Indra Rajaratnam


This chapter concentrates on the administrative notification procedures under the 2014 ISDA Credit Derivatives Definitions (henceforth the “2014 Definitions”; see International Swaps and Derivatives Association Inc. 2014b). The discussion is focused primarily on credit event related notices, settlement-related notices and the successor notice. The importance of some of the key notices required to be delivered under a CDS and the risks relating to non-delivery of the relevant notices are highlighted. The descriptions, form and content requirements of these notices, and the prescribed deadlines for delivery of the relevant notices are discussed. Finally, the general notice provisions, including the rules that govern the effective date of the notices delivered under the 2014 Definitions, are addressed.


During the life of a transaction, the parties to a transaction may be required to deliver one or more notices to the other party and/or the calculation agent. As the notice requirements can be intensive to administer, given the tight deadlines that need to be met for notices to be effective, market

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