Exhibit A

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Clearing Rules

Table of Contents
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26D. Standard Emerging Market Sovereign (“SES”) Single Name.

The rules in this Subchapter 26D apply to the clearance of SES Contracts.

26D-102. Definitions.

Eligible SES Reference Entities

Each particular Reference Entity included in the List of Eligible SES Reference 

Entities as determined by ICE Clear Credit to be eligible (specifically, the 

Federative Republic of Brazil, the United Mexican States, the Bolivarian Republic 

of Venezuela, the Argentine Republic, the Republic of Turkey, the Russian 

Federation, Hungary, the Republic of South Africa, the Republic of Chile, the 

Republic of Peru, the Republic of Colombia, the Republic of Poland, the Republic 

of Panama, Abu Dhabi, Dubai, the State of Israel, the State of Qatar, the Kingdom 

of Saudi Arabia, the Republic of Kazakhstan, the Lebanese Republic, the Republic 

of Croatia, Ukraine, Arab Republic of Egypt, Kingdom of Bahrain, and Sultanate of 

Oman, Socialist Republic of Vietnam, and Romania). For the avoidance of doubt, 

if there are multiple Reference Entity Database codes (as published by Markit 

Group Limited or any successor thereto, such codes “RED Codes”) for a particular 

Reference Entity listed in the List of Eligible SES Reference Entities, each such 

RED Code shall be treated as a separate Eligible SES Reference Entity.

Eligible SES Reference Obligations

With respect to any SES Contract Reference Obligation for any Eligible SES 

Reference Entity, the Reference Obligations determined by ICE Clear Credit to be 

eligible and listed under the heading “Eligible Reference Obligations” for such SES 

Contract Reference Obligation and Eligible SES Reference Entity in the List of 

Eligible SES Reference Entities. In the case of a 2014-Type CDS Contract where 

“Standard Reference Obligation” is applicable to the SES Reference Entity and 

ICE Clear Credit has implemented the Standard Reference Obligation, the 

Standard Reference Obligation shall be an Eligible SES Reference Obligation.

List of Eligible SES Reference Entities

The list of Eligible SES Reference Entities, maintained, updated and published by 

the Board or its designee on the ICE Clear Credit website, specifying the following 

information (and the permissible combinations thereof, which may distinguish, 

where applicable, between 2003-Type CDS Contracts and 2014-Type CDS 

Contracts) with respect to each Eligible SES Reference Entity:

(a) the name of such Eligible SES Reference Entity and the RED Code(s) for

such Eligible SES Reference Entity;

(b) each Relevant Physical Settlement Matrix and relevant Transaction Type;
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(c) each SES Contract Reference Obligation and each Eligible SES Reference

Obligation for each such SES Contract Reference Obligation;

(d) each eligible “Scheduled Termination Date”; and

(e) the Sector “Government” (as published by Markit Group Limited or any

successor thereto).

(f) the eligible Applicable Credit Derivatives Definitions for such Contract.

(g) in the case of a 2014-Type CDS Contract, the eligible Seniority Levels.

(h) in the case of a 2014-Type CDS Contract, whether “Standard Reference

Obligation” is applicable.

Permitted SES Fixed Rates

The Fixed Rates permitted for a SES Contract, as determined from time to time by 

the Board or its designee and notified to CDS Participants.

Relevant Physical Settlement Matrix

With respect to a SES Contract, the “Credit Derivatives Physical Settlement Matrix” 

applicable to such SES Contract, as specified in the combination of characteristics 

listed as eligible for the relevant Eligible SES Reference Entity in, and permitted 

by, the List of Eligible SES Reference Entities.

SES Contract

A credit default swap in respect of any Eligible SES Reference Entity having a 

combination of characteristics listed as eligible for such Eligible SES Reference 

Entity in, and permitted by, the List of Eligible SES Reference Entities. A SES 

Contract is a CDS Contract for purposes of Chapter 20.

