Non-Standard Event Determination Date and Non-Standard Exercise Cutoff Date - Credit Derivatives Provision

2014 ISDA Credit Derivatives Definitions
A Jolly Contrarian owner’s manual™

Resources and navigation

Resources (full wikitext) \| (nutshell wikitext) \| Anatomy \| Narrowly-tailored credit event \| Equity v credit derivatives showdown Index: Click ᐅ to expand: Credit Derivatives

Section 14 in a Nutshell™

Use at your own risk, campers!

Template:Nutshell Credit Derivatives 14 view template

Full text of Section 14

Article 14. Non-Standard Event Determination Date and Non-Standard Exercise Cutoff Date Section 14.1 Non-Standard Event Determination Date. “Non-Standard Event Determination Date” means with respect to a Credit Event and a Credit Derivative Transaction to which Section 1.16(a) (Event Determination Date) does not apply: (a) subject to Section 14.1(b), 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 (i) a DC Credit Event Announcementhas occurred nor (ii) a DC No Credit Event Announcement has occurred, in each case, with respect to the Credit Event specified in the Credit Event Notice; or (b) notwithstanding Section 14.1(a), if a DC Credit Event Announcementhas occurred and 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) either: (i) the Credit Event Resolution Request Date, if either: (A) (I) “Buyer or Seller” is the Notifying Party; (II) “Auction Settlement” is not the applicable Settlement Method; (III) the relevant Credit Event is not an M(M)R Restructuring; and (IV) the Trade Date occurs on or prior to the date of the DC Credit Event Announcement; or (B) (I) either: (x) “Buyer” is the only Notifying Party and “Auction Settlement” is the applicable Settlement Method; or (y) “Buyer or Seller” is the Notifying Party and the relevant 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 Non-Standard Exercise Cut-off Date, or (ii) the first date on which a Credit Event Notice is delivered by a Notifying Party to the other party and is effective during either the Notice Delivery Period or the period from and including the date of the DC Credit Event Announcementto and including the date that is fourteen calendar days thereafter (provided, in each case, that the relevant Credit Event Resolution Request Date occurred on or prior to the end of the last day of the Notice Delivery Period (including prior to the Trade Date)), if either: (A) (I) “Buyer or Seller” is the Notifying Party; (II) “Auction Settlement” is not the applicable Settlement Method; (III) the relevant Credit Event is not an M(M)R Restructuring; and (IV) the Trade Date occurs following the date of the related DC Credit Event Announcementand on or prior to a DC Announcement Coverage Cut-off Date; or (B) (I) “Buyer” is the only Notifying Party and the Trade Date occurs on or prior to a DC Announcement Coverage Cut-off Date; and (II) either: (x) “Auction Settlement” is not the applicable Settlement Method; or (y) “Auction Settlement” is the applicable Settlement Method and a Credit Event Notice is delivered by a Notifying Party to the other party and is effective on a date that is later than the relevant Non-Standard Exercise Cut-off Date; provided that: (aa) 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; (bb) 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, a Non-Standard Event Determination Dateshall 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 (cc) 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, (xx) 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, (yy) unless, and to the extent that, the Exercise Amount specified in any such Credit Event Notice was less than the Floating Rate Payer Calculation Amount or (zz) 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. Section 14.2 Non-Standard Exercise Cut-off Date. “[[- Credit Derivatives Provision\|]]” means, with respect to a Credit Event and a Credit Derivative Transaction to which Section 1.16(a) (Event Determination Date) does not apply: (a) if such Credit Event is not an M(M)R Restructuring, either: (i) the Relevant City Business Day prior to the Auction Final Price Determination Date, if any; (ii) the Relevant City Business Day prior to the Auction Cancellation Date, if any; or (iii) the date that is fourteen calendar days following the No Auction Announcement Date, if any, as applicable; or (b) if such Credit Event is an M(M)R Restructuring} and: (i) the DC Secretary publishes a Final List applicable to the Transaction Auction Settlement Terms and/or Parallel Auction Settlement Terms, the date that is (A) two Relevant City Business Days, if the Credit Event Notice is delivered by Seller, or (B) five Relevant City Business Days, if the Credit Event Notice is delivered by Buyer, in each case following the date on which such Final List is published; provided that if Seller delivers a Credit Event Notice on or prior to the Non-Standard Exercise Cut-off Dateapplicable to Seller and Buyer delivers a Credit Event Notice on or prior to the Non-Standard Exercise Cut-off Dateapplicable to Buyer, the Credit Event Notice delivered by Seller on or prior to the Non-Standard Exercise Cut-off Dateapplicable to Seller shall prevail; or (ii) otherwise, the date that is fourteen calendar days following the relevant No Auction Announcement Date. view template