2014 ISDA Credit Derivatives Definitions: Difference between revisions

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==Article 10 Effect Of {{cddprov|DC Resolution}}s==
'''Section {{cddprov|10.1}} Settlement Suspension'''. If, following the occurrence of an {{cddprov|Event Determination Date}}but prior to the {{cddprov|Physical Settlement Date}} or, to the extent applicable, a {{cddprov|Valuation Date}}, there is a {{cddprov|DC Credit Event Meeting Announcement}}, the timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement, shall toll and remain suspended until the date of the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal. During such suspension period, the parties are not obliged to, nor are they entitled to, take any action in connection with the settlement of any relevant {{cddprov|Credit Derivative Transaction}}. Once the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal, as applicable, has occurred, the relevant timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement that have previously tolled or been suspended shall resume on the {{cddprov|Business Day}} following such public announcement by the {{cddprov|DC Secretary}} with the parties having the benefit of the full day notwithstanding when the tolling or suspension began in accordance with Section {{cddprov|10.1}}. <br>
'''Section {{cddprov|10.2}} Effect of {{cddprov|DC Resolution}}s'''. Any {{cddprov|DC Resolution}} of the relevant {{cddprov|Credit Derivatives Determinations Committee}} that is applicable to such {{cddprov|Credit Derivative Transaction}}, including a {{cddprov|DC Resolution}} that reverses a previous {{cddprov|DC Resolution}}, shall be binding on {{cddprov|Buyer}} and {{cddprov|Seller}} :<br>
:(a) provided that:<br>
::(i) if the effect of a {{cddprov|DC Resolution}} would be to reverse (A) a prior {{cddprov|DC Resolution}} of the relevant Credit Derivatives Determinations Committee, (B) any determination made by the {{cddprov|Calculation Agent}} that is effectively notified to the parties to the {{cddprov|Credit Derivative Transaction}}s prior to the fifth {{cddprov|Business Day}} which immediately precedes the {{cddprov|Successor Resolution Request Date}} or a {{cddprov|Substitute Reference Obligation}} Resolution Request Date, as applicable, or (C) the occurrence of an {{cddprov|Event Determination Date}}, that, in any case, has resulted in:<br>
::::(I) the identification of one or more Successors;<br>
::::(II) the identification of a {{cddprov|Substitute Reference Obligation}}; or<br>
::::(III) the occurrence of an {{cddprov|Auction Final Price Determination Date}}, {{cddprov|Physical Settlement Date}} or Termination Date, as applicable, or to the extent of the occurrence of a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, in each case, on or prior to the date that the {{cddprov|DC Secretary}} publicly announces such {{cddprov|DC Resolution}} of the relevant Credit Derivatives Determinations Committee,<br>
then such {{cddprov|DC Resolution}} shall not be effective for purposes of the {{cddprov|Credit Derivative Transaction}}, or, in the case of a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}} only, shall not be effective to the extent that a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}} has occurred; and<br>
::(ii) if {{cddprov|Buyer}} and {{cddprov|Seller}} have included any provision in the terms of the applicable {{cddprov|Credit Derivative Transaction}} that seeks to amend or override the agreement contained in Section {{cddprov|10.2}} by expressly referring in writing to Section {{cddprov|10.2}} and which would otherwise be effective in accordance with the terms of the relevant {{cddprov|Credit Derivative Transaction}}, then any {{cddprov|DC Resolution}} shall not be effective for purposes of such {{cddprov|Credit Derivative Transaction}}; and<br>
:(b) notwithstanding:<br>
::(i) that the Definitions, as supplemented, or any provisions incorporated in the related Confirmation, as applicable, may require such determination to be made by the Calculation Agent;<br>
::(ii) any provision in the master agreement between {{cddprov|Buyer}} and {{cddprov|Seller}} that governs the relevant {{cddprov|Credit Derivative Transaction}} and/or the related Confirmation, as applicable (but in each case, without prejudice to Section {{cddprov|10.2}}(a)(ii)), that describes an alternative mechanism for resolving, in the absence of agreement between {{cddprov|Buyer}} and {{cddprov|Seller}}, any matter that is {{cddprov|Resolved}} by the relevant Credit Derivatives Determinations Committee; <br>
::(iii) that in order to reach such {{cddprov|DC Resolution}}, the relevant {{cddprov|Credit Derivatives Determinations Committee}} may be required to {{cddprov|Resolve}} one or more factual matters before being able to reach such {{cddprov|DC Resolution}}; and<br>
::(iv) any actual or perceived conflict of interest on the part of a {{cddprov|DC Party}} , legal counsel or other third-party professional hired by such {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its duties under the DC Rules.<br>
==Article 11 Additional Representations And Agreements Of The Parties==
==Article 11 Additional Representations And Agreements Of The Parties==
'''Section {{cddprov|11.1}} Additional Representations and Agreements of the Parties'''.<br>
'''Section {{cddprov|11.1}} Additional Representations and Agreements of the Parties'''.<br>