Template:M summ Credit Derivatives 3.32

3.32 There are times where the JC’s patience for the infinite, pernickety, paranoid, wilful attention to unnecessary detail that ISDA’s crack drafting squad™ brings to its task runs out, and this is one such a place. Our nutshell version is as faithful a replication of this semantic superstructure as we can bring ourselves to recreate, but is still far more information than any fair-minded merchant should need, and is certainly more than anyone wants.

If you are physically settling a CDS because of only a Restructuring — if any other Credit Event happens, use that and don’t bother with this nonsense — then, bar one very limited circumstance which we will get to —