ciao, cosa vuol dire questa faq in italiano? conerma che in caso di default io prendo il collaterale AAA (40%) + il recovery greco?
grazie
ciao
4.22. How is the actual amount calculated in case of an immediate default of Greece? As far as the xls-sheets and the research of DB pointed out, it should be 51.2%. But as of discussions with BNP the collateral of Option 4 is more an insurance where you get 80% of the loss - leading to an amount of 64%. Please clarify! Thanks. 
If the default of Greece results in acceleration of the New Amortising Discount Bonds, all Trust Assets will be liquidated and the liquidation proceeds will be distributed to holders pro rata. Holders would then have a claim against Greece for the remaining 60% of the initial principal amount, any accrued but unpaid interest and the Make-Whole Amount (being an amount equal to the aggregate principal amount of the Defeasance Bonds less their liquidation value) if any.
If the default of Greece does not result in acceleration of the New Amortising Discount Bonds but constitutes a Trigger Event, the amount of Trust Assets to be released early will depend on a determination of the loss incurred. The amount of Trust Assets to be released early will be an amount equal to the principal amount of the New Amortising Discount Bonds * 80% * the loss. Following an early release of Trust Assets, the principal amount of the New Amortising Discount Bonds on which future interest accrues, and the amount of remaining Trust Assets, will be reduced by the amount released. However, holders will continue to have a claim against Greece for the remaining 60% of the initial principal amount, any accrued but unpaid interest and the Make-Whole Amount, if any.
