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liquidation

German translation: Liquidation

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20:24 Mar 11, 2004
English to German translations [PRO]
Law/Patents - Law: Contract(s)
English term or phrase: liquidation
looking for the proper translation of "liquidation" in this sentence:

§ 10.5(g) Default under Specified Transaction: If a Party, such Party's Credit Support Provider or such Party's Controlling Party (if such Party does not have a Credit Support Provider but has a Controlling Party):

(1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a *liquidation* of, an acceleration of obligations under, or any early termination of, that Specified Transaction; or ....

And btw, would the credit support provider be anything else but a simple Kreditgeber?
Must remember to do such contracts in the morning and not after hours of mind-numbing truck texts......
silvia glatzhofer
Local time: 12:33
German translation:Liquidation
Explanation:
I wouldn't use "Glattstellung", as given an event of default, a liquidiation isn't necessarily bound to be voluntary (as indicated by the parallel mentioning of accelerating obligations).

The "credit support provider" isn't a "Kreditgeber" (that would be a lender), but a "Deckungsgeber" or "Kreditgarantiegeber", depending on the context. The difference is that the credit support provider only extends coverage in the event of default of the obliged party.

HTH, Ralf
Selected response from:

Ralf Lemster
Germany
Local time: 12:33
Grading comment
thank you
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2Liquidation
Ralf Lemster


  

Answers


9 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
Liquidation


Explanation:
I wouldn't use "Glattstellung", as given an event of default, a liquidiation isn't necessarily bound to be voluntary (as indicated by the parallel mentioning of accelerating obligations).

The "credit support provider" isn't a "Kreditgeber" (that would be a lender), but a "Deckungsgeber" or "Kreditgarantiegeber", depending on the context. The difference is that the credit support provider only extends coverage in the event of default of the obliged party.

HTH, Ralf

Ralf Lemster
Germany
Local time: 12:33
Native speaker of: German
PRO pts in category: 36
Grading comment
thank you

Peer comments on this answer (and responses from the answerer)
neutral  trautlady: strongly agree to zour notes. How about "Aufloesung"?
11 mins
  -> In my personal experience, it's either "Glattstellung" or "Liquidation" - never seen "Auflösung" in a credit derivatives context

agree  Ingrid Blank
7 hrs

agree  Hans G. Liepert
11 hrs
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