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|1.53}} {{cddprov|Business Day Convention}}'''.<br>
:(a) “'''{{cddprov|Business Day Convention}}'''” means the convention for adjusting any relevant date if it would otherwise fall on a day that is not a {{cddprov|Business Day}}. The following terms, when used in conjunction with the term “'''{{cddprov|Business Day Convention}}'''” and a date, shall mean that an adjustment will be made if that date would otherwise fall on a day that is not a {{cddprov|Business Day}} so that:<br>
::(i) if “'''{{cddprov|Following}}'''” is specified as applicable in the related Confirmation, that date will be the first following day that is a {{cddprov|Business Day}};<br>
::(ii) if “'''{{cddprov|Modified Following}}'''” or “'''{{cddprov|Modified}}'''” is specified as applicable in the related Confirmation, that date will be the first following day that is a {{cddprov|Business Day}} unless that day falls in the next calendar month, in which case that date will be the first preceding day that is a {{cddprov|Business Day}}; and<br>
::(iii) if “'''{{cddprov|Preceding}}'''” is specified as applicable in the related Confirmation, that date will be the first preceding day that is a {{cddprov|Business Day}}.<br>
:(b) Subject to Sections {{cddprov|1.14}} ({{cddprov|Scheduled Termination Date}}), {{cddprov|1.39}} ({{cddprov|Credit Event}} Backstop Date), {{cddprov|2.2}}(k) (Provisions for Determining a Successor), {{cddprov|3.33}}(a) (General Terms Relating to Mod R and Mod Mod R) and {{cddprov|12.10}} (Effective Date), the {{cddprov|Business Day Convention}} applicable to a date that is specified in the relevant {{cddprov|Confirmation}} to be subject to adjustment in accordance with an applicable {{cddprov|Business Day Convention}} shall be the {{cddprov|Business Day Convention}} specified for that date in that {{cddprov|Confirmation}} or, if a {{cddprov|Business Day Convention}} is not so specified for that date but a {{cddprov|Business Day Convention}} is generally otherwise specified in that Confirmation, the {{cddprov|Business Day Convention}} shall be the {{cddprov|Business Day Convention}} so specified in such {{cddprov|Confirmation}} and, if a {{cddprov|Business Day Convention}} is not specified for that date or generally in that Confirmation, the Following {{cddprov|Business Day Convention}} shall apply to that date.<br>
:(c) If the last day of any period calculated by reference to calendar days falls on a day that is not a {{cddprov|Business Day}}, such last day shall be subject to adjustment in accordance with the applicable {{cddprov|Business Day Convention}}; provided that if the last day of any period is the {{cddprov|Credit Event Backstop Date}} or the {{cddprov|Successor Backstop Date}}, such last day shall not be subject to any adjustment in accordance with any {{cddprov|Business Day Convention}}.<br>
'''Section {{cddprov|1.54}} Final List'''. “'''{{cddprov|Final List}}'''” has the meaning given to that term in the {{cddprov|DC Rules}}.<br>
'''Section {{cddprov|1.54}} Final List'''. “'''{{cddprov|Final List}}'''” has the meaning given to that term in the {{cddprov|DC Rules}}.<br>
'''Section {{cddprov|1.55}}.''' 2002 ISDA Master Agreement. The terms “'''{{cddprov|Additional Termination Event}}'''”, “'''{{cddprov|Affected Party}}'''”, “'''{{cddprov|Affected Transaction}}'''”, “'''{{cddprov|Affiliate}}'''”, “'''{{cddprov|Close-out Amount}}'''”, “'''{{cddprov|Stamp Tax}}'''” and “'''{{cddprov|Tax}}'''” shall have the meanings given to those terms in the standard form 2002 ISDA Master Agreement (the “'''{{cddprov|2002 ISDA Master Agreement}}'''”).<br>
'''Section {{cddprov|1.55}}.''' 2002 ISDA Master Agreement. The terms “'''{{cddprov|Additional Termination Event}}'''”, “'''{{cddprov|Affected Party}}'''”, “'''{{cddprov|Affected Transaction}}'''”, “'''{{cddprov|Affiliate}}'''”, “'''{{cddprov|Close-out Amount}}'''”, “'''{{cddprov|Stamp Tax}}'''” and “'''{{cddprov|Tax}}'''” shall have the meanings given to those terms in the standard form 2002 ISDA Master Agreement (the “'''{{cddprov|2002 ISDA Master Agreement}}'''”).<br>
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