Examples of Auction Settlement Amount in a sentence
For the avoidance of doubt, the Early Termination Amount shall, for these purposes, take into account any Auction Settlement Amount or Cash Settlement Amount (as applicable) deemed to constitute an Unpaid Amount under the terms of the Swap Agreement.
Section 9(h)(ii)(1) of the Agreement shall not apply to the Auction Settlement Amount or Cash Settlement Amount that is deemed to constitute an Unpaid Amount pursuant to this paragraph.
The “Credit Event Redemption Amount” of a Note is an amount equal to such Note’s pro rata portion of the amount equal to either the Auction Settlement Amount or the Cash Settlement Amount (as the case may be) payable by the Swap Counterparty under the Charged Agreement.
If any Notes are redeemed following the occurrence of an Event Determination Date in accordance with this Credit Linked Condition 2, upon payment of the Auction Settlement Amount or Cash Settlement Amount, Delivery of the relevant Deliverable Obligations and/or payment of the Partial Cash Settlement Amount, as applicable, the Issuer shall have discharged its obligations in respect of such Notes and shall have no other liability or obligation whatsoever in respect thereof.
The value of such Auction Settlement Amount, Cash Settlement Amount, Deliverable Obligations and or Partial Cash Settlement Amount, as the case may be, may be less than the principal amount of such Notes.
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.
For more information, see the section titled “Additional information relating to credit-linked notes and the Credit Default Swap – What is the Reference Obligation?” below.If any replacement of the Reference Obligation does occur, any Auction Settlement Amount or Cash Settlement Amount under a triggered Credit Default Swap will be determined on the basis that the replacement obligation is the Reference Obligation (and the replaced obligation is not).
Settlement Amount means the Auction Settlement Amount or the Physical Settlement Amount, as the case may be.
If the applicable Pricing Supplement specifies Auction Settlement as the Settlement Method in relation to a Reference Entity, then following an Event Determination Date and unless a Fallback Settlement Event occurs, each Note shall be redeemed by the Issuer with the payment of the Auction Settlement Amount to the Noteholders on the Auction Settlement Date.
For the purpose of this Condition, the Auction Settlement Amount shall be considered as the Final Settlement Amount.