Examples of M(M)R Restructuring in a sentence
The M(M)R Restructuring Credit Event relates to a Mod R or Mod Mod R Restructuring Credit Event.
This mirrors the right the Swap Counterparty would have under a credit default swap to trigger partial settlement of the credit default swap following an M(M)R Restructuring Credit Event and related Event Determination Date.
Each such Credit Event Notice must specify the amount of the Floating Rate Payer Calculation Amount of the Reference Entity to which such Credit Event Notice applies (the “Exercise Amount”), which shall be equal to the Floating Rate Payer Calculation Amount unless the relevant Credit Event is an M(M)R Restructuring.
Subject as provided below and in section 1.33 (Credit Event Notice after M(M)R Restructuring) of the Credit Annex, if the Maturity Date has been determined pursuant to sub-paragraph (ii) of the definition of "Maturity Date" in Part A above, Physical Settlement shall apply and, for the purposes of General Condition 5.6(b) (Final Redemption) and paragraph 17 of the Pricing Supplement (subject to Partial Cash Settlement below), no Final Redemption Amount shall be paid in respect of the Security.
The decision as to when and whether to deliver a Credit Event Notice and, if applicable, a Notice of Publicly Available Information and, in the case of an M(M)R Restructuring, the decision as to whether the Exercise Amount specified in such Credit Event Notice shall relate to the full or only part of the then outstanding notional amount of the CDS, is at the sole and absolute discretion of the Swap Counterparty.
With respect to First-to-Default Basket CLNs, a Credit Event in respect of just one Reference Entity in the basket will (subject to the occurrence of an M(M)R Restructuring Credit Event) lead to the redemption in full of the Credit Linked Notes.
Each such Credit Event Notice must specify an amount with respect to the Reference Entity to which such Credit Event Notice applies (the “Exercise Amount”), which shall be equal to the Floating Rate Payer Calculation Amount unless the relevant Credit Event is an M(M)R Restructuring.
While there are similarities between the Product Conditions and the terms used in the 2014 ISDA Definitions, as applicable, there are a number of differences (including, without limitation, the operation of the credit protection period and, if auction settlement applies, the auction(s) which may be applicable on a M(M)R Restructuring Credit Event).
In the case of an M(M)R Restructuring Credit Event, each Note may be partially redeemed at the Credit Event Settlement Amount on the relevant Credit Event Settlement Date.
In the event that M(M)R Restructuring is specified as applying in the applicable Conditions Supplement and a Fully Transferable Obligation or Conditionally Transferable Obligation is a Qualifying Policy, the Insured Instrument must meet the requirements of the relevant definition and, if the benefit of the Qualifying Policy is not transferred as part of any transfer of the Insured Instrument, the Qualifying Policy must be transferable at least to the same extent as the Insured Instrument.