SES Contract Reference Obligations

With respect to any Eligible SES Reference Entity, the Reference Obligation(s) 

listed under the heading “SES Contract Reference Obligations” for such Eligible 

SES Reference Entity in the List of Eligible SES Reference Entities (which, for the 

avoidance of doubt, may indicate “No Reference Obligation”, indicating that no 

obligation is specified as a Reference Obligation). In the case of a 2014-Type CDS 

Contract where “Standard Reference Obligation” is applicable to the SES 

Reference Entity and ICE Clear Credit has implemented the Standard Reference 

Obligation, the SES Contract Reference Obligation shall thereafter be such 

Standard Reference Obligation, subject to Section 2.9 of the 2014 Definitions.
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SES Rules

The rules set forth in Chapters 1 through 8, 20 through 22, inclusive, and the CDS 

Restructuring Rules, as modified by the provisions of this Subchapter 26D.

26D-203. Restriction on Activity.

(a) In addition to the other rights granted to ICE Clear Credit in Rule 203, in the event

a CDS Participant (or a Non-Participant Party for whom such CDS Participant is

acting) is subject to an event or agreement described in Rule 26D-206 or in the

event such CDS Participant submits a Trade of the type described in Rule 26D309(c) that is not a Conforming Trade and such Trade is cleared pursuant to these

Rules (in each case, an “SR CDS Participant”), ICE Clear Credit may conduct an

auction process to replace all of the SR CDS Participant’s Open CDS Positions in

the affected CDS Contracts (including, if applicable, those on behalf of any such

Non-Participant Party) (each auction in such process, an “SR Auction”). ICE Clear

Credit shall have the authority to determine the timing and other particular

characteristics of each SR Auction in consultation with the CDS Default

Committee, including determining the size of the bid/offer spread and/or of the

CDS Contracts to be auctioned, whether one or more SR Auctions are to be held

and the timing and structure of such auctions and whether CDS Participants other

than the SR CDS Participant will be required to submit actionable quotations in an

SR Auction.

(b) ICE Clear Credit shall enter into Trades in one or more CDS Contracts with the

CDS Participant(s) and in the amount determined pursuant to the SR Auction, at

which time the corresponding Open CDS Positions of the SR CDS Participant shall

be reduced or terminated, as applicable. The SR CDS Participant and the other

CDS Participants shall be obligated to submit to Deriv/SERV or another service

specified by ICE Clear Credit the terms of such reduction, termination or Trade, as

applicable. Amounts owed by the SR CDS Participant to (or receivable by the SR

CDS Participant from) ICE Clear Credit in connection with any such reduction or

termination shall be determined by ICE Clear Credit using the prices determined

pursuant to the SR Auctions. In addition, any Initial Payments, Margin, or other

payments or deliveries owed (including the dates of settlement with respect

thereto) relating to the Open CDS Positions increased, created, reduced or

terminated pursuant to this Rule 26D-203(b) shall be as determined by ICE Clear

Credit with reference to the SR Auction and, notwithstanding Rules 301 or 303,

Initial Payments may be owed in respect to CDS Contracts entered into by ICE

Clear Credit pursuant to an SR Auction.

26D-206. Notices Required of Participants with respect to SES Contracts.

In addition to the notice requirements contained in Rule 206, a CDS Participant shall 

provide notice to ICE Clear Credit in the event that such CDS Participant (or a NonParticipant Party for whom such CDS Participant is acting) or an Eligible SES Reference 

Entity consolidates or amalgamates with, or merges into, or transfers all or substantially 
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all of its assets to, the Eligible SES Reference Entity or such CDS Participant (or NonParticipant Party for whom such CDS Participant is acting), as applicable, or such CDS 

Participant (or Non-Participant Party for whom such CDS Participant is acting) and an 

Eligible SES Reference Entity are the same entity or are or become Affiliates, or, subject 

to any restrictions on such disclosure imposed by law or regulation, such CDS Participant 

(or Non-Participant Party for whom such CDS Participant is acting) is subject to an 

agreement pursuant to which any of the foregoing is reasonably likely to occur.

26D-303. SES Contract Adjustments.

