2014 ISDA Credit Derivatives Definitions: Difference between revisions

'''Section {{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

'''Section {{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:

:(a) “'''{{cddprov|Auction Settlement}}'''” is the applicable Settlement Method and “'''{{cddprov|Buyer or Seller}}'''” is the Notifying Party:

::(i) subject to Section {{cddprov|1.16}}(a)(ii), the Notice Delivery Date, if the Notice Delivery Date occurs during either the Notice Delivery Period or the Post Dismissal Additional Period, provided that neither (A) a DC Credit Event Announcement has occurred nor (B) a DC No Credit Event Announcement has occurred, in each case, with respect to the Credit Event specified in the Credit Event Notice ; or

::(ii) notwithstanding Section {{cddprov|1.16}}(a)(i), the Credit Event Resolution Request Date, if a DC Credit Event Announcement has occurred, the Credit Event Resolution Request Date has occurred on or prior to the last day of the Notice Delivery Period (including prior to the Trade Date) and either:

:::(A)  

::::(I) the Credit Event is not an M(M)R Restructuring; and

::::(II) the Trade Date occurs on or prior to a DC Announcement Coverage Cut-off Date; or

:::(B)  

::::(I) the Credit Event is an M(M)R Restructuring; and  

::::(II) a Credit Event Notice is delivered by a Notifying Party to the other party and is effective on or prior to the Exercise Cut-off Date,

::::provided that:<br>(x)  no Physical Settlement Date, if applicable, or Termination Date has occurred on or prior to the date on which the DC Credit Event Meeting Announcement occurs;<br>(y)  if any Valuation Date or Delivery Date, as applicable, has occurred on or prior to the date on which the DC Credit Event Meeting Announcement occurs, an Event Determination Date shall be deemed to have occurred only with respect to the portion of the Floating Rate Payer Calculation Amount, if any, with respect to which no Valuation Date or Delivery Date, as applicable, has occurred; and<br>(z)  no Credit Event Notice specifying an M(M)R Restructuring as the only Credit Event has previously been delivered to Seller by Buyer as Notifying Party , (aa) unless the M(M)R Restructuring specified in such Credit Event Notice is also the subject of the DC Credit Event Question resulting in the occurrence of the Credit Event Resolution Request Date, (bb) unless, and to the extent that, the Exercise Amount specified in such Credit Event Notice was less than the Floating Rate Payer Calculation Amount, or (cc) unless the Credit Derivative Transaction is an Auction Covered Transaction and the Deliverable Obligations set out on the Final List are identical to the Permissible Deliverable Obligations for such Credit Derivative Transaction, or