Supplement number 14 to the 2006 ISDA Definitions
(published on June 5, 2009)
(a) The 2006 ISDA Definitions is amended by deleting each reference to the phrase
"Section 6.2(d)(i)" and replacing each such reference with the phrase "Section 6.2(d)".
Section 4.16 Day Count Fractions.
(b) Section 4.16 is amended by adding a new Section 4.16(i) as follows:
"(i) if “Act/365L” is specified, the actual number of days in the Calculation
Period or Compounding Period in respect of which payment is being made divided by
365 (or, if the later Period End Date of the Calculation Period or Compounding Period
falls in a leap year, divided by 366)."
Section 7.1 Rate Options.
(c) Section 7.1(ac)(vi) (“CHF-ISDAFIX-Swap Rate”) is amended by deleting the phrase
"Zurich time" and replacing it with the phrase "London time".
(d) Section 7.1(ab)(xl) (“USD-SIFMA Municipal Swap Index”) is amended by replacing
subsection (A) in its entirety with the following:
"(A) Reset Date is defined as weekly, every Thursday (or any other day
specified by The Securities Industry and Financial Markets Association) or if any
Thursday is not a U.S. Government Securities Business Day, the next succeeding U.S.
Government Securities Business Day, except that, the Reset Date for the initial
Calculation Period shall be the Effective Date. For the avoidance of doubt, in the event
the Effective Date falls on a Wednesday, the rate for such Reset Date shall be the
rate issued on the Wednesday immediately preceding such Reset Date."
(e) Section 7.1 is further amended by adding a new Section 7.1(ai) as follows:
"(ai) Romanian Leu.
(i) “RON-RBOR-Reuters” means that the rate for a Reset Date will be the offer
rate for deposits in Romanian Leu for a period of the Designated Maturity which appears
on the Reuters Screen RBOR under the caption “AVERAGE 11:00” as of 11:00 a.m.,
Bucharest time, on the day that is two Bucharest Banking Days preceding that Reset Date.
If such a rate does not appear on the Reuters Screen RBOR, the rate for that Reset Date
will be determined by the Calculation Agent."
Copyright © 2009 by International Swaps and Derivatives Association, Inc.