In addition to the adjustments described in Rule 303, upon clearance of a Trade otherwise 

equivalent to a SES Contract but that:

(a) specifies an Eligible SES Reference Obligation as the “Reference Obligation”,

such Trade shall become an Open CDS Position in the SES Contract with the SES

Contract Reference Obligation specified for such Eligible SES Reference

Obligation in the List of Eligible SES Reference Entities;

(b) an Event Determination Date has occurred with respect to a Restructuring, such

Trade shall become an Open CDS Position in the SES Contract for which no such

Event Determination Date has occurred; and/or

(c) specifies a Transaction Type other than Standard Latin America Sovereign or

Standard Emerging European and Middle Eastern Sovereign, such Trade shall

become an Open CDS Position in the SES Contract otherwise equivalent to such

Trade but specifying Standard Latin America Sovereign or Standard Emerging

European and Middle Eastern Sovereign as the Transaction Type.

26D-309. Acceptance of SES Contracts by ICE Clear Credit.

(a) In addition to the acceptance process described in Rule 309, ICE Clear Credit’s

notice to the relevant CDS Participants that it has accepted a Trade submitted for

clearance shall include any adjustment that will be made by ICE Clear Credit

pursuant to Rule 26D-303. Such CDS Participants’ resubmission of the terms of

such Trade, as provided in Rule 309, shall include the adjustments described by

ICE Clear Credit in such notice.

(b) A CDS Participant shall make all reasonable efforts to not submit a Trade for

clearance as a SES Contract, and any such Trade shall not be a Conforming

Trade, if the Novation Time would be:

(i) at a time when the Fallback Settlement Method is applicable to such SES

Contract;

(ii) at or after the close of business on the calendar day following the Auction

Final Price Determination Date for such SES Contract; or
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(iii) on or after the calendar day following the day on which the Final List (as

defined in the DC Rules) is published for a Restructuring CDS Contract and

at or before the close of business on the calendar day following the CDS

Regional Business Day following the latest possible Exercise Cut-off Date

for the related Relevant Restructuring Credit Event under such

Restructuring CDS Contract;

(such time with respect to any SES Contract, the “Clearance Cut-off Time”); 

provided that ICE Clear Credit may, by written notice to all CDS Participants 

following consultation with the Risk Committee, designate a time other than the 

time determined pursuant to clauses (i) through (iii) above as the Clearance Cutoff Time with respect to any SES Contract.

(c) A CDS Participant may not submit a Trade for clearance as a SES Contract, and

any such Trade shall not be a Conforming Trade, if the time of submission of the

Trade or acceptance or the Novation Time would be at a time when the CDS

Participant (or any Non-Participant Party for whom such CDS Participant is acting)

is, or is an Affiliate of, the Eligible SES Reference Entity for such SES Contract or

is subject to an agreement under which it is reasonably likely that the CDS

Participant (or any such Non-Participant Party) will become, or will become an

Affiliate of, the Eligible SES Reference Entity for such SES Contract. ICE Clear

Credit will not accept a Trade for clearance and settlement if at the time of

submission or acceptance of the Trade or at the time of novation the Participant

submitting the Trade is domiciled in the country of the Eligible SES Reference

Entity for such SES Contract.

(d) A CDS Participant shall as soon as reasonably practicable notify ICE Clear Credit

if any Trade it has submitted for clearance was not at the time of submission, or

ceases to be prior to the Novation Time, a Conforming Trade.

(e) If ICE Clear Credit determines that any Trade submitted for clearance would have

been subject to a Succession Event (in the case of a 2003-Type CDS Contract) or

circumstances giving rise to a Successor and a Succession Date (in the case of a

2014-Type CDS Contract) but will no longer be subject to such Succession Event

or such circumstances, as the case may be, upon clearance because of the Trade

Date that would be specified with respect to the related Open CDS Position, ICE

Clear Credit shall take such action as it deems necessary to ensure that such

Succession Event is given effect or such circumstances are given effect, as the

case may be, with respect to such Trade, including, without limitation, declining to

accept such Trade for clearance or specifying an alternate Trade Date for

purposes of Section 2.1 of the Applicable Credit Derivatives Definitions with

respect to the relevant portion of the related Open CDS Position.

