希腊主权债务CDS拍卖结算条款.docx

1、希腊主权债务CDS拍卖结算条款_ISDAInternational Swaps and Derivatives Association, Inc.2012 THE HELLENIC REPUBLIC CREDIT DERIVATIVES AUCTION SETTLEMENT TERMSpublished on 12 March 2012by the International Swaps and Derivatives Association, Inc.Any capitalized term used but not defined in these 2012 The Hellenic Re

2、public Credit Derivatives Auction Settlement Terms (these Credit Derivatives Auction Settlement Terms) shall have the meaning given to the relevant capitalized term in (a) the 2003 ISDA Credit Derivatives Definitions (the 2003 Definitions) as supplemented by either (i) the 2009 ISDA Credit Derivativ

3、es Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivatives Definitions published on March 12, 2009 (the March 2009 Supplement) or (ii) the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA

4、Credit Derivatives Definitions published on July 14, 2009 (the July 2009 Supplement), as applicable (each as published by the International Swaps and Derivatives Association, Inc. (ISDA) (the 2003 Definitions, together with either the March 2009 Supplement or the July 2009 Supplement, as applicable,

5、 the Definitions) or (b) the Credit Derivatives Determinations Committees Rules, as amended from time to time and as most recently published by ISDA on its Website as of the date hereof (the Rules), as applicable. In the event of any inconsistency between the Definitions and these Credit Derivatives

6、 Auction Settlement Terms, these Credit Derivatives Auction Settlement Terms shall govern.For purposes of Article XII (Terms Relating to Auction Settlement) of the Definitions, ISDA has published these Credit Derivatives Auction Settlement Terms to enable parties to Auction Covered Transactions to s

7、ettle such Auction Covered Transactions based upon an Auction Final Price determined according to an auction procedure on the terms set out below.In circumstances where these Credit Derivatives Auction Settlement Terms are published following a Restructuring for the purpose of settling Credit Deriva

8、tive Transactions for which Restructuring Maturity Limitation and Fully Transferable Obligation or Modified Restructuring Maturity Limitation and Conditionally Transferable Obligation, as applicable, is specified in the related Confirmations, and more than one Designated Range of Scheduled Terminati

9、on Dates is specified in Schedule 1, these Credit Derivatives Auction Settlement Terms shall be construed as constituting two or more separate sets of Credit Derivatives Auction Settlement Terms, each referencing a different set of Permissible Deliverable Obligations, each specifying a different Des

10、ignated Range of Scheduled Termination Dates and each relating to a separate set of Auction Covered Transactions, but each otherwise identical in all respects (except as otherwise specified). The procedures set forth in these Credit Derivatives Auction Settlement Terms shall be conducted by the Admi

11、nistrators separately for each set of Auction Covered Transactions (each such auction procedure for purposes of the relevant set of Credit Derivatives Auction Settlement Terms, an Auction), except that the procedures set forth in Sections 1 and 2 of these Credit Derivatives Auction Settlement Terms

12、shall be conducted once and applied to each Auction.List of Participating BiddersOn or before the later of (a) the date of publication of these Credit Derivatives Auction Settlement Terms and (b) the Business Day prior to the Originally Scheduled Auction Currency Fixing Date, the Administrators will

13、 publish one or more lists of the institutions that will act as participating bidders (each such institution, a Participating Bidder), which lists will consist of (i) each Global Dealer Voting Member, Global Dealer Consultative Member, Regional Dealer Voting Member and Regional Dealer Consultative M

14、ember that is a Convened DC Member of the relevant Convened DC (unless the Administrators are otherwise notified by any such Convened DC Member that such Convened DC Member does not intend to participate in the Auction, in which case such Convened DC Member will not be included on the list of Partic

15、ipating Bidders published by the Administrators), subject to Sections 1.7(d)(i) and 1.7(e) of the Rules and (ii) any other institution that submits to the DC Secretary a Participating Bidder Letter that (A) is effectively received by the DC Secretary no later than 5:00 p.m. Relevant City Time on the

16、 later of (I) the date that is five Business Days prior to the Originally Scheduled Auction Currency Fixing Date and (II) the earlier of () the Business Day following publication of these Credit Derivatives Auction Settlement Terms and () the second Business Day prior to the Originally Scheduled Auc

