Template:2014 ISDA Credit Derivatives Definitions 8: Difference between revisions

{{toc cdd|8|Terms Relating to Physical Settlement}}

'''Section {{cddprov|8.2}} {{cddprov|Notice of Physical Settlement}}'''. “'''{{cddprov|Notice of Physical Settlement}}'''” means a notice from {{cddprov|Buyer}} to {{cddprov|Seller}} that (a) confirms that {{cddprov|Buyer}} intends to settle the {{cddprov|Credit Derivative Transaction}} and requires performance in accordance with Physical Settlement , (b) contains a detailed description of each {{cddprov|Deliverable Obligation}} that {{cddprov|Buyer}} intends to Deliver to {{cddprov|Seller}}, including , if available and applicable, the CUSIP or ISIN number (or, if such identifying number is not available or applicable, the rate and tenor) of each such {{cddprov|Deliverable Obligation}} and (c) specifies the {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, or the equivalent amount in the {{cddprov|Settlement Currency}} (in each case, the “'''{{cddprov|Outstanding Amount}}'''”) and, if different, the face amount, of each such {{cddprov|Deliverable Obligation}} and the aggregate Outstanding Amount of all {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} that {{cddprov|Buyer}} intends to Deliver to {{cddprov|Seller}} (the “'''{{cddprov|Aggregate Outstanding Amount}}'''”).<br>

{{cddprov|Buyer}} may, from time to time, notify {{cddprov|Seller}} in the manner specified above (each such notification, a “'''{{cddprov|NOPS Amendment Notice}}'''”) that {{cddprov|Buyer}} is replacing, in whole or in part, one or more {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or a prior {{cddprov|NOPS Amendment Notice}}, as applicable, (to the extent the relevant {{cddprov|Deliverable Obligation}} has not been Delivered as of the date such {{cddprov|NOPS Amendment Notice}} is effective). A {{cddprov|NOPS Amendment Notice}} shall contain a revised detailed description of each replacement {{cddprov|Deliverable Obligation}} that {{cddprov|Buyer}} will Deliver to {{cddprov|Seller}} (each, a “'''{{cddprov|Replacement Deliverable Obligation}}'''”) and shall also specify the Outstanding Amount of each {{cddprov|Deliverable Obligation}} identified in the {{cddprov|Notice of Physical Settlement}} or a prior {{cddprov|NOPS Amendment Notice}}, as applicable, that is being replaced (with respect to each such {{cddprov|Deliverable Obligation}}, the “'''{{cddprov|Replaced Deliverable Obligation Outstanding Amount}}'''”). The Outstanding Amount of each Replacement {{cddprov|Deliverable Obligation}} identified in a {{cddprov|NOPS Amendment Notice}} shall be determined by applying the Revised Currency Rate to the relevant Replaced {{cddprov|Deliverable Obligation}} Outstanding Amount. The Outstanding Amount of the Replacement {{cddprov|Deliverable Obligation}}s specified in any {{cddprov|NOPS Amendment Notice}} in aggregate with the Outstanding Amount of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any earlier {{cddprov|NOPS Amendment Notice}} which, in each case, are not being replaced must not be greater than the Aggregate Outstanding Amount. Each such {{cddprov|NOPS Amendment Notice}} must be effective on or prior to the {{cddprov|Physical Settlement Date}} (determined without reference to any change resulting from such {{cddprov|NOPS Amendment Notice}}).<br>