2014 ISDA Credit Derivatives Definitions: Difference between revisions

==Article 1 Certain General Definitions==

'''{{cddprov|1.1}} Credit Derivative Transaction'''. “'''{{cddprov|Credit Derivative Transaction}}'''” means any transaction that is identified in the related Confirmation as a Credit Derivative Transaction or any transaction that incorporates the Definitions.<br>'''{{cddprov|1.2}} Confirmation'''. “'''{{cddprov|Confirmation}}'''” means, with respect to a Credit Derivative Transaction, one or more documents and other confirming evidence exchanged between the parties or otherwise effective which, taken together, confirm or evidence all of the terms of that Credit Derivative Transaction.<br>'''{{cddprov|1.3}} Buyer'''. “'''{{cddprov|Buyer}}'''” means the Fixed Rate Payer.<br>'''{{cddprov|1.4}} Seller'''. “'''{{cddprov|Seller}}'''” means the Floating Rate Payer.<br>'''{{cddprov|1.5}} Calculation Agent'''. “'''{{cddprov|Calculation Agent}}'''” means the party to a Credit Derivative Transaction (or a third party) specified as such in the related Confirmation (or, if a person is not so specified, Seller) who is responsible for making the determinations required to be made by the Calculation Agent under the Credit Derivative Transaction in accordance with the terms of the related Confirmation. Whenever the Calculation Agent is required to act or to exercise judgment, it will do so in good faith and in a commercially reasonable manner. The Calculation Agent shall, as soon as practicable after making any of the required determinations, notify the parties of such determination. Furthermore, each party agrees that the Calculation Agent is not acting as a fiduciary for or as an advisor to such party in respect of its duties as Calculation Agent in connection with any Credit Derivative Transaction.<br>'''{{cddprov|1.6}} Credit Derivatives Determinations Committee'''. “'''{{cddprov|Credit Derivatives Determinations Committee}}'''” means each committee established pursuant to the DC Rules for purposes of reaching certain DC Resolutions in connection with Credit Derivative Transactions .<br>'''{{cddprov|1.7}} DC Rules'''. “'''{{cddprov|DC Rules}}'''” means the Credit Derivatives Determinations Committees Rules, as published by ISDA on its website at www.isda.org (or any successor website thereto) from time to time and as amended from time to time in accordance with the terms thereof.<br>'''{{cddprov|1.8}} ISDA'''. “'''{{cddprov|ISDA}}'''” means the International Swaps and Derivatives Association, Inc.<br>'''{{cddprov|1.9}} DC Secretary'''. “'''{{cddprov|DC Secretary}}'''” has the meaning given to that term in the DC Rules.<br>'''{{cddprov|1.10}} DC Party'''. “'''{{cddprov|DC Party}}'''” has the meaning given to that term in the DC Rules.

 

'''{{cddprov|1.11}} Resolve'''. “'''{{cddprov|Resolve}}'''” has the meaning given to that term in the DC Rules, and “'''{{cddprov|Resolved}}'''” and “'''{{cddprov|Resolves}}'''” shall be construed accordingly.<br>'''{{cddprov|1.12}} DC Resolution'''. “'''{{cddprov|DC Resolution}}'''” has the meaning given to that term in the DC Rules.<br>'''{{cddprov|1.13}} Trade Date'''. “'''{{cddprov|Trade Date}}'''” means the date on which the parties enter into the Credit Derivative Transaction, as specified in the related Confirmation.<br>'''{{cddprov|1.14}} Scheduled Termination Date'''. “'''{{cddprov|Scheduled Termination Date}}'''” means the date specified as such in the related Confirmation. The Scheduled Termination Date shall not be subject to adjustment in accordance with any Business Day Convention .<br>'''{{cddprov|1.15}} Termination Date'''. “'''{{cddprov|Termination Date}}'''” means either:

:(a) the date as determined in accordance with Section {{cddprov|2.12}} ( Reference Obligation Only Trade), {{cddprov|5.1}} (Settlement), {{cddprov|6.3}} (Auction Settlement Date), {{cddprov|7.2}} (Cash Settlement Date), {{cddprov|8.17}} (Physical Settlement Date), {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.6}}(b) (Partial Cash Settlement Terms), {{cddprov|9.10}} (Cap on Settlement), or {{cddprov|11.2}}(c)(ii) (Additional Representations and Agreements for Physical Settlement), as applicable; or

:(b) if none of such Sections is applicable, the later of the final day of (i) the Notice Delivery Period and (ii) the Post Dismissal Additional Period, if any.

Upon the occurrence of a Termination Date, the parties will have no further obligations towards each other in respect of the Credit Derivative Transaction, other than in respect of obligations which have become due on or prior to the Termination Date but have yet to be performed.<br>'''{{cddprov|1.16}} Event Determination Date'''. “'''{{cddprov|Event Determination Date}}'''” means, with respect to a Credit Event and a Credit Derivative Transaction with respect to which:<br>