17、tion Currency Fixing Date and (B) is approved by the relevant Convened DC pursuant to Section 3.2(b)(ii) of the Rules. Following the initial publication of the list of Participating Bidders but prior to the Auction Date, the Administrators may publish revisions to such list to add further Participat

18、ing Bidders or remove previously included Participating Bidders.Determining the Auction Currency RateOn the relevant Auction Currency Fixing Date, the Administrators will determine the rate of conversion (each, an Auction Currency Rate) as between (i) the Relevant Currency and the currency of denomi

19、nation of each Deliverable Obligation and (ii) in the case where a revolving credit arrangement (a Revolver) is included on the Final List, the base currency of such Revolver and the currency of any drawings under such Revolver (each, a Relevant Pairing) as follows:Currency Rate Source. Where it is

20、possible for the Administrators to determine the rate of conversion for a Relevant Pairing by reference to the Currency Rate Source on the relevant Auction Currency Fixing Date, the relevant rate of conversion shall be the Auction Currency Rate for such Relevant Pairing.Currency Rate Source Unavaila

21、ble. On each Business Day from, and including, the relevant Auction Currency Fixing Date to, and including, the earlier of (i) the Auction Final Price Determination Date and (ii) the Auction Cancellation Date, the Administrators will determine whether an Auction Currency Rate can be determined for a

22、ny Relevant Pairing in accordance with Section 2(a) of these Credit Derivatives Auction Settlement Terms. If the Administrators are not able to determine an Auction Currency Rate for any Relevant Pairing in accordance with Section 2(a) of these Credit Derivatives Auction Settlement Terms on any such

23、 Business Day, the Administrators will determine the Auction Currency Rate for each such Relevant Pairing as follows:(A) Between 1:45p.m. and 2:00p.m. Relevant City Time on any such Business Day (in the case where the Relevant Transaction Type is included in the Americas), or between 8:45a.m. and 9:

24、00a.m. Relevant City Time on the Business Day following any such Business Day (in the case where the Relevant Transaction Type is included in any Region other than the Americas), the Administrators will seek to obtain from each Participating Bidder, and each Participating Bidder may submit, the mid-

25、market rate of conversion, determined by each such Participating Bidder in a commercially reasonable manner, for each such Relevant Pairing.(B) If more than three such rates are obtained by the Administrators, the Auction Currency Rate will be the arithmetic mean of such rates, without regard to the

26、 rates having the highest and lowest values. If exactly three rates are obtained, the Auction Currency Rate will be the rate remaining after disregarding the rates having the highest and lowest values. For this purpose, if more than one rate has the same highest or lowest value, then one of such rat

27、es shall be disregarded. If fewer than three rates are obtained, it will be deemed that the Auction Currency Rate cannot be determined for such Relevant Pairing.Publication of Auction Currency Rate. If the Administrators determine an Auction Currency Rate for each Relevant Pairing in accordance with

28、 either Section 2(a) or 2(b) of these Credit Derivatives Auction Settlement Terms, the Administrators will publish on their respective websites such Auction Currency Rates as soon as is reasonably practicable following determination thereof, but in no event later than 3:00 p.m. Relevant City Time (i

29、n the case where the Relevant Transaction Type is included in the Americas) or 10:00 a.m. Relevant City Time (in the case where the Relevant Transaction Type is included in any Region other than the Americas), in each case, on the Business Day prior to the Auction Date (or as soon as possible therea

30、fter in the case where Section 13 of these Credit Derivatives Auction Settlement Terms apply).Inability to Determine Auction Currency Rate. If the Administrators are unable to determine an Auction Currency Rate for each Relevant Pairing in accordance with Sections 2(a) and 2(b) of these Credit Deriv

31、atives Auction Settlement Terms, Section 13(b) of these Credit Derivatives Auction Settlement Terms shall apply.Customer Physical Settlement RequestsAny customer that wishes to submit a Customer Physical Settlement Request to a Participating Bidder must submit a Customer Physical Settlement Request

32、Letter to the relevant Participating Bidder no later than 5:00 p.m. Relevant City Time on the Business Day prior to the Auction Final Price Determination Date (provided that a Participating Bidder may elect, in its sole discretion, to accept a Customer Physical Settlement Request Letter at any later time prior to the commencement of the Initial Bidding Period). Each Customer Physical Settlement Request submitted to a Participating Bidder must be, to the best of the relevant customers knowledge and belief, on the same side of the marke