Notice of Physical Settlement means a notice from Buyer to Seller (which may be by telephone and which shall be subject to the requirements regarding notices set forth in Section 1.10) that (i) irrevocably confirms that Buyer will settle the Credit Derivative Transaction and require performance in accordance with Physical Settlement as the Settlement Method and (ii) contains a detailed description of the Deliverable Obligations that Buyer will, subject to Section 9.2(c)(ii), Deliver to Seller, including the outstanding principal balance of each such Deliverable Obligation to be Delivered and the information described in the form of Notice of Physical Settlement attached as Exhibit 2 to these LCDS Auction Settlement Terms, or such other information as is customarily used in the loan or loan credit default swap market to identify particular loans. Buyer may notify Seller (in the manner given as aforesaid) that Buyer is changing one or more Deliverable Obligations to be Delivered (to the extent such Deliverable Obligation has not previously been Delivered) or the detailed description thereof, but each such notice must be effective at or prior to 11:00 a.m. New York time on the third Business Day after the satisfaction of all of the Conditions to Settlement with respect to such Credit Derivative Transaction (determined without reference to any such change) (such day, the “NOPS Fixing Date”). Notwithstanding the foregoing, Buyer may correct any errors or inconsistencies in the detailed description of the Deliverable Obligations by notice to Seller (given as aforesaid) prior to the relevant Delivery Date.
Notice of Physical Settlement means a notice from Issuer to Calculation Agent that (a) confirms that Issuer intends to settle a credit derivative transaction and requires performance in accordance with Physical Settlement; (b) contains a detailed description of each Deliverable Obligation that Issuer intends to Deliver to Noteholders, including, if available and applicable, the CUSIP or ISIN number (or, if such identifying number is not available or applicable, the rate and tenor) of each such Deliverable Obligation; and (c) specifies the Outstanding Amount and, if different, the face amount, of each such Deliverable Obligation and the aggregate Outstanding Amount of all Deliverable Obligations specified in the Notice of Physical Settlement that Issuer intends to Deliver to Noteholders (the “Aggregate Outstanding Amount”).
Notice of Physical Settlement means a written notice containing details of the types of Deliverable Obligations of the Reference Entity that is subject to the relevant Credit Event Notice that the Issuer reasonably expects to Deliver to the Noteholders, which may be amended by the Issuer at any time. The Notice of Physical Settlement shall designate a day that is no later than one hundred (100) Business Days following the NPS Date on which the Notes are to be redeemed. If the Notice of Physical Settlement does not contain such day, the Notes are to be redeemed on the Physical Settlement Date (for the purposes of Condition 5(b)(iii) such date of redemption being the “Early Redemption Date”).
Examples of Notice of Physical Settlement in a sentence
Delivery of any such notice shall be deemed to constitute delivery of an effective Notice of Physical Settlement.
If Buyer fails to deliver an effective Notice of Physical Settlement on or before the first day following the Auction Final Price Determination Date on which commercial banks and foreign exchange markets are generally open to settle payments in the Relevant City (as defined in the Rules) (the "Notice of Physical Settlement Date"), Buyer will have no right thereafter to deliver a Notice of Physical Settlement.
The Outstanding Amount of the Replacement Deliverable Obligations specified in any NOPS Amendment Notice in aggregate with the Outstanding Amount of the Deliverable Obligations specified in the Notice of Physical Settlement or any earlier NOPS Amendment Notice which, in each case, are not being replaced must not be greater than the Aggregate Outstanding Amount.
Any notice delivered by Seller pursuant to this Section 8.2 will include the information described in the Form of Notice of Physical Settlement attached as Exhibit 3 to the relevant Credit Derivatives Auction Settlement Terms.
A NOPS Amendment Notice shall contain a revised detailed description of each replacement Deliverable Obligation that Buyer will Deliver to Seller (each, a "Replacement Deliverable Obligation") and shall also specify the Outstanding Amount of each Deliverable Obligation identified in the Notice of Physical Settlement or prior NOPS Amendment Notice, as applicable, that is being replaced (with respect to each such Deliverable Obligation, the "Replaced Deliverable Obligation Outstanding Amount").
