Template:2014 ISDA Credit Derivatives Definitions 1.34: Difference between revisions

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Template:2014 ISDA Credit Derivatives Definitions 1.34 (view source)

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 '''Section {{cddprov|1.34}} Notice of Publicly Available Information'''. “'''{{cddprov|Notice of Publicly Available Information}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} to the other party that cites {{cddprov|Publicly Available Information}} confirming the occurrence of the {{cddprov|Credit Event}} or {{cddprov|Potential Repudiation/Moratorium}}, as applicable, described in the {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}. The notice given must contain a copy, or a description in reasonable detail, of the relevant Publicly Available Information. If “'''{{cddprov|Notice of Publicly Available Information}}'''” is applicable to a {{cddprov|Credit Derivative Transaction}} and the {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}, as applicable, contains Publicly Available Information, such {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}} will also be deemed to be a Notice of Publicly Available Information. A form of {{cddprov|Notice of Publicly Available Information}} (which may be a part of the form of {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}}) is set forth in Exhibits B and D.<br>
-'''Section {{cddprov|1.35}} Publicly Available Information'''.<br>
-:(a) “'''{{cddprov|Publicly Available Information}}'''” means information that reasonably confirms any of the facts relevant to the determination that the {{cddprov|Credit Event}} or {{cddprov|Potential Repudiation/Moratorium}}, as applicable, described in a {{cddprov|Credit Event Notice}} or {{cddprov|Repudiation/Moratorium Extension Notice}} have occurred and which:<br>
-::(i) has been published in or on not less than the {{cddprov|Specified Number}} of {{cddprov|Public Source}}s (regardless of whether the reader or user thereof pays a fee to obtain such information);<br>
-::(ii) is information received from or published by (A) the {{cddprov|Reference Entity}} (or, if the {{cddprov|Reference Entity}} is a Sovereign, any agency, instrumentality, ministry, department or other authority thereof acting in a governmental capacity (including, without limiting the foregoing, the central bank) of such Sovereign), or (B) a trustee, fiscal agent, administrative agent, clearing agent, paying agent, facility agent or agent bank for an Obligation; or<br>
-::(iii) is information contained in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body,<br>
-:provided that where any information of the type described in Sections {{cddprov|1.35}}(a)(ii) or (iii) is not publicly available, it can only constitute {{cddprov|Publicly Available Information}} if it can be made public without violating any law, agreement, understanding or other restriction regarding the confidentiality of such information.<br>
-:(b) In relation to any information of the type described in Sections {{cddprov|1.35}}(a)(ii) or (iii), the party receiving such information may assume that such information has been disclosed to it without violating any law, agreement, understanding or other restriction regarding the confidentiality of such information and that the party delivering such information has not taken any action or entered into any agreement or understanding with the {{cddprov|Reference Entity}} or any Affiliate of the {{cddprov|Reference Entity}} that would be breached by, or would prevent, the disclosure of such information to the party receiving such information.<br>
-:(c) Without limitation, {{cddprov|Publicly Available Information}} need not state (i) in relation to Section {{cddprov|3.28}} ({{cddprov|Downstream Affiliate}}), the percentage of Voting Shares owned by the {{cddprov|Reference Entity}} and (ii) that the relevant occurrence (A) has met the {{cddprov|Payment Requirement}} or {{cddprov|Default Requirement}}, (B) is the result of exceeding any applicable Grace Period, or (C) has met the subjective criteria specified in certain {{cddprov|Credit Event}}s.<br>
-:(d) In relation to a {{cddprov|Repudiation/Moratorium}} {{cddprov|Credit Event}}, {{cddprov|Publicly Available Information}} must relate to the events described in both Sections {{cddprov|4.6}}(a)(i) and (ii) ({{cddprov|Repudiation/Moratorium}}).<br>