Template:2014 ISDA Credit Derivatives Definitions 3.32: Difference between revisions

:(a) If (i) “'''{{cddprov|Physical Settlement}}'''” is specified to be the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} (or is applicable as the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}})), (ii) “'''{{cddprov|Mod Mod R}}'''” is specified as applicable in the related {{cddprov|Confirmation}} and (iii) {{cddprov|Restructuring}} is the only {{cddprov|Credit Event}} specified in a {{cddprov|Credit Event Notice}} delivered by Buyer, then unless the {{cddprov|Deliverable Obligation}} is a {{cddprov|Prior Deliverable Obligation}} and {{cddprov|Asset Package Delivery}} applies due to a {{cddprov|Governmental Intervention}}, a {{cddprov|Deliverable Obligation}} may only be specified (or deemed specified pursuant to Section {{cddprov|9.8}}(i) (Alternative Procedures Relating to Loans Not Delivered)) in the {{cddprov|Notice of Physical Settlement}} or in any {{cddprov|NOPS Amendment Notice}}, as applicable, if it (A) is a {{cddprov|Conditionally Transferable Obligation}} and (B) has a final maturity date not later than the applicable Modified {{cddprov|Restructuring Maturity Limitation Date}}, in each case, as of both the {{cddprov|NOPS Effective Date}} and the {{cddprov|Delivery Date}}. Notwithstanding the foregoing, for purposes of Section {{cddprov|3.32}}(a), in the case of a {{cddprov|Restructured Bond}} or Loan with a final maturity date on or prior to the 10year {{cddprov|Limitation Date}}, the final maturity date of such {{cddprov|Bond or Loan}} shall be deemed to be the earlier of such final maturity date or the final maturity date of such {{cddprov|Bond or Loan}} immediately prior to the relevant {{cddprov|Restructuring}}.<br>

:(b) “'''{{cddprov|Conditionally Transferable Obligation}}'''” means a {{cddprov|Deliverable Obligation}} that is either Transferable, in the case of Bonds, or capable of being assigned or novated to all {{cddprov|Modified Eligible Transferee}}s without the consent of any person being required, in the case of any {{cddprov|Deliverable Obligation}} other than Bonds, in each case, as of both the {{cddprov|NOPS Effective Date}} and the {{cddprov|Delivery Date}}, provided, however, that a {{cddprov|Deliverable Obligation}} other than Bonds will be a {{cddprov|Conditionally Transferable Obligation}} notwithstanding that consent of the {{cddprov|Reference Entity}} or the guarantor, if any, of a {{cddprov|Deliverable Obligation}} other than Bonds (or the consent of the relevant obligor if the {{cddprov|Reference Entity}} is guaranteeing such {{cddprov|Deliverable Obligation}}) or any agent is required for such novation, assignment or transfer so long as the terms of such {{cddprov|Deliverable Obligation}} provide that such consent may not be unreasonably withheld or delayed. Any requirement that notification of novation, assignment or transfer of a {{cddprov|Deliverable Obligation}} be provided to a trustee, fiscal agent, administrative agent, clearing agent or paying agent for a {{cddprov|Deliverable Obligation}} shall not be considered to be a requirement for consent for purposes of Section {{cddprov|3.32}}(b).<br>

::(ii) if {{cddprov|Seller}} does not designate a third party that takes Delivery on or prior to the {{cddprov|Loan Alternative Procedure Start Date}}, then Section {{cddprov|9.8}} (Alternative Procedures Relating to Loans Not Delivered) shall apply.<br>

:(d) “'''{{cddprov|Modified Restructuring Maturity Limitation Date}}'''” means, with respect to a {{cddprov|Deliverable Obligation}}, the {{cddprov|Limitation Date}} occurring on or immediately following the {{cddprov|Scheduled Termination Date}}.<br>

:(e) “'''{{cddprov|Modified Eligible Transferee}}'''” means any bank, financial institution or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities and other financial assets.<br>