KO

KO Contingent Claim
Description:   This Claim defines events and payoffs related to the Knock-Out event

Properties defined in this Contingent Claim
Trigger Function:   Returns TRUE if the min performer is inside the KO range
ON Payoff Function:   Returns the total amount (principal + accrued coupon) payable upon entering the KO range
OFF Payoff Function:   None

Properties defined in the Payoff Policy
Observation:   Monthly
Claim priority order at any date:   KO → TERM(NO-KO)
Trigger's alive status after any event:   Not alive
ON Payoff's alive status after any event:   Not alive
OFF Payoff's alive status after any event:   Not alive

Important Implications due to this particular Payoff Policy
1) This Claim applies before and at maturity
2) It can fire only once