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2014 ISDA Credit Derivatives Definitions
A Jolly Contrarian owner’s manual™
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Section 5 in a Nutshell™
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Full text of Section 5
Article 5. General Terms Relating to Settlement
Section 5.1 Settlement. Upon the occurrence of an Event Determination Dateand, if “Physical Settlement” is specified as the Settlement Method in the related Confirmation or is applicable pursuant to the Fallback Settlement Method in accordance with Section 6.1 (Auction Settlement), delivery by Buyer of a Notice of Physical Settlement to Seller that is effective on or prior to the NOPS Cut-off Date, the parties will perform their respective obligations in accordance with the Settlement Method or Fallback Settlement Method, as applicable. Notwithstanding the occurrence of an Event Determination Date, if “Physical Settlement” is specified as the Settlement Method in the related Confirmation or is applicable pursuant to the Fallback Settlement Method in accordance with Section 6.1 (Auction Settlement) and an effective Notice of Physical Settlement is not delivered by Buyer on or prior to the NOPS Cut-off Date, then the NOPS Cut-off Date shall be the Termination Date.
Section 5.2 Settlement Method. “Settlement Method” means, if (a) “Auction Settlement” is specified as the Settlement Method in the related Confirmation, or if no Settlement Method is specified as applicable in the related Confirmation, Auction Settlement, (b) “Cash Settlement” is specified as the Settlement Method in the related Confirmation or is deemed to be applicable, Cash Settlement, or (c) “Physical Settlement” is specified as the Settlement Method in the related Confirmation, Physical Settlement.
Section 5.3 Settlement Date. “Settlement Date” means the Auction Settlement Date, the Cash Settlement Date or the Physical Settlement Date, as applicable.
Section 5.4 Settlement Currency. “Settlement Currency” means the currency of denomination of the Floating Rate Payer Calculation Amount.
Section 5.5 Fallback Settlement Method. “Fallback Settlement Method” means, with respect to a Credit Derivative Transaction for which “Auction Settlement” is the Settlement Method , if “Cash Settlement” is specified as the Fallback Settlement Method in the related Confirmation, Cash Settlement, otherwise Physical Settlement.
Section 5.6 Reference Price. “ Reference Price” means the percentage specified as such in the related Confirmation (or, if no such percentage is specified, one hundred per cent).
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Content and comparisons
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Summary
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General discussion
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See also
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References