What are the Credit Event and Succession Event Backstop Date provisions, what do they do and why?
Under the Supplement, the Credit Event Backstop Date is 60 days prior to (i) the date on which a request to the DC regarding such Credit Event is submitted or (ii) the date on which both a Credit Event Notice and Notice of Publicly Available Information (if applicable) are effectively delivered. The Succession Event Backstop Date is 90 days prior to (i) the date on which a request to the DC regarding a Succession Event is submitted or (ii) the date on which a Succession Event Notice is effectively delivered. Under the Supplement, no matter what the Trade Date or the Effective Date, a credit derivative transaction can only be triggered by a Credit Event and/or affected by a Succession Event occurring no more than 60 or 90 days, respectively, before the requests or notice described above are effective. This is the case even if the event took place before the Trade Date or the Effective Date. A Credit Event occurring more than 60 days before notice to the DC or a Succession Event occurrin
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