Template:2014 ISDA Credit Derivatives Definitions 1: Difference between revisions

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Template:2014 ISDA Credit Derivatives Definitions 1 (view source)

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'''Section {{cddprov|1.16}} Event Determination Date'''. “'''{{cddprov|Event Determination Date}}'''” means, with respect to a {{cddprov|Credit Event}} and a {{cddprov|Credit Derivative Transaction}} with respect to which:
 
:(a) “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}} and “'''{{cddprov|Buyer}} or {{cddprov|Seller}}'''” is the {{cddprov|Notifying Party}}:
::(i) subject to Section {{cddprov|1.16}}(a)(ii), 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 (A) a {{cddprov|DC Credit Event Announcement}}has occurred nor (B) 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
::(ii) notwithstanding Section {{cddprov|1.16}}(a)(i), the {{cddprov|Credit Event Resolution Request Date}}, if a {{cddprov|DC Credit Event Announcement}}has occurred, 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) and either:
:::(A)
::::(I) the {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}; and
::::(II) the {{cddprov|Trade Date}} occurs on or prior to a {{cddprov|DC Announcement Coverage Cut-off Date}}; or
:::(B)
::::(I) the {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}; and
::::(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 Exercise Cut-off Date,
::::provided that:<br>(x) 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>(y) 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, an {{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>(z) 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}} , (aa) 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}}, (bb) unless, and to the extent that, the Exercise Amount specified in such {{cddprov|Credit Event Notice}} was less than the {{cddprov|Floating Rate Payer Calculation Amount}}, or (cc) 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}}, or
:(b) Section {{cddprov|1.16}}(a) does not apply, the Non-Standard {{cddprov|Event Determination Date}}determined in accordance with Section {{cddprov|14.1}} (Non-Standard {{cddprov|Event Determination Date}}).<br>
'''Section {{cddprov|1.17}} DC Announcement Coverage Cut'''-off Date. “'''{{cddprov|DC Announcement Coverage Cut-off Date}}'''” means, with respect to a {{cddprov|DC Credit Event Announcement}}, the {{cddprov|Auction Final Price Determination Date}}, the {{cddprov|Auction Cancellation Date}}, or the date that is fourteen calendar days following the {{cddprov|No Auction Announcement Date}}, if any, as applicable.<br>
'''Section {{cddprov|1.17}} DC Announcement Coverage Cut'''-off Date. “'''{{cddprov|DC Announcement Coverage Cut-off Date}}'''” means, with respect to a {{cddprov|DC Credit Event Announcement}}, the {{cddprov|Auction Final Price Determination Date}}, the {{cddprov|Auction Cancellation Date}}, or the date that is fourteen calendar days following the {{cddprov|No Auction Announcement Date}}, if any, as applicable.<br>
'''Section {{cddprov|1.18}} Different Event Determination Dates'''. If different {{cddprov|Event Determination Date}}s have been determined with respect to different portions of the {{cddprov|Floating Rate Payer Calculation Amount}} or an {{cddprov|Event Determination Date}}has been determined with respect to only a portion of the {{cddprov|Floating Rate Payer Calculation Amount}}, the rights and obligations of the parties shall, with effect from each such {{cddprov|Event Determination Date}}, be construed as if the parties had entered into a separate {{cddprov|Credit Derivative Transaction}} with respect to each such portion with such modifications as the {{cddprov|Calculation Agent}} (in consultation with the parties) shall determine are required in order to preserve the economic effects of the two {{cddprov|Credit Derivative Transaction}}s considered in aggregate.<br>
'''Section {{cddprov|1.18}} Different Event Determination Dates'''. If different {{cddprov|Event Determination Date}}s have been determined with respect to different portions of the {{cddprov|Floating Rate Payer Calculation Amount}} or an {{cddprov|Event Determination Date}}has been determined with respect to only a portion of the {{cddprov|Floating Rate Payer Calculation Amount}}, the rights and obligations of the parties shall, with effect from each such {{cddprov|Event Determination Date}}, be construed as if the parties had entered into a separate {{cddprov|Credit Derivative Transaction}} with respect to each such portion with such modifications as the {{cddprov|Calculation Agent}} (in consultation with the parties) shall determine are required in order to preserve the economic effects of the two {{cddprov|Credit Derivative Transaction}}s considered in aggregate.<br>
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