希腊主权债务CDS拍卖结算条款.docx

希腊主权债务CDS拍卖结算条款.docx

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希腊主权债务CDS拍卖结算条款

___________________________________________________________________________________

ISDA

InternationalSwapsandDerivativesAssociation,Inc.

2012THEHELLENICREPUBLICCREDITDERIVATIVESAUCTIONSETTLEMENTTERMS

publishedon12March2012

bytheInternationalSwapsandDerivativesAssociation,Inc.

Anycapitalizedtermusedbutnotdefinedinthese2012TheHellenicRepublicCreditDerivativesAuctionSettlementTerms（these"CreditDerivativesAuctionSettlementTerms"）shallhavethemeaninggiventotherelevantcapitalizedtermin（a）the2003ISDACreditDerivativesDefinitions（the"2003Definitions"）assupplementedbyeither（i）the2009ISDACreditDerivativesDeterminationsCommitteesandAuctionSettlementSupplementtothe2003ISDACreditDerivativesDefinitionspublishedonMarch12,2009（the"March2009Supplement"）or（ii）the2009ISDACreditDerivativesDeterminationsCommittees,AuctionSettlementandRestructuringSupplementtothe2003ISDACreditDerivativesDefinitionspublishedonJuly14,2009（the"July2009Supplement"）,asapplicable（eachaspublishedbytheInternationalSwapsandDerivativesAssociation,Inc.（"ISDA"））（the2003Definitions,togetherwitheithertheMarch2009SupplementortheJuly2009Supplement,asapplicable,the"Definitions"）or（b）theCreditDerivativesDeterminationsCommitteesRules,asamendedfromtimetotimeandasmostrecentlypublishedbyISDAonitsWebsiteasofthedatehereof（the"Rules"）,asapplicable.IntheeventofanyinconsistencybetweentheDefinitionsandtheseCreditDerivativesAuctionSettlementTerms,theseCreditDerivativesAuctionSettlementTermsshallgovern.

ForpurposesofArticleXII（TermsRelatingtoAuctionSettlement）oftheDefinitions,ISDAhaspublishedtheseCreditDerivativesAuctionSettlementTermstoenablepartiestoAuctionCoveredTransactionstosettlesuchAuctionCoveredTransactionsbaseduponanAuctionFinalPricedeterminedaccordingtoanauctionprocedureonthetermssetoutbelow.

IncircumstanceswheretheseCreditDerivativesAuctionSettlementTermsarepublishedfollowingaRestructuringforthepurposeofsettlingCreditDerivativeTransactionsforwhich"RestructuringMaturityLimitationandFullyTransferableObligation"or"ModifiedRestructuringMaturityLimitationandConditionallyTransferableObligation",asapplicable,isspecifiedintherelatedConfirmations,andmorethanoneDesignatedRangeofScheduledTerminationDatesisspecifiedinSchedule1,theseCreditDerivativesAuctionSettlementTermsshallbeconstruedasconstitutingtwoormoreseparatesetsofCreditDerivativesAuctionSettlementTerms,eachreferencingadifferentsetofPermissibleDeliverableObligations,eachspecifyingadifferentDesignatedRangeofScheduledTerminationDatesandeachrelatingtoaseparatesetofAuctionCoveredTransactions,buteachotherwiseidenticalinallrespects（exceptasotherwisespecified）.TheproceduressetforthintheseCreditDerivativesAuctionSettlementTermsshallbeconductedbytheAdministratorsseparatelyforeachsetofAuctionCoveredTransactions（eachsuchauctionprocedureforpurposesoftherelevantsetofCreditDerivativesAuctionSettlementTerms,an"Auction"）,exceptthattheproceduressetforthinSections1and2oftheseCreditDerivativesAuctionSettlementTermsshallbeconductedonceandappliedtoeachAuction.

ListofParticipatingBidders

Onorbeforethelaterof（a）thedateofpublicationoftheseCreditDerivativesAuctionSettlementTermsand（b）theBusinessDaypriortotheOriginallyScheduledAuctionCurrencyFixingDate,theAdministratorswillpublishoneormorelistsoftheinstitutionsthatwillactasparticipatingbidders（eachsuchinstitution,a"ParticipatingBidder"）,whichlistswillconsistof（i）eachGlobalDealerVotingMember,GlobalDealerConsultativeMember,RegionalDealerVotingMemberandRegionalDealerConsultativeMemberthatisaConvenedDCMemberoftherelevantConvenedDC（unlesstheAdministratorsareotherwisenotifiedbyanysuchConvenedDCMemberthatsuchConvenedDCMemberdoesnotintendtoparticipateintheAuction,inwhichcasesuchConvenedDCMemberwillnotbeincludedonthelistofParticipatingBidderspublishedbytheAdministrators）,subjecttoSections1.7（d）（i）and1.7（e）oftheRulesand（ii）anyotherinstitutionthatsubmitstotheDCSecretaryaParticipatingBidderLetterthat（A）iseffectivelyreceivedbytheDCSecretarynolaterthan5:

00p.m.RelevantCityTimeonthelaterof（I）thedatethatisfiveBusinessDayspriortotheOriginallyScheduledAuctionCurrencyFixingDateand（II）theearlierof（α）theBusinessDayfollowingpublicationoftheseCreditDerivativesAuctionSettlementTermsand（β）thesecondBusinessDaypriortotheOriginallyScheduledAuctionCurrencyFixingDateand（B）isapprovedbytherelevantConvenedDCpursuanttoSection3.2（b）（ii）oftheRules.FollowingtheinitialpublicationofthelistofParticipatingBiddersbutpriortotheAuctionDate,theAdministratorsmaypublishrevisionstosuchlisttoaddfurtherParticipatingBiddersorremovepreviouslyincludedParticipatingBidders.

