2014 ISDA Credit Derivatives Definitions: Difference between revisions
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==Article | ==Article 5 General Terms Relating To Settlement== | ||
'''Section {{cddprov|5.1}} Settlement'''. Upon the occurrence of an {{cddprov|Event Determination Date}}and, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}), delivery by {{cddprov|Buyer}} of a {{cddprov|Notice of Physical Settlement}} to {{cddprov|Seller}} that is effective on or prior to the NOPS Cut-off Date, the parties will perform their respective obligations in accordance with the {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}}, as applicable. Notwithstanding the occurrence of an {{cddprov|Event Determination Date}}, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}) and an effective {{cddprov|Notice of Physical Settlement}} is not delivered by {{cddprov|Buyer}} on or prior to the NOPS Cut-off Date, then the NOPS Cut-off Date shall be the Termination Date.<br> | '''Section {{cddprov|5.1}} Settlement'''. Upon the occurrence of an {{cddprov|Event Determination Date}}and, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}), delivery by {{cddprov|Buyer}} of a {{cddprov|Notice of Physical Settlement}} to {{cddprov|Seller}} that is effective on or prior to the NOPS Cut-off Date, the parties will perform their respective obligations in accordance with the {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}}, as applicable. Notwithstanding the occurrence of an {{cddprov|Event Determination Date}}, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}) and an effective {{cddprov|Notice of Physical Settlement}} is not delivered by {{cddprov|Buyer}} on or prior to the NOPS Cut-off Date, then the NOPS Cut-off Date shall be the Termination Date.<br> | ||
'''Section {{cddprov|5.2}} Settlement Method'''. “'''{{cddprov|Settlement Method}}'''” means, if (a) “'''{{cddprov|Auction Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, or if no {{cddprov|Settlement Method}} is specified as applicable in the related Confirmation, {{cddprov|Auction Settlement}}, (b) “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is deemed to be applicable, Cash Settlement, or (c) “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, Physical Settlement.<br> | '''Section {{cddprov|5.2}} Settlement Method'''. “'''{{cddprov|Settlement Method}}'''” means, if (a) “'''{{cddprov|Auction Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, or if no {{cddprov|Settlement Method}} is specified as applicable in the related Confirmation, {{cddprov|Auction Settlement}}, (b) “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is deemed to be applicable, Cash Settlement, or (c) “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, Physical Settlement.<br> |