Article 16Terms used in this Chapter
For the purposes of this Chapter:
(a)
‘competent authority’ means either a party authorised to accept a security or a party authorised to decide in accordance with the relevant regulation if a security is to be released or forfeited;
(b)
‘block security’ means a security made available to the competent authority with the purpose of ensuring that more than one obligation is met;
(c)
‘the relevant part of the sum secured’ means the part of the sum secured corresponding to the quantity for which a requirement has been breached.