to provide the lender with the ability to take control of the cash flows in the event of default.
37.
Interest rates on unsecured loans are nearly always higher than for secured loans, because an unsecured lender's options for recourse against the borrower in the event of default are severely limited.
38.
Further, the government acknowledged that no event of default or potential event of default is outstanding, and that it has no claims regarding any prior events of default which may have occurred.
39.
The ASX did not inform ASIC that it pro-actively offered to waive BBY's compliance with this rule to prevent BBY from committing an event of default and suffering a possible insolvency event.
40.
This problem was then compounded by the drafting of the ISDA Master Agreement which stated that non-occurrence of an Event of Default was a " condition precedent " to any payment obligation.
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