Auction Settlement. Where the Issuer is to redeem Notes by means of Auction Settlement, the redemption of each Note shall be effected by the payment of the Auction Settlement Amount on the Credit Event Redemption Date, such amount to be apportioned pro rata among the Noteholders, rounding the resulting figure downwards to the nearest sub-unit of the relevant currency. Unless settlement has occurred in accordance with the above paragraph, if (a) an Auction Cancellation Date occurs, (b) a No Auction Announcement Date occurs (and in circumstances where such No Auction Announcement Date occurs pursuant to paragraph (b) or (c)(ii) of the definition of No Auction Announcement Date, the Issuer has not exercised the Movement Option), (c) ISDA publicly announces that the relevant Credit Derivatives Determinations Committee has Resolved, following a Credit Event Resolution Request Date, not to determine the matters described in the definition of Credit Event Resolution Request Date, (d) a Credit Event Determination Date was determined pursuant to paragraph (a)(i) of the definition of Credit Event Determination Date or paragraph (a) of the definition of Non- Standard Credit Event Determination Date and no Credit Event Resolution Request Date has occurred on or prior to the date falling three Business Days after such Credit Event Determination Date or (e) if the Issuer (or an affiliate acting on behalf of the Issuer) otherwise determines that it is appropriate by reference to its and/or any of its affiliates' Hedge Positions:
(a) if "Fallback Settlement Method – Physical Settlement" is specified as applicable in the applicable Final Terms, the Issuer shall redeem the Notes in accordance with Condition 19.6; or
(b) if "Fallback Settlement Method – Cash Settlement" is specified as applicable in the applicable Final Terms, the Issuer shall redeem the Notes in accordance with Condition 19.7.
Auction Settlement. The Credit Event Redemption Date may be a date falling after the originally scheduled Maturity Date in which case the originally scheduled Maturity Date shall be deemed to be replaced by the relevant date specified in the Credit Event Notice or otherwise notified to the Noteholders. For the avoidance of doubt and notwithstanding any other provision of these Conditions, no amount of interest shall be payable on the Notes from (and including) the Interest Payment Date (or, the Interest Commencement Date) immediately preceding the date on which the Credit Event occurred, unless otherwise specified in the applicable Final Terms. The Credit Event Notice shall be notified to the Noteholders in accordance with Condition 13 of the English Law Notes or Condition 14 of the French Law Notes, as the case may be, and shall:
Auction Settlement. If the Additional Credit Terms specify Auction Settlement as the Settlement Method in relation to a Reference Entity, then, subject to Credit Linked Provision 13 (Linear Basket Credit Linked Notes), following a Credit Event Determination Date and unless a Fallback Settlement Event occurs:
(i) each Credit Linked Note shall be redeemed by the payment by the Issuer to the holders of the Auction Settlement Amount on a date (the "Auction Settlement Date") selected by the Calculation Agent and falling not later than ten Business Days following the date on which market credit default swaps are settled in accordance with and on the basis of the "Auction Final Price" established by means of the relevant Auction;
(ii) to the extent not already in cash, an Affected Principal Amount of Assets will be liquidated by the Disposal Agent;
(iii) any Interest Rate Swap will be terminated in an amount equal to the proportion that the relevant Affected Principal Amount bears to the aggregate Principal Amount of the Notes; and
(iv) the balance remaining from the Net Proceeds following payment of such Auction Settlement Amount will be used to pay any Swap Termination Payment determined by the Calculation Agent as being payable by the Issuer to the IRS Counterparty, and any amounts remaining will be payable by the Issuer to the CDS Counterparty under the Credit Default Swap. For the purpose of these Credit Linked Provisions:
Auction Settlement. If the Additional Credit Terms specify that Auction Settlement is applicable but, among other things, ISDA does not sponsor an Auction or if the Auction is considered abandoned, the Credit Linked Notes will be redeemed in accordance with the Fallback Settlement Method specified in the Additional Credit Terms. Credit losses determined pursuant to a market auction process may be greater than the losses which would have been determined in the absence of the Auction. In particular, the auction process may be affected by technical factors or operational errors which would not otherwise apply or may be the subject of actual or attempted manipulation. Auctions may be conducted by ISDA or by a relevant third party. Neither the Calculation Agent, the Issuer, the Guarantor nor any of their respective affiliates has any responsibility for verifying that any Auction has been conducted in accordance with its rules. If the Issuer, the Guarantor or any of their respective affiliates participates in an Auction, then it will do so without regard to the interests of the Noteholders of the Credit Linked Notes. Such participation may have a material adverse effect on the outcome of the relevant Auction and/or on the Credit Linked Notes. Where the terms of any Credit Linked Notes state that "Restructuring Maturity Limitation Date and Fully Transferable Obligation" or "Modified Restructuring Maturity Limitation Date and Conditionally Transferable Obligation" is applicable in respect of a Reference Entity, and the only relevant Credit Event is a Restructuring, several concurrent but separate Auctions may occur with respect to such Reference Entity and such Credit Event. The Auction Settlement Amount may be based on the price of one or more obligations of the Reference Entity having a final maturity date different from the Restructured Bond or Loan. In certain circumstances, for example where ISDA does not sponsor an Auction or the Auction is considered abandoned and the Issuer is unable to deliver any relevant Deliverable Obligations, a pro rata proportion of the market value of such undelivered Deliverable Obligations will be paid in cash in respect of each Credit Linked Note, which may be significantly less than the outstanding principal amount of any Credit Linked Notes or even be zero. If ISDA sponsors an auction, Credit Linked Notes will not be redeemed until the settlement date for market credit default swap transactions which are the subject of that auction occurs. Such s...
Auction Settlement execution, by Xxxxx, of the Term of Consent required by Section 3.1, (vii), of Level 1 Corporate Governance Listing Rules; and
Auction Settlement. If an Event Determination Date has occurred and Auction Settlement is specified as the Settlement Method in the applicable Confirmation, the Investments will be cash settled by reference to the price of certain deliverable obligations of the Reference Entity determined under an auction conducted in accordance with an auction procedure set out in the relevant Credit Derivatives Auction Settlement Terms, a form of which will be published by ISDA on its website and which may be amended from time to time. Although based on auctions held to date, auctions generally can be expected to be held for a Reference Entity that is widely traded in the credit markets, there can be no assurance that an Auction will be held, or that, if held, the auction will result in the determination of a final price. In such circumstances, the Fallback Settlement Method will apply. It is possible that credit losses determined pursuant to an Auction may be greater or less than the losses which would have been determined in the absence of the Auction. In particular, the auction process may be affected by technical or operational factors or errors which would not otherwise apply or may be subject to actual or attempted manipulations. Auctions may be conducted by ISDA or a relevant third party. If the Bank or its affiliates participates in an Auction, then it will do so without regard to the interest of holders of particular Investments.