2014 ISDA Credit Derivatives Definitions: Difference between revisions

2014 ISDA Credit Derivatives Definitions (view source)

Revision as of 15:55, 20 April 2023

3,151 bytes removed , 20 April 2023

→‎Article 5 General Terms Relating To Settlement

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,891

edits

@@ Line 38: / Line 38: @@
-==Article 5 General Terms Relating To Settlement==
-'''Section {{cddprov|5.1}} Settlement'''. Upon the occurrence of an {{cddprov|Event Determination Date}}and, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}), delivery by {{cddprov|Buyer}} of a {{cddprov|Notice of Physical Settlement}} to {{cddprov|Seller}} that is effective on or prior to the NOPS Cut-off Date, the parties will perform their respective obligations in accordance with the {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}}, as applicable. Notwithstanding the occurrence of an {{cddprov|Event Determination Date}}, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}) and an effective {{cddprov|Notice of Physical Settlement}} is not delivered by {{cddprov|Buyer}} on or prior to the NOPS Cut-off Date, then the NOPS Cut-off Date shall be the Termination Date.<br>
-'''Section {{cddprov|5.2}} Settlement Method'''. “'''{{cddprov|Settlement Method}}'''” means, if (a) “'''{{cddprov|Auction Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, or if no {{cddprov|Settlement Method}} is specified as applicable in the related Confirmation, {{cddprov|Auction Settlement}}, (b) “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is deemed to be applicable, Cash Settlement, or (c) “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, Physical Settlement.<br>
-'''Section {{cddprov|5.3}} Settlement Date'''. “'''{{cddprov|Settlement Date}}'''” means the {{cddprov|Auction Settlement}} Date, the {{cddprov|Cash Settlement Date}} or the {{cddprov|Physical Settlement Date}}, as applicable.<br>
-'''Section {{cddprov|5.4}} {{cddprov|Settlement Currency}}'''. “'''{{cddprov|Settlement Currency}}'''” means the currency of denomination of the {{cddprov|Floating Rate Payer Calculation Amount}}.<br>
-'''Section {{cddprov|5.5}} {{cddprov|Fallback Settlement Method}}'''. “'''{{cddprov|Fallback Settlement Method}}'''” means, with respect to a {{cddprov|Credit Derivative Transaction}} for which “'''{{cddprov|Auction Settlement}}'''” is the {{cddprov|Settlement Method}} , if “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Fallback Settlement Method}} in the related Confirmation, Cash Settlement, otherwise Physical Settlement.<br>
-'''Section {{cddprov|5.6}} Reference Price'''. “'''{{cddprov|Reference Price}}'''” means the percentage specified as such in the related {{cddprov|Confirmation}} (or, if no such percentage is specified, one hundred per cent).<br>
 ==Article 6 Terms Relating To {{cddprov|Auction Settlement}}==
 '''Section {{cddprov|6.1}} {{cddprov|Auction Settlement}}'''. If “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}} and an {{cddprov|Event Determination Date}}occurs on or prior to the {{cddprov|Auction Final Price Determination Date}}, {{cddprov|Seller}} shall, subject to Section {{cddprov|5.1}} (Settlement), pay to {{cddprov|Buyer}} the {{cddprov|Auction Settlement}} Amount on the {{cddprov|Auction Settlement}} Date. Without prejudice to the foregoing, but without duplication of settlement, if (a) an {{cddprov|Auction Cancellation Date}} occurs, (b) a {{cddprov|No Auction Announcement Date}} occurs (and, in circumstances where such {{cddprov|No Auction Announcement Date}} occurs pursuant to Section {{cddprov|6.11}}(b) or {{cddprov|6.11}}(c)(ii) ({{cddprov|No Auction Announcement Date}}), neither party has exercised the {{cddprov|Movement Option}}), (c) a {{cddprov|DC Credit Event Question}} Dismissal occurs, (d) an {{cddprov|Event Determination Date}}was determined pursuant to Section {{cddprov|1.16}}(a)(i) (Event Determination Date) or {{cddprov|14.1}}(a) ({{cddprov|Non-Standard Event Determination Date}}) and no {{cddprov|Credit Event Resolution Request Date}} has occurred on or prior to the date falling three {{cddprov|Business Day}}s after such {{cddprov|Event Determination Date}}, or (e) an {{cddprov|Event Determination Date}}was determined pursuant to Section {{cddprov|14.1}}(b)(ii)(B)(II)(y) ({{cddprov|Non-Standard Event Determination Date}}), the parties shall, subject to Section {{cddprov|5.1}} (Settlement), perform their respective obligations in accordance with the {{cddprov|Fallback Settlement Method}}.<br>