The 2014 ISDA Credit Derivatives Definitions (the “Definitions”) provide the basic framework for the documentation of certain credit derivative transactions and are intended for use in confirmations of individual credit derivative transactions governed by ISDA Master Agreements. The 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. For ease of use, certain sections of the Definitions provide fallback provisions that will apply to a transaction if the parties do not specify otherwise in the Confirmation. A sample form of Confirmation for use with the Definitions is referenced as Exhibit A to the Definitions and is available below.

The Definitions can be used with the Credit Derivatives Physical Settlement Matrix, which is available here. ISDA has also published a range of template Confirmations and other documents for use with the Definitions, which can be found on ISDA’s website.