July 2009 Supplement

The July 2009 Supplement extends the auction hardwiring provisions contained in the March 2009 Supplement to apply them to Restructuring credit events, while replicating, to the extent practicable, the maturity limitation requirements for deliverable obligations that apply following a “Mod-R” or “Mod-Mod-R” Restructuring credit event as contained in the 2003 Definitions.

March 2009 Supplement

Note: This supplement has been superseded by the “July 2009 Supplement” above

The March 2009 Supplement amends the 2003 ISDA Credit Derivatives Definitions to incorporate the CDS settlement auction terms that had been included in the auction protocols. It also introduces backstop dates for credit events and succession events, and includes provision for the ISDA Determinations Committees, which make binding determinations for issues such as whether a credit event has occurred; whether an auction will be held; and whether a particular obligation is deliverable. The Annexes to the Supplement contained the a form of Determinations Committees Rules and Auction Settlement Terms: more recent versions of the Rules and examples of published Auction Settlement Terms can be found on ISDA’s credit derivatives page (http://www.isda.org/credit/).