Template:2014 ISDA Credit Derivatives Definitions 1.41

Section 1.41 Exercise Cut-off Date. “Exercise Cut-off Date” means either:

(a) with respect to an M(M)R Restructuring} and a Credit Derivative Transaction to which Section 1.16(a) (Event Determination Date) applies:

(i) if the DC Secretary publishes a Final List applicable to the Transaction Auction Settlement Terms and/or Parallel Auction Settlement Terms, the date that is (A) two Relevant City Business Days, if the Credit Event Notice is delivered by Seller, or (B) five Relevant City Business Days, if the Credit Event Notice is delivered by Buyer, in each case following the date on which such Final List is published; provided that if Seller delivers a Credit Event Notice on or prior to the Exercise Cut-off Date applicable to Seller and Buyer delivers a Credit Event Notice on or prior to the Exercise Cut-off Date applicable to Buyer, the Credit Event Notice delivered by Seller on or prior to the Exercise Cut-off Date applicable to Seller shall prevail; or

(ii) otherwise, the date that is fourteen calendar days following the relevant No Auction Announcement Date; or

(b) with respect to a Credit Event and a Credit Derivative Transaction to which Section 1.16(a) (Event Determination Date) does not apply, the Non-Standard Exercise Cut-off Datedetermined in accordance with Section 14.2 (Non-Standard Exercise Cut-off Date);

or, in each case, such other date as the relevant Credit Derivatives Determinations Committee Resolves.