26D-315. Terms of the Cleared SES Contract.

(a) Any capitalized term used in this Subchapter 26D but not defined in these SES

Rules shall have the meaning provided in the Credit Derivatives Definitions.
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(b) For purposes of the CDS Committee Rules, for an SES Contract where the

Transaction Type is Standard Latin America Sovereign the CDS Region is the

North American Region; where the Transaction Type is Standard Emerging

European and Middle Eastern Sovereign the CDS Region is the European Region.

(c) The definitions and provisions contained in the Applicable Credit Derivatives

Definitions (for the purposes of the SES Rules only, the “Credit Derivatives

Definitions”) are incorporated into the SES Rules. In the event of any

inconsistency between the Credit Derivatives Definitions or the Confirmation

(including in electronic form) for a SES Contract and these SES Rules, these SES

Rules will govern.

(d) The following provisions shall apply if the Applicable Credit Derivatives Definitions

are the 2003 Definitions:

(i) If a Convened DC (as defined in the DC Rules) resolves, pursuant to the

DC Rules, (i) a question of interpretation regarding the provisions of the July

2009 Protocol (as defined in the DC Rules) or (ii) to make any amendments

to Schedule 1 of the July 2009 Protocol, in each case that affect a SES

Contract, ICE Clear Credit shall, as promptly as practicable, make

conforming changes to these Rules in order to implement such resolutions.

Notwithstanding anything to the contrary in Rule 616, any change made to

the Rules in accordance with this paragraph (d) shall not constitute a

Contract Modification.

(ii) Section 3.2(c)(i) of the Credit Derivatives Definitions is hereby amended by

replacing the “or” at the end of subparagraph (B) thereof with an “and” and

adding the following as a new subparagraph (C):

“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve (i.e., 

determined without regard to any Effectiveness Convention or any time of 

effectiveness specified in a Presented Position) that a Credit Event has 

occurred for which there is Publicly Available Information, as described in 

CDS Committee Rule 2101-02(a)(iii), with respect to such SES Contracts; 

or”.

(iii) Except for purposes of Section 1.23 of the Credit Derivatives Definitions, a

Credit Event Notice and Notice of Publicly Available Information with

respect to a SES Contract will be deemed to have been effectively delivered

by the Notifying Party for a Credit Event other than Restructuring on the

relevant Event Determination Date determined under the CDS Committee

Rules only when the Resolution is effective, under the CDS Committee

Rules, that a Credit Event other than Restructuring has occurred for which

there is Publicly Available Information, as described in CDS Committee

Rule 2101-02(a)(iii), with respect to such SES Contract. Notwithstanding

anything to the contrary in the Credit Derivatives Definitions, any delivery of
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a Credit Event Notice and/or Notice of Publicly Available Information by a 

CDS Participant (other than (i) the deemed delivery as provided in this 

Rule 26D-315(f) or (ii) notices with respect to a Relevant Restructuring 

Credit Event as provided in the CDS Restructuring Rules) shall not be valid.

(iv) (A) Section 1.8(a)(ii)(A)(I)(3)(y) of the Credit Derivatives Definitions is 

hereby modified by replacing the term “Auction Final Price 

Determination Date” with the phrase “date that is one Relevant City 

Business Day prior to the Auction Settlement Date”.

(B) Section 1.30 of the Credit Derivatives Definitions is hereby modified

by replacing the term “Auction Final Price Determination Date” in

clause (ii) of the last sentence thereof with the phrase “date that is

one Relevant City Business Day prior to the Auction Settlement

Date”.

(v) With respect to SES Contracts for which it is Resolved by the applicable

Regional CDS Committee (or applicable Dispute Resolver) or Credit

Derivatives Determinations Committee that a Credit Event has occurred for

which there is Publicly Available Information, as described in CDS

Committee Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may

not deliver a Notice of Physical Settlement until after it is determined that

the method of settlement for a particular Credit Event is the Fallback

Settlement Method due to the occurrence of one of the events in Section

12.1 of the Credit Derivatives Definitions and as further provided in the CDS

Physical Settlement Rules. For the avoidance of doubt, the effectiveness of

any Notice of Physical Settlement and obligations relating thereto are

subject to the suspension and finality provisions of Sections 6.5 and

9.1(c)(iii) of the Credit Derivatives Definitions.

