Template:2014 ISDA Credit Derivatives Definitions 10: Difference between revisions

'''Section {{cddprov|10.1}} Settlement Suspension'''. If, following the occurrence of an {{cddprov|Event Determination Date}}but prior to the {{cddprov|Physical Settlement Date}} or, to the extent applicable, a {{cddprov|Valuation Date}}, there is a {{cddprov|DC Credit Event Meeting Announcement}}, the timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement, shall toll and remain suspended until the date of the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal. During such suspension period, the parties are not obliged to, nor are they entitled to, take any action in connection with the settlement of any relevant {{cddprov|Credit Derivative Transaction}}. Once the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal, as applicable, has occurred, the relevant timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement that have previously tolled or been suspended shall resume on the {{cddprov|Business Day}} following such public announcement by the {{cddprov|DC Secretary}} with the parties having the benefit of the full day notwithstanding when the tolling or suspension began in accordance with Section {{cddprov|10.1}}. <br>

'''Section {{cddprov|10.2}} Effect of {{cddprov|DC Resolution}}s'''. Any {{cddprov|DC Resolution}} of the relevant {{cddprov|Credit Derivatives Determinations Committee}} that is applicable to such {{cddprov|Credit Derivative Transaction}}, including a {{cddprov|DC Resolution}} that reverses a previous {{cddprov|DC Resolution}}, shall be binding on {{cddprov|Buyer}} and {{cddprov|Seller}} :<br>