More Definitions of Notice of Physical Settlement
Notice of Physical Settlement means a notice delivered by the Calculation Agent on behalf of the Issuer (with a copy to the Issuer), to the Holders on or prior to the latest of:
Notice of Physical Settlement means a notice in accordance with the Charged Agreement from the Counterparty to the Issuer, the Trustee, the Calculation Agent and the Principal Paying Agent that (i) irrevocably confirms that the Counterparty will settle the credit default swap transaction comprised within the relevant Swap Agreement and require performance in accordance with the physical settlement method and (ii) contains a detailed description of the Deliverable Obligations that the Counterparty will, if Physical Settlement is applicable, Deliver to or to the order of the Issuer. The Counterparty may notify the Issuer that the Counterparty is changing one or more Deliverable Obligations to be Delivered (to the extent such Deliverable Obligation has not previously been Delivered) or the detailed description thereof, but each such notice must be effective on or prior to the Physical Settlement Date (determined without reference to any such change). Notwithstanding the foregoing, the Counterparty may correct any errors or inconsistencies in the detailed description of the Deliverable Obligations by notice to the Issuer prior to the relevant Delivery Date. A Notice of Physical Settlement shall be subject to the requirements regarding notices set out in Conditions CL3(e) and (f) (Notices).
Notice of Physical Settlement means a notice from Buyer to Seller (which may be by telephone and which shall be subject to the requirements regarding notices set forth in Section 1.10) that (i) irrevocably confirms that Buyer will settle the Credit Derivative Transaction and require performance in accordance with Physical Settlement as the Settlement Method and (ii) contains a detailed description of the Deliverable Obligations that Buyer will, subject to Section 9.2(c)(ii), Deliver to Seller, including the Notified Delivery Amount of each such Deliverable Obligation to be Delivered and the information described in the form of Notice of Physical Settlement attached as Exhibit 2 to these ELCDS Cancellable and Non-Cancellable Auction Settlement Terms, or such other information as is customarily used in the loan or loan credit default swap market to identify particular loans. Once the Notice of Physical Settlement is effective, Buyer is not entitled to change the contents of such Notice of Physical Settlement except that Buyer may correct any errors or inconsistencies in the detailed description of the Deliverable Obligations by notice to Seller (given as aforesaid) prior to the relevant Delivery Date.
Notice of Physical Settlement means a notice in accordance with the Charged Agreement from the Counterparty to the Issuer (copied to the Trustee, the Calculation Agent and the Principal Paying Agent) that (i) irrevocably confirms that the Counterparty will settle the credit default swap transaction comprised within the relevant Swap Agreement and require performance in accordance with the physical settlement method and (ii) contains a detailed description of each Deliverable Obligation that the Counterparty will, if Physical Settlement is applicable, Deliver to or to the order of the Issuer provided always that any Delivery of the Portfolio may be subject to reduction to take account of any negative Early Redemption Adjustment. Buyer shall deliver an effective Notice of Physical Settlement on or before the Physical Determination Date. The Counterparty may, from time to time, notify the Issuer (each such notification, a "NOPS Amendment Notice") that the Counterparty is replacing, in whole or in part, one or more Deliverable Obligations specified in the Notice of Physical Settlement or a prior NOPS Amendment Notice, as applicable, (to the extent the relevant Deliverable Obligation has not been Delivered as of the date such NOPS Amendment Notice is effective) or the detailed description(s) thereof. A NOPS Amendment Notice shall contain a revised detailed description of each replacement Deliverable Obligation that Counterparty will Deliver to or to the order of the Issuer (each, a "Replacement Deliverable Obligation") Each such NOPS Amendment Notice must be effective on or prior to the Physical Settlement Date (determined without reference to any change resulting from such NOPS Amendment Notice). Notwithstanding the foregoing, the Counterparty may correct any errors or inconsistencies in the detailed description of each Deliverable Obligation contained in the Notice of Physical Settlement or any NOPS Amendment Notice, as applicable, by notice to Issuer prior to the relevant Delivery Date; it being understood that such notice of correction shall not constitute a NOPS Amendment Notice. A Notice of Physical Settlement shall be subject to the requirements regarding notices set out in Conditions CL3 (Notices).
Notice of Physical Settlement means a notice (which may be in writing (including by facsimile and/or email) and/or by telephone) that:
Notice of Physical Settlement means a notice delivered from the Swap Counterparty to the Issuer, the Trustee, the Issuing and Paying Agent and the Calculation Agent within 60 CLN Business Days of the related Event Determination Date, that:
Notice of Physical Settlement means a notice from the Calculation Agent to the Issuer containing a detailed description of the Deliverable Obligations that the Calculation Agent will Deliver to the Issuer on the Physical Settlement Date, provided that the Calculation Agent may notify the Issuer that it is changing one or more Deliverable Obligations to be Delivered (to the extent that such Deliverable Obligation has not previously been Delivered) but such notification must be effective on or prior to the Physical Settlement Date (determined without reference to any such change). Notwithstanding the foregoing, the Calculation Agent may correct any errors or inconsistencies in the detailed description of the Deliverable Obligations by notice to the Seller prior to the relevant date of Delivery of the Deliverable Obligations.