All capitalized terms used but not defined in this glossary shall have the meanings given to such terms in the Credit Derivatives Determinations Committees Rules (the “Rules”). Section references refer to the corresponding Sections in the Rules.
Current Status Term Definitions:
Pending DC Consent: A potential question, which has been submitted for consideration by a DC, has been posed to the Convened DC. The requisite number of Convened DC Voting Members must agree to deliberate such question. If such agreement to deliberate is not received by 5:00 p.m. Relevant City Time on the second Relevant City Business Day immediately following the date on which the DC Secretary notified the Convened DC Members of such question, such question shall be deemed to have been rejected by the Convened DC in accordance with Section 2.2(a) of the DC Rules.
Request Accepted by DC: The requisite number of Convened DC Voting Members has agreed to deliberate a question submitted. Where a question is submitted by a Convened DC Voting Member, that Convened DC Voting Member is deemed to have accepted the question immediately upon submission in accordance with Section 2.2(a) of the DC Rules. Where the question is a General Interest Question, two Convened DC Voting Members must agree to deliberate the question before the request will be accepted and a meeting of the Convened DC will be held in accordance with Section 2.2(a) of the DC Rules.
DC Deliberating: The first meeting of the Convened DC to consider a DC Question has taken place and such Convened DC is deliberating the DC Question prior to holding a binding vote. A binding vote will be taken whenever a majority of the Convened DC Voting Members request a binding vote and a Quorum has been obtained for such meeting. The deadline for a Convened DC to hold a binding vote on a DC Question is 5:00 p.m. Relevant City Time on the second Relevant City Business Day after the day on which the first meeting was held on that DC Question, unless otherwise specified in the Rules. Notwithstanding the foregoing, the Convened DC may Resolve by a Supermajority to extend the deadline for holding a binding vote with respect to any DC Question (see “Vote Deferred” in this glossary).
Vote Deferred: Section 2.4(d) The Convened DC has Resolved by a Supermajority to extend the deadline for holding a binding vote with respect to a DC Question.
External Review: Section 4.1(a) The DC Question will be or has been referred to the external review process described in Section 4 of the Rules as a result of a Convened DC binding vote that did not satisfy the voting threshold. DC Questions relating to DC Resolutions under Section 3.7(b) of the Rules may be referred to External Review if a Convened DC Resolves by a Majority to send such DC Question to External Review.
Closed: The Convened DC (or an External Review panel) has made a decision on the DC Question and or the Potential DC Issue has been withdrawn by the Eligible Market Participant that submitted such Potential DC Issue.
Outcome Term Definitions:
Question Decided: A Convened DC either (a) has made a specific determination through a binding vote that satisfies the applicable voting threshold or (b) where the applicable voting threshold is not met, is deemed to have made a specific determination following a Final Decision of the External Reviewers or the failure of the External Reviewers to come to a Decision.
Question Dismissed: Section 2.4(c)(ii) A Convened DC has Resolved to dismiss a DC Question by a Supermajority. The dismissal of a DC Question will not constitute a DC Resolution with respect to whether or not the matter referenced in such DC Question has occurred, exists or is satisfied.
Question Rejected: The requisite number of Convened DC Voting Members has not agreed to deliberate the question. The DC Issue is therefore deemed to have been rejected by the Convened DC in accordance with Section 2.2(a) of the DC Rules.
Question Transferred to another region: Section 2.4(c)(i) A Convened DC has transferred the DC Question(s) to a Committee for another Region. A Replacement DC cannot vote to further transfer DC Questions to another Committee.
Question withdrawn: Pursuant to Section 2.1 (a) (Convening a Committee) of the Rules any Potential DC Issue may be withdrawn by the Eligible Market Participant that submitted such Potential DC Issue to the DC Secretary at any time prior to the first meeting at which deliberations are held with respect to such Potential DC Issue. The question may be raised again by any other Eligible Market Participant in accordance with the normal procedure under the Rules.