Template:2014 ISDA Credit Derivatives Definitions 1: Difference between revisions

Template:2014 ISDA Credit Derivatives Definitions 1 (view source)

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-'''Section {{cddprov|1.33}} {{cddprov|Credit Event Notice}} after {{cddprov|M(M)R Restructuring}}'''. Upon the occurrence of an {{cddprov|M(M)R Restructuring}}:<br>
-:(a) a {{cddprov|Notifying Party}} may deliver multiple {{cddprov|Credit Event Notice}}s with respect to such {{cddprov|M(M)R Restructuring}}, each such {{cddprov|Credit Event Notice}} setting forth the amount of the {{cddprov|Floating Rate Payer Calculation Amount}} to which such {{cddprov|Credit Event Notice}} applies (the “'''{{cddprov|Exercise Amount}}'''”), provided that if the {{cddprov|Credit Event Notice}} does not specify an Exercise Amount, the full {{cddprov|Floating Rate Payer Calculation Amount}} will be deemed to have been specified as the Exercise Amount;<br>
-:(b) if the {{cddprov|Notifying Party}} has delivered a {{cddprov|Credit Event Notice}} that specifies an Exercise Amount that is less than the {{cddprov|Floating Rate Payer Calculation Amount}}, the rights and obligations of the parties shall, with effect from the date such {{cddprov|Credit Event Notice}} is effective, be construed as if the parties had entered into two {{cddprov|Credit Derivative Transaction}}s, one of which has a {{cddprov|Floating Rate Payer Calculation Amount}} equal to the Exercise Amount and, upon the occurrence of an {{cddprov|Event Determination Date}}, will be settled in accordance with the applicable {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}}, as applicable, and the other of which will have a {{cddprov|Floating Rate Payer Calculation Amount}} equal to the {{cddprov|Floating Rate Payer Calculation Amount}} outstanding prior to such {{cddprov|Credit Event Notice}} minus the Exercise Amount and will continue in effect with such modifications as the {{cddprov|Calculation Agent}} (in consultation with the parties) shall determine are required in order to preserve the economic effects of the two {{cddprov|Credit Derivative Transaction}}s (considered in aggregate); and<br>
-:(c) the Exercise Amount in connection with a {{cddprov|Credit Event Notice}} describing an {{cddprov|M(M)R Restructuring}}} must be an amount that is at least 1,000,000 units of the currency (or, if Japanese Yen, 100,000,000 units) in which the {{cddprov|Floating Rate Payer Calculation Amount}} is denominated and an integral multiple thereof or the entire {{cddprov|Floating Rate Payer Calculation Amount}}.<br>
 '''Section {{cddprov|1.34}} Notice of Publicly Available Information'''. “'''{{cddprov|Notice of Publicly Available Information}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} to the other party that cites {{cddprov|Publicly Available Information}} confirming the occurrence of the {{cddprov|Credit Event}} or {{cddprov|Potential Repudiation/Moratorium}}, as applicable, described in the {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}. The notice given must contain a copy, or a description in reasonable detail, of the relevant Publicly Available Information. If “'''{{cddprov|Notice of Publicly Available Information}}'''” is applicable to a {{cddprov|Credit Derivative Transaction}} and the {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}, as applicable, contains Publicly Available Information, such {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}} will also be deemed to be a Notice of Publicly Available Information. A form of {{cddprov|Notice of Publicly Available Information}} (which may be a part of the form of {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}) is set forth in Exhibits B and D.<br>
 '''Section {{cddprov|1.35}} Publicly Available Information'''.<br>