Template:2014 ISDA Credit Derivatives Definitions 9: Difference between revisions

'''Section {{cddprov|9.1}} Partial Cash Settlement Due to Impossibility or Illegality'''. If, due to an event beyond the control of Buyer, it is impossible or illegal for {{cddprov|Buyer}} to Deliver, or due to an event beyond the control of {{cddprov|Seller}} it is impossible or illegal for {{cddprov|Seller}} to accept Delivery of, any of the {{cddprov|Deliverable Obligation}}s (other than a {{cddprov|Deliverable Obligation}} described in Section {{cddprov|3.2}}(d) ({{cddprov|Deliverable Obligation}})) specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable on the {{cddprov|Physical Settlement Date}} (including, without limitation, failure of the relevant clearance system or due to any law, regulation or court order, but excluding market conditions or the failure to obtain any requisite consent with respect to the Delivery of Loans), then on or before such date (a) {{cddprov|Buyer}} shall Deliver and {{cddprov|Seller}} shall take Delivery of any of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable for which it is possible and legal to take Delivery and {{cddprov|Seller}} shall make a payment of that portion of the {{cddprov|Physical Settlement Amount}} that corresponds to the amount of {{cddprov|Deliverable Obligation}}s that are Delivered in accordance with market practice applicable to the {{cddprov|Deliverable Obligation}} on the {{cddprov|Delivery Date}} and (b) {{cddprov|Buyer}} or {{cddprov|Seller}}, as applicable, shall provide a description in reasonable detail of the facts giving rise to such impossibility or illegality and, as soon as practicable thereafter, {{cddprov|Buyer}} shall Deliver and {{cddprov|Seller}} shall take Delivery of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable which were not Delivered and {{cddprov|Seller}} shall make a payment of that portion of the {{cddprov|Physical Settlement Amount}} that corresponds to the amount of {{cddprov|Deliverable Obligation}}s that are Delivered in accordance with market practice applicable to the {{cddprov|Deliverable Obligation}} on the {{cddprov|Delivery Date}}. The date on which the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable which were not Delivered are subsequently delivered shall be the Termination Date. If, following the occurrence of any such impossibility or illegality, the amount of {{cddprov|Deliverable Obligation}}s that are to be Delivered as specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable are not Delivered to {{cddprov|Seller}} on or prior to the Latest Permissible {{cddprov|Physical Settlement Date}}, Cash Settlement pursuant to Section {{cddprov|9.6}} (Partial Cash Settlement Terms) shall be deemed to apply to the {{cddprov|Credit Derivative Transaction}} with respect to the {{cddprov|Deliverable Obligation}}s that cannot be Delivered (the “'''{{cddprov|Undeliverable Obligations}}'''”).<br>

'''Section {{cddprov|9.2}} Partial Cash Settlement of {{cddprov|Consent Required Loan}}s'''. If:<br>