Template:2014 ISDA Credit Derivatives Definitions Preamble

INTRODUCTION

The 2014 ISDA Credit Derivatives Definitions (the “Definitions”) are intended for use in confirmations of individual credit derivative transactions (“Confirmations”) governed by agreements such as the 1992 ISDA Master Agreement or the ISDA 2002 Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Copies of the ISDA Master Agreements are available from the executive offices of ISDA or from the ISDA website (www.isda.org). A sample form of Confirmation for use with the Definitions is referenced as Exhibit A to the Definitions and will be made available on the ISDA website.
The Definitions are an update of the 2003 ISDA Credit Derivatives Definitions as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published by ISDA on July 14, 2009. The Definitions provide the basic framework for the documentation of certain credit derivative transactions. For ease of use, certain sections of the Definitions provide fallback provisions that will apply to a transaction if the parties do not specify otherwise in the Confirmation.
As in the case of other product-specific definitions published by ISDA, parties using the Definitions to document credit derivative transactions may adapt or supplement the standard provisions set out in the Definitions in accordance with the specific economic terms agreed between the parties to the relevant transaction.
The Definitions are intended to operate on a free-standing basis and therefore, for most transactions, there is no need to incorporate any other ISDA definitions booklets (such as the 2006 ISDA Definitions) into the Confirmation of a credit derivative transaction.
ISDA has provided the Definitions to assist the safe and efficient functioning of the credit derivatives market by providing a common set of terms for parties to use in preparing Confirmations for credit derivative transactions. However, the precise documentation of each individual transaction remains the responsibility of the parties concerned. ISDA assumes no responsibility for any use to which the Definitions may be put, including, without limitation, any use of the Definitions in connection with any credit derivative transaction. Each party to a transaction evidenced by a Confirmation referring to or incorporating the Definitions must satisfy itself that the Definitions are appropriate for the transaction, have been properly used and/or adapted in the Confirmation for the transaction and that the Confirmation has generally been properly drafted, in each case, to reflect the commercial intentions of the parties.
This introduction is not part of the Definitions and is not offered as an interpretation of the Definitions. The notices referred to in the Definitions are not required to be in the forms set forth in the Exhibits which will be made available on the ISDA website.

2014 ISDA CREDIT DERIVATIVES DEFINITIONS

Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “Definitions”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.