ISDA Credit Derivatives Definitions, Supplements and Commentaries

2014 Credit Derivatives Definitions

The 2014 ISDA Credit Derivatives Definitions are an update of the 2003 ISDA Credit Derivatives Definitions as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published by ISDA on July 14, 2009.

2003 ISDA Credit Derivatives Definitions

The 2003 ISDA Credit Derivatives Definitions (the "2003 Definitions") are intended for use in confirmations of individual transactions governed by agreements such as the 2002 ISDA Master Agreement or the 1992 ISDA Master Agreements published by ISDA. The 2003 Definitions update the 1999 ISDA Credit Derivatives Definitions and offer the basic framework for the documentation of privately negotiated credit derivative transactions. The 2003 Definitions update provisions in the 1999 ISDA Credit Derivatives Definitions relating to Successor and several Credit Events. In addition, the 2003 Definitions offer new provisions relating to guarantees, Sovereign credit default swaps, novation of credit derivative transactions and alternative procedures in the event the Bond or Loan specified in the Notice of Physical Settlement is not Delivered.

2003 ISDA Credit Derivatives Definitions incorporating the "May 2003 Supplement" and the "July 2009 Supplement" - Clean Version

EXHIBIT A to 2003 ISDA Credit Derivatives Definitions

May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions

The May 2003 Supplement addresses guaranteed subordinated debt, the determination time for assessing voting shares and amends Section 4.9(a)(i) of the 2003 Definitions regarding Multiple Holder Obligations.

Side Letter on 60 Business Day Cap on Settlement

The Side Letter was published on August 5, 2003 and offers firms the ability to agree to a 60 Business Day cap on Settlement under the 2003 ISDA Credit Derivatives Definitions.

2003 Master Credit Derivatives Confirmation Agreement (European-North American)

The Master Credit Derivatives Confirmation (the "Master Confirmation") was published in June 2003 and is intended to be used for North American and European Transactions. The Master Confirmation aims to streamline the confirmations process and incorporates the 2003 ISDA Credit Derivatives Definitions and the May 2003 Supplement. A General Terms Confirmation and Transaction Supplement is also offered.

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First to Default Confirmation (July 2004)

The First to Default Confirmation is intended to document credit derivative trades with baskets or portfolios of Reference Entities. The Confirmation provides for Settlement Terms when the first Reference Entity in the basket is subject to an Event Determination Date and sets forth the mechanics for substituting a Reference Entity name or names in the event that a Succession Event or Seller Merger Event occurs.

Note of First to Default Confirmation

The Note offers eight examples illustrating how the provisions of the First to Default Template operates.

1999 ISDA Credit Derivatives Definitions

The 1999 ISDA Credit Derivatives Definitions (the "1999 Definitions") are intended for use in confirmations of individual transactions governed by agreements such as the 1992 ISDA Master Agreements published by ISDA. The 1999 Definitions provide the basic framework for the documentation of privately negotiated credit derivative transactions. The 1999 Definitions are primarily an expansion and revision of the 1998 Confirmation of OTC Swap Transaction (Single Reference Entity, Non-Sovereign).