(vi) Notwithstanding Section 2.9 of the Credit Derivatives Definitions, the initial

Fixed Rate Payer Calculation Period shall commence on, and include, the

Fixed Rate Payer Payment Date falling on or immediately prior to the

calendar day immediately following the Trade Date.

For purposes of this provision, Section 2.10 of the Credit Derivatives 

Definitions shall be deemed amended by deleting the words “during the 

term of the transaction”.

(e) The following provisions shall apply if the Applicable Credit Derivatives Definitions

are the 2014 Definitions:

(i) Section 8.10(a) of the 2014 Definitions is hereby amended by replacing the

“.” at the end of subparagraph (B) thereof with an “; and” and adding the

following as a new subparagraph (C):
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“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve (i.e., 

determined without regard to any Effectiveness Convention or any time of 

effectiveness specified in a Presented Position) that a Credit Event has 

occurred for which there is Publicly Available Information, as described in 

CDS Committee Rule 2101-02(a)(iii), with respect to such SES Contracts.”.

(ii) Except for purposes of Section 1.39 of the 2014 Definitions, a Credit Event

Notice and Notice of Publicly Available Information with respect to a SES

Contract for a Credit Event other than M(M)R Restructuring will be deemed

to have been effectively delivered by the Notifying Party on the relevant

Event Determination Date determined under the CDS Committee Rules

only when the Resolution is effective, under the CDS Committee Rules, that

a Credit Event other than M(M)R Restructuring has occurred for which there

is Publicly Available Information, as described in CDS Committee

Rule 2101-02(a)(iii), with respect to such SES Contract. Notwithstanding

anything to the contrary in the 2014 Definitions, any delivery of a Credit

Event Notice and/or Notice of Publicly Available Information by a CDS

Participant (other than (i) the deemed delivery as provided in this Rule 26D315(e)(ii) or (ii) notices with respect to a Relevant Restructuring Credit

Event as provided in the CDS Restructuring Rules) shall not be valid.

(iii) For the purposes only of Section 1.16(a)(ii)(A)(II) of the 2014 Definitions,

Section 1.17 of the 2014 Definitions is hereby modified by replacing the term

“Auction Final Price Determination Date” with the phrase “date that is one

Relevant City Business Day prior to the Auction Settlement Date”.

(iv) With respect to SES Contracts for which it is Resolved by the Regional CDS

Committee (or applicable Dispute Resolver) or Credit Derivatives

Determinations Committee that a Credit Event has occurred for which there

is Publicly Available Information, as described in CDS Committee

Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may not deliver

a Notice of Physical Settlement until after it is determined that the method

of settlement for a particular Credit Event is the Fallback Settlement Method

due to the occurrence of one of the events in Section 6.1 of the 2014

Definitions, and as further provided in the CDS Physical Settlement Rules.

For the avoidance of doubt, the effectiveness of any Notice of Physical

Settlement and obligations relating thereto are subject to the suspension

and finality provisions of Sections 10.1 and 10.2 of the 2014 Definitions.

(v) Section 11.4 of the Credit Derivatives Definitions shall not apply.

(f) The Settlement Method for particular SES Contracts will be Auction Settlement

and the Fallback Settlement Method will be Physical Settlement in accordance with

the CDS Physical Settlement Rules.

(g) The following terms will apply to each SES Contract:
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(i) The “Agreement” is the Participant Agreement between the relevant CDS

Participant and ICE Clear Credit.

(ii) The “Calculation Agent” is ICE Clear Credit, except as provided in the CDS

Committee Rules.

(iii) The “Fixed Rate Payer Payment Dates” will be March 20, June 20,

September 20 and December 20.

