2014 ISDA Credit Derivatives Definitions: Difference between revisions

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2014 ISDA Credit Derivatives Definitions (view source)

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→‎Article 14 Non-Standard {{cddprov|Event Determination Date}}And Non-Standard Exercise Cutoff Date
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==2014 ISDA CREDIT DERIVATIVES DEFINITIONS==
==2014 ISDA CREDIT DERIVATIVES DEFINITIONS==
Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br>
Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br>
==Article 14 Non-Standard {{cddprov|Event Determination Date}}And Non-Standard Exercise Cutoff Date==
'''Section {{cddprov|14.1}} Non-Standard {{cddprov|Event Determination Date}}'''. “'''{{cddprov|Non-Standard Event Determination Date}}'''” means with respect to a {{cddprov|Credit Event}} and a {{cddprov|Credit Derivative Transaction}} to which Section {{cddprov|1.16}}(a) (Event Determination Date) does not apply:<br>
:(a) subject to Section {{cddprov|14.1}}(b), the Notice {{cddprov|Delivery Date}}, if the {{cddprov|Notice Delivery Date}} occurs during either the {{cddprov|Notice Delivery Period}} or the {{cddprov|Post Dismissal Additional Period}}, provided that neither (i) a {{cddprov|DC Credit Event Announcement}}has occurred nor (ii) a {{cddprov|DC No Credit Event Announcement}} has occurred, in each case, with respect to the {{cddprov|Credit Event}} specified in the {{cddprov|Credit Event Notice}}; or<br>
:(b) notwithstanding Section {{cddprov|14.1}}(a), if a {{cddprov|DC Credit Event Announcement}}has occurred and the {{cddprov|Credit Event Resolution Request Date}} has occurred on or prior to the last day of the {{cddprov|Notice Delivery Period}} (including prior to the Trade Date) either:<br>
::(i) the {{cddprov|Credit Event Resolution Request Date}}, if either:<br>
:::(A) <br>
::::(I) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}}}'''” is the {{cddprov|Notifying Party}};<br>
::::(II) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}};<br>
::::(III) the relevant {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}; and<br>
::::(IV) the {{cddprov|Trade Date}} occurs on or prior to the date of the {{cddprov|DC Credit Event Announcement}}; or<br>
:::(B) <br>
::::(I) either:<br>
::(x) “'''{{cddprov|Buyer}}'''” is the only {{cddprov|Notifying Party}} and “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}}; or<br>
(y) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}'''” is the {{cddprov|Notifying Party}} and the relevant {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}; and<br>
::::(II) a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}, or<br>
::(ii) the first date on which a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective during either the {{cddprov|Notice Delivery Period}} or the period from and including the date of the {{cddprov|DC Credit Event Announcement}}to and including the date that is fourteen calendar days thereafter (provided, in each case, that the relevant {{cddprov|Credit Event Resolution Request Date}} occurred on or prior to the end of the last day of the {{cddprov|Notice Delivery Period}} (including prior to the Trade Date)), if either:<br>
:::(A) <br>
::::(I) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}'''” is the {{cddprov|Notifying Party}};<br>
::::(II) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}};<br>
::::(III) the relevant {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}; and<br>
::::(IV) the {{cddprov|Trade Date}} occurs following the date of the related {{cddprov|DC Credit Event Announcement}}and on or prior to a {{cddprov|DC Announcement Coverage Cut-off Date}}; or<br>
:::(B) <br>
::::(I) “'''{{cddprov|Buyer}}'''” is the only {{cddprov|Notifying Party}} and the {{cddprov|Trade Date}} occurs on or prior to a {{cddprov|DC Announcement Coverage Cut-off Date}}; and<br>
::::(II) either:<br>
::(x) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}}; or<br>
(y) “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}} and a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective on a date that is later than the relevant {{cddprov|Non-Standard Exercise Cut-off Date}};<br>
provided that:<br>
(aa) no {{cddprov|Physical Settlement Date}}, if applicable, or {{cddprov|Termination Date}} has occurred on or prior to the date on which the {{cddprov|DC Credit Event Meeting Announcement}} occurs;<br>
(bb) if any {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, has occurred on or prior to the date on which the {{cddprov|DC Credit Event Meeting Announcement}} occurs, a Non-Standard {{cddprov|Event Determination Date}}shall be deemed to have occurred only with respect to the portion of the {{cddprov|Floating Rate Payer Calculation Amount}}, if any, with respect to which no {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, has occurred; and<br>
(cc) no {{cddprov|Credit Event Notice}} specifying an {{cddprov|M(M)R Restructuring}}} as the only {{cddprov|Credit Event}} has previously been delivered to {{cddprov|Seller}} by {{cddprov|Buyer}} as {{cddprov|Notifying Party}}, (xx) unless the {{cddprov|M(M)R Restructuring}}} specified in such {{cddprov|Credit Event Notice}} is also the subject of the {{cddprov|DC Credit Event Question}} resulting in the occurrence of the {{cddprov|Credit Event Resolution Request Date}}, (yy) unless, and to the extent that, the Exercise Amount specified in any such {{cddprov|Credit Event Notice}} was less than the {{cddprov|Floating Rate Payer Calculation Amount}} or (zz) unless the {{cddprov|Credit Derivative Transaction}} is an Auction Covered Transaction and the {{cddprov|Deliverable Obligation}}s set out on the {{cddprov|Final List}} are identical to the Permissible {{cddprov|Deliverable Obligation}}s for such {{cddprov|Credit Derivative Transaction}}.<br>
'''Section {{cddprov|14.2}} Non-Standard Exercise Cut-off Date'''. “'''{{cddprov||Non-Standard Exercise Cut-off Date}}'''” means, with respect to a {{cddprov|Credit Event}} and a {{cddprov|Credit Derivative Transaction}} to which Section {{cddprov|1.16}}(a) (Event Determination Date) does not apply:<br>
:(a) if such {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}, either:<br>
::(i) the {{cddprov|Relevant City Business Day}} prior to the {{cddprov|Auction Final Price Determination Date}}, if any;<br>
::(ii) the {{cddprov|Relevant City Business Day}} prior to the {{cddprov|Auction Cancellation Date}}, if any; or<br>
::(iii) the date that is fourteen calendar days following the {{cddprov|No Auction Announcement Date}}, if any,<br>
as applicable; or<br>
:(b) if such {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}} and:<br>
::(i) the {{cddprov|DC Secretary}} publishes a {{cddprov|Final List}} applicable to the {{cddprov|Transaction Auction Settlement Terms}} and/or {{cddprov|Parallel Auction Settlement Terms}}, the date that is (A) two {{cddprov|Relevant City Business Day}}s, if the {{cddprov|Credit Event Notice}} is delivered by {{cddprov|Seller}}, or (B) five {{cddprov|Relevant City Business Day}}s, if the {{cddprov|Credit Event Notice}} is delivered by Buyer, in each case following the date on which such {{cddprov|Final List}} is published; provided that if {{cddprov|Seller}} delivers a {{cddprov|Credit Event Notice}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to {{cddprov|Seller}} and {{cddprov|Buyer}} delivers a {{cddprov|Credit Event Notice}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to Buyer, the {{cddprov|Credit Event Notice}} delivered by {{cddprov|Seller}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to {{cddprov|Seller}} shall prevail; or<br>
::(ii) otherwise, the date that is fourteen calendar days following the relevant {{cddprov|No Auction Announcement Date}}.<br><br>
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