Common use of Cap on Settlement Clause in Contracts

Cap on Settlement. Notwithstanding Section 1.7 of the Credit Derivatives Definitions or any provisions of Sections 9.9 or 9.10 of the Credit Derivatives Definitions to the contrary, but without prejudice to Section 9.3 of the Credit Derivatives Definitions, if the Termination Date in respect of such Component Transaction has not occurred on or prior to the date that is 60 Business Days following the Physical Settlement Date in respect of such Component Transaction, such 60th Business Day shall be deemed to be the Termination Date with respect to such Component Transaction except in relation to any portion of the Component Transaction (an Affected Portion) in respect of which: a valid notice of Buy-in Price has been delivered that is effective fewer than three Business Days prior to such 60th Business Day, in which case the Termination Date for that Affected Portion shall be the third Business Day following the date on which such notice is effective; or Buyer has purchased but not Delivered Deliverable Obligations validly specified by the Seller pursuant to Section 9.10(b) of the Credit Derivatives Definitions in which case the Termination Date for that Affection Portion shall be the tenth Business Day following the date on which Seller validly specified such Deliverable Obligations to the Buyer.

Cap on Settlement. Notwithstanding Only for a Component Transaction relating to a Reference Entity of a Region/Type for which 60 Business Day Cap on Settlement is specified as “Applicable” in the Trading Terms Matrix, notwithstanding Section 1.7 of the Credit Derivatives Definitions or any provisions of Sections 9.9 or 9.10 of the Credit Derivatives Definitions thereof to the contrary, but without prejudice to Section 9.3 of the Credit Derivatives DefinitionsDefinitions and (where applicable) Sections 9.4, 9.5 and 9.6 thereof, if the Termination Date in respect of such Component Transaction has not occurred on or prior to the date that is 60 Business Days following the Physical Settlement Date in respect of such Component Transaction, such 60th Business Day shall be deemed to be the Termination Date with respect to such Component Transaction except in relation to any portion of the Component Transaction (an “Affected Portion”) in respect of which: a valid notice of Buy-in Price has been delivered that is effective fewer than three Business Days prior to such 60th Business Day, in which case the Termination Date for that Affected Portion shall be the third Business Day following the date on which such notice is effective; or Buyer has purchased but not Delivered Deliverable Obligations validly specified by the Seller pursuant to Section 9.10(b) of the Credit Derivatives Definitions Definitions, in which case the Termination Date for that Affection Affected Portion shall be the tenth Business Day following the date on which Seller validly specified such Deliverable Obligations to the Buyer.