(iv) The “Initial Payment Date” will be the date that is the first Business Day

immediately following the Trade Date; provided that with respect to a SES

Contract that is accepted for clearing pursuant to Rule 309 after the Trade

Date thereof, the “Initial Payment Date” will be the date that is the first

Business Day following the date as of which such SES Contract is accepted

for clearing pursuant to Rule 309.

(h) For each SES Contract, the following terms will be determined according to the

particular SES Contract submitted for clearing, subject to Rule 26D-303:

(i) Which of the Eligible SES Reference Entities is the “Reference Entity”.

(ii) Which of the SES Contract Reference Obligations specified for the

Reference Entity in the List of Eligible SES Reference Entities is the

“Reference Obligation”.

(iii) The “Trade Date”.

(iv) The “Effective Date”.

(v) Which of the eligible Scheduled Termination Dates specified for the

“Reference Entity” in the List of Eligible SES Reference Entities is the

“Scheduled Termination Date”.

(vi) The “Floating Rate Payer Calculation Amount”.

(vii) The “Floating Rate Payer”.

(viii) The “Fixed Rate Payer”.

(ix) The “Fixed Rate”.

(x) The “Transaction Type”, which may be Standard Latin America Sovereign

or Standard Emerging European and Middle Eastern Sovereign.

(xi) If applicable, the Matrix Publication Date for the Relevant Physical

Settlement Matrix.

(xii) The “Initial Payment Payer”.
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(xiii) The “Initial Payment Amount”.

(xiv) Which of the eligible Applicable Credit Derivatives Definitions applies.

(xv) In the case of a 2014-Type CDS Contract, which of the eligible Seniority

Levels applies.

26D-316. Relevant Physical Settlement Matrix Updates.

(a) Where ISDA publishes a version of the Credit Derivatives Physical Settlement

Matrix (a “New SES Matrix”) that is subsequent to the version that is specified as

the Relevant Physical Settlement Matrix for any SES Contract(s), and the Board

or its designee determines that updating such SES Contract(s) to reference the

New SES Matrix would not constitute a Contract Modification as provided in

Rule 616 (the date of such determination, the “SES Matrix Update Date” and each

prior Credit Derivatives Physical Settlement Matrix subject to such determination,

a “Superseded SES Matrix”) and so notifies CDS Participants, such SES

Contracts shall, as of the close of business on the SES Matrix Update Date,

become SES Contracts referencing the New SES Matrix as the Relevant Physical

Settlement Matrix and the List of Eligible SES Reference Entities shall be updated

accordingly. Any Trade referencing a Superseded SES Matrix submitted for

clearing as a SES Contract shall, upon acceptance for clearing, become a SES

Contract referencing the New SES Matrix.

(b) The Board or its designee may determine a different SES Matrix Update Date

applicable to individual SES Contracts or groups of SES Contracts or may

determine a SES Matrix Update Date applicable to all SES Contracts referencing

a Superseded SES Matrix, as it deems appropriate.

26D-502. Specified Actions.

Notwithstanding anything to the contrary in Rule 502(a) but without limiting the application 

of Rule 616 to any Modification (including the requirement of consultation with the Risk 

Committee, as provided in Rule 502(a), prior to determining that a Modification is not a 

Contract Modification), none of the following shall constitute a Specified Action: (a) adding 

and/or Modifying Permitted SES Fixed Rates, (b) adding new Eligible SES Reference 

Entities and related Transaction Types, and adding and/or Modifying any other entries in 

any of the fields in the List of Eligible SES Reference Entities or (c) an update to the List 

of Eligible SES Reference Entities, as described in Rules 26D-316 and 26D-616.

26D-616. Contract Modification.

(a) It shall not constitute a Contract Modification if the Board or its designee updates

the List of Eligible SES Reference Entities (and modifies the terms and conditions

of related SES Contracts) to give effect to determinations by the applicable

Regional CDS Committee (or applicable Dispute Resolver) or a Credit Derivatives

Determinations Committee, including, without limitation, determinations of
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Succession Events or circumstances that give rise to Successors and Succession 

Dates, or Substitute Reference Obligations or implementation of Standard 

Reference Obligations (or changes thereto). In addition, the determination that 

“Standard Reference Obligation” will be applicable to an Eligible SES Reference 

Entity shall not constitute a Contract Modification.

