Derivatives · glossary
The part of the loan's definition of debt that counts "any derivative transaction" at its marked-to-market value, never its notional. A mark in Atlas's favour counts for nothing. Without the consent letter, a mark against Atlas could have used up the loan's basket for other debt. FA definition: Financial Indebtedness · Chapter 13
Explained in Chapter 13, How the Loan Reads the Swap, of Derivatives.
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