Market value trigger

Related to these factors are several risks that the guarantor must take into account. One crucial consideration is the likelihood of the TR swap receiver defaulting at a time when the reference asset has declined in value. This risk is a function both of the financial health of the swap receiver and of the market volatility of the reference asset. A second important consideration is the probability of the reference asset obligor defaulting, triggering a default by the swap receiver before the swap payer receives the depreciation payment. 

Due to the high value of the energy content, lithium ion batteries have triggered the growth of the market of popular devices, such as mobile phones, laptop computers, MP3s, and others. Indeed, lithium ion batteries are today produced in biUions of units per year [146,147]. 

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