(b) Notwithstanding anything to the contrary herein (including Rule 616(b)), with

respect to Open Positions in SES Contracts that are Converting Contracts,

effective as of the 2003/2014 Changeover Effective Date and without need for

further action or determination by the Board, the terms of each such Contract will

be deemed amended such that it is a 2014-Type CDS Contract under these Rules,

the Applicable Credit Derivatives Definitions are the 2014 Definitions and it

references the New SES Matrix with an SES Matrix Update Date of the 2003/2014

Changeover Effective Date. The amendments made by this rule 26D-616 shall

apply as of the 2003/2014 Changeover Effective Date regardless of whether any

relevant transaction record in Deriv/SERV is updated to reflect such amendments.

(c) Notwithstanding anything to the contrary herein (including Rule 616(b)), with

respect to Open Positions in SES Contracts for which the Reference Entity is the

Bolivarian Republic of Venezuela, effective as of October 20, 2017 (or such later

date as may be designated by ICE Clear Credit Circular) (the “Venezuela

Additional Provisions Effective Date”) and without need for further action or

determination by the Board, the terms of each such Contract will be deemed

amended such that (i) the Additional Provisions for Certain Venezuelan Entities:

Excluded Obligation and Excluded Deliverable Obligations, as published by ISDA

on September 19, 2017, shall apply to such Contract and (ii) such Contract

references the New SES Matrix with an SES Matrix Update Date of September 19,

2017. The amendments made by this Rule 26D-616(c) shall apply as of the

Venezuela Additional Provisions Effective Date regardless of whether any relevant

transaction record in Deriv/SERV is updated to reflect such amendments.

(d) Notwithstanding anything to the contrary herein (including Rule 616(b)), with

respect to Open Positions in SES Contracts for which the Reference Entity is the

Russian Federation, effective as of April 25, 2022 (or such later date as may be

designated by ICE Clear Credit Circular) (the “Russia Additional Provisions

Effective Date”) and without need for further action or determination by the Board,

the terms of each such Contract will be deemed amended such that (i) the

Additional Provisions for Certain Russian Entities: Excluded Obligations and

Excluded Deliverable Obligations, as published by ISDA on March 25, 2022, shall

apply to such Contract and (ii) such Contract references the New SES Matrix with

an SES Matrix Update Date of the Russia Additional Provisions Effective Date.

The amendments made by this Rule 26D-616(d) shall apply as of the Russia

Additional Provisions Effective Date regardless of whether any relevant transaction

record in Deriv/SERV is updated to reflect such amendments.
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26I. Standard Western European Sovereign (“SWES”) Single Name.

The rules in this Subchapter 26I apply to the clearance of SWES Contracts.

26I-102. Definitions.

Eligible SWES Reference Entities

Each particular Reference Entity included in the List of Eligible SWES Reference 

Entities as determined by ICE Clear Credit to be eligible (specifically the Republic 

of Ireland, the Italian Republic, the Portuguese Republic, the Kingdom of Spain, 

the Kingdom of Belgium, the Republic of Austria, the Kingdom of the Netherlands,

the Federal Republic of Germany, the French Republic, the United Kingdom of 

Great Britain and Northern Ireland, the Republic of Finland, and the Hellenic 

Republic, and Kingdom of Sweden). For the avoidance of doubt, if there are 

multiple Reference Entity Database codes (as published by Markit Group Limited 

or any successor thereto, such codes “RED Codes”) for a particular Reference 

Entity listed in the List of Eligible SWES Reference Entities, each such RED Code 

shall be treated as a separate Eligible SWES Reference Entity.

