Page 121 - PRIAA Glossary
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NOTICE OF PUBLICLY AVAILABLE INFORMATION (PAI)
The second notice required to be delivered to trigger a credit derivative transaction when a notifying party believes a credit event has occurred. A PAI cites the publicly available information that reasonably confirms a credit event has occurred. It is market convention to cite two sources
of publicly available information from internationally recognised news sources.
NOTICE OF READINESS (NOR)
A written notice presented to a person as defined in the charter informing the arrival of the ship to be loaded/ unloaded. It determines the start of laytime, or the period of time that is allowed to the charterer for loading and/or discharging the ship.
NOTIONAL AMOUNT
The nominal amount on a trade upon which the returns of an investment is calculated. Usually, the notional amount is not transferred and is only an indicative value.
NOVATION
The process by which one counterparty (transferor) agrees to transfer to a third party (transferee) its obligations under an existing transaction with another counterparty (the remaining party). The transferor, transferee and remaining party all need to agree to the novation. See also “stepping in/out”.
NOVATION CONSENT
The process by which the transferor in a proposed novation notifies and obtains the consent of the remaining party.
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