Examples of ISDA Credit Derivatives Definitions in a sentence
A) Applicable(B) The “Credit-linked Annex – Additional Terms and Conditions of Credit Linked Notes”, set out on pages 103 –159 of the Programme Memorandum (“Credit-Linked Annex”) is disapplied for the purposes of this Applicable Pricing Supplement.(C) The 2014 ISDA Credit Derivatives Definitions published by the International Swaps and Derivatives Association, Inc.
Consequently, the 2014 ISDA Credit Derivatives Definitions and the terms applied to credit derivatives, including Credit Linked Notes, are subject to interpretation and further evolution.
Past events have shown that the views of market participants may differ as to how the 2014 ISDA Credit Derivatives Definitions operate or should operate.
Future amendments or supplements to the terms applicable to credit derivatives generally will only apply to Credit Linked Notes that have already been issued if the Issuer and the Noteholders agree to amend the Credit Linked Notes to incorporate such amendments or supplements and other conditions to amending the Credit Linked Notes have been met.The 2014 ISDA Credit Derivatives Definitions introduced the new Asset Package Delivery provisions.
As such, investing in Credit Linked Notes is not exactly the same as entering into a credit default swap that incorporates the 2014 ISDA Credit Derivatives Definitions.While ISDA has published the 2014 ISDA Credit Derivatives Definitions in order to facilitate transactions and promote uniformity in the credit derivatives market, the credit derivatives market is expected to continue to evolve and change.
The terms and conditions of the Credit Linked Notes do not incorporate by reference the definitions and provisions of the 2014 ISDA Credit Derivatives Definitions, as such definitions may be amended by the supplements thereto and there may be differences between the definitions used in the Additional CLN Conditions and the 2014 ISDA Credit Derivatives Definitions.
Since, as of the Issue Date, the Calculation Agent (or one of its affiliates) is a voting member on each of the Credit Derivatives Determinations Committees and is a party to transactions which incorporate, or are deemed to incorporate, the 2014 ISDA Credit Derivatives Definitions, it may take certain actions which may influence the process and outcome of decisions of the Credit Derivatives Determinations Committees.
Section 9.9 (Buy-in of Bonds Not Delivered) of the 2003 ISDA Credit Derivatives Definitions shall not apply in respect of the Matched Contracts of the Settlement Matched Pair.
The Credit Derivatives Determinations Committees (each, an "ISDA DC") were established pursuant to the March 2009 Supplements to the 2003 ISDA Credit Derivatives Definitions to make determinations that are relevant to the majority of the credit derivatives market and to promote transparency and consistency.
Capitalised terms used in this CDS Clearing Supplement and not otherwise defined herein shall have the meaning given pursuant to the Index Cleared Transaction Confirmation, Single Name Cleared Transaction Confirmation, the 2003 ISDA Credit Derivatives Definitions or the CDS Clearing Rule Book, as applicable.