DeterminingtheAuctionCurrencyRate

OntherelevantAuctionCurrencyFixingDate,theAdministratorswilldeterminetherateofconversion（each,an"AuctionCurrencyRate"）asbetween（i）theRelevantCurrencyandthecurrencyofdenominationofeachDeliverableObligationand（ii）inthecasewherearevolvingcreditarrangement（a"Revolver"）isincludedontheFinalList,thebasecurrencyofsuchRevolverandthecurrencyofanydrawingsundersuchRevolver（each,a"RelevantPairing"）asfollows:

CurrencyRateSource.WhereitispossiblefortheAdministratorstodeterminetherateofconversionforaRelevantPairingbyreferencetotheCurrencyRateSourceontherelevantAuctionCurrencyFixingDate,therelevantrateofconversionshallbetheAuctionCurrencyRateforsuchRelevantPairing.

CurrencyRateSourceUnavailable.OneachBusinessDayfrom,andincluding,therelevantAuctionCurrencyFixingDateto,andincluding,theearlierof（i）theAuctionFinalPriceDeterminationDateand（ii）theAuctionCancellationDate,theAdministratorswilldeterminewhetheranAuctionCurrencyRatecanbedeterminedforanyRelevantPairinginaccordancewithSection2（a）oftheseCreditDerivativesAuctionSettlementTerms.IftheAdministratorsarenotabletodetermineanAuctionCurrencyRateforanyRelevantPairinginaccordancewithSection2（a）oftheseCreditDerivativesAuctionSettlementTermsonanysuchBusinessDay,theAdministratorswilldeterminetheAuctionCurrencyRateforeachsuchRelevantPairingasfollows:

（A）Between1:

45 p.m.and2:

00 p.m.RelevantCityTimeonanysuchBusinessDay（inthecasewheretheRelevantTransactionTypeisincludedintheAmericas）,orbetween8:

45 a.m.and9:

00 a.m.RelevantCityTimeontheBusinessDayfollowinganysuchBusinessDay（inthecasewheretheRelevantTransactionTypeisincludedinanyRegionotherthantheAmericas）,theAdministratorswillseektoobtainfromeachParticipatingBidder,andeachParticipatingBiddermaysubmit,themid-marketrateofconversion,determinedbyeachsuchParticipatingBidderinacommerciallyreasonablemanner,foreachsuchRelevantPairing.

（B）IfmorethanthreesuchratesareobtainedbytheAdministrators,theAuctionCurrencyRatewillbethearithmeticmeanofsuchrates,withoutregardtotherateshavingthehighestandlowestvalues.Ifexactlythreeratesareobtained,theAuctionCurrencyRatewillbetherateremainingafterdisregardingtherateshavingthehighestandlowestvalues.Forthispurpose,ifmorethanoneratehasthesamehighestorlowestvalue,thenoneofsuchratesshallbedisregarded.Iffewerthanthreeratesareobtained,itwillbedeemedthattheAuctionCurrencyRatecannotbedeterminedforsuchRelevantPairing.

PublicationofAuctionCurrencyRate.IftheAdministratorsdetermineanAuctionCurrencyRateforeachRelevantPairinginaccordancewitheitherSection2（a）or2（b）oftheseCreditDerivativesAuctionSettlementTerms,theAdministratorswillpublishontheirrespectivewebsitessuchAuctionCurrencyRatesassoonasisreasonablypracticablefollowingdeterminationthereof,butinnoeventlaterthan3:

00p.m.RelevantCityTime（inthecasewheretheRelevantTransactionTypeisincludedintheAmericas）or10:

00a.m.RelevantCityTime（inthecasewheretheRelevantTransactionTypeisincludedinanyRegionotherthantheAmericas）,ineachcase,ontheBusinessDaypriortotheAuctionDate（orassoonaspossiblethereafterinthecasewhereSection13oftheseCreditDerivativesAuctionSettlementTermsapply）.

InabilitytoDetermineAuctionCurrencyRate.IftheAdministratorsareunabletodetermineanAuctionCurrencyRateforeachRelevantPairinginaccordancewithSections2（a）and2（b）oftheseCreditDerivativesAuctionSettlementTerms,Section13（b）oftheseCreditDerivativesAuctionSettlementTermsshallapply.

CustomerPhysicalSettlementRequests

AnycustomerthatwishestosubmitaCustomerPhysicalSettlementRequesttoaParticipatingBiddermustsubmitaCustomerPhysicalSettlementRequestLettertotherelevantParticipatingBiddernolaterthan5:

00p.m.RelevantCityTimeontheBusinessDaypriortotheAuctionFinalPriceDeterminationDate（providedthataParticipatingBiddermayelect,initssolediscretion,toacceptaCustomerPhysicalSettlementRequestLetteratanylatertimepriortothecommencementoftheInitialBiddingPeriod）.EachCustomerPhysicalSettlementRequestsubmittedtoaParticipatingBiddermustbe,tothebestoftherelevantcustomer'sknowledgeandbelief,onthesamesideofthemarke