Eligible SWES Reference Obligations

With respect to any SWES Contract Reference Obligation for any Eligible SWES 

Reference Entity, the Reference Obligations determined by ICE Clear Credit to be 

eligible and listed under the heading “Eligible Reference Obligations” for such 

SWES Contract Reference Obligation and Eligible SWES Reference Entity in the 

List of Eligible SWES Reference Entities. In the case of a 2014-Type CDS Contract 

where “Standard Reference Obligation is applicable to the Eligible SWES 

Reference Entity and ICE Clear Credit has implemented the Standard Reference 

Obligation, the Standard Reference Obligation shall be an Eligible SWES 

Reference Obligation.

List of Eligible SWES Reference Entities

The list of Eligible SWES Reference Entities, maintained, updated and published 

by the Board or its designee on the ICE Clear Credit website, specifying the 

following information (and the permissible combinations thereof, which may 

distinguish, where applicable, between 2003-Type CDS Contracts and 2014-Type 

CDS Contracts) with respect to each Eligible SWES Reference Entity:

(a) the name of such Eligible SWES Reference Entity and the RED Code(s) for

such Eligible SWES Reference Entity;

(b) each Relevant Physical Settlement Matrix and Transaction Type for such

Eligible SWES Reference Entity, which shall be “Standard Western

European Sovereign”;
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(c) each SWES Contract Reference Obligation and each Eligible SWES

Reference Obligation for each such SWES Contract Reference Obligation;

(d) each eligible “Scheduled Termination Date”;

(e) the Sector “Government” (as published by Markit Group Limited or any

successor thereto);

(f) the currency in which the Floating Rate Payer Calculation Amount must be

denominated and the currency to be used for the calculation of Margin;

(g) the eligible Applicable Credit Derivatives Definitions;

(h) in the case of a 2014-Type CDS Contract, the eligible Seniority Levels; and

(i) in the case of a 2014-Type CDS Contract, whether “Standard Reference

Obligation” is applicable.

Permitted SWES Fixed Rates

The Fixed Rates permitted for a SWES Contract, as determined from time to time 

by the Board or its designee and notified to CDS Participants.

Relevant Physical Settlement Matrix

With respect to a SWES Contract, the “Credit Derivatives Physical Settlement 

Matrix” applicable to such SWES Contract, as specified in the combination of 

characteristics listed as eligible for the relevant Eligible SWES Reference Entity in, 

and permitted by, the List of Eligible SWES Reference Entities.

SWES Contract

A credit default swap in respect of any Eligible SWES Reference Entity having a 

combination of characteristics listed as eligible for such Eligible SWES Reference 

Entity in, and permitted by, the List of Eligible SWES Reference Entities. A SWES 

Contract is a CDS Contract for purposes of Chapter 20.

SWES Contract Reference Obligations

With respect to any Eligible SWES Reference Entity, the Reference Obligation(s) 

listed under the heading “SWES Contract Reference Obligations” for such Eligible 

SWES Reference Entity in the List of Eligible SWES Reference Entities (which, for 

the avoidance of doubt, may indicate “No Reference Obligation”, indicating that no 

obligation is specified as a Reference Obligation). In the case of a 2014-Type CDS 

Contract where “Standard Reference Obligation” is applicable to the Eligible 

SWES Reference Entity and ICE Clear Credit has implemented the Standard 

Reference Obligation, the SWES Contract Reference Obligation shall thereafter 
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be such Standard Reference Obligation, subject to Section 2.9 of the 2014 

Definitions.

SWES Rules

The rules set forth in Chapters 1 through 8, 20 through 22, inclusive, and the CDS 

Restructuring Rules, as modified by the provisions of this Subchapter 26I.

26I-203. Restriction on Activity.

(a) In addition to the other rights granted to ICE Clear Credit in Rule 203, in the event

a CDS Participant (or a Non-Participant Party for whom such Participant is acting)

is subject to an event or agreement described in Rule 26I-206 or in the event such

CDS Participant submits a Trade of the type described in Rule 26I-309(c) that is

not a Conforming Trade and such Trade is cleared pursuant to these Rules (in

each case, an “SR CDS Participant”), ICE Clear Credit may conduct an auction

process to replace all of the SR CDS Participant’s Open CDS Positions in the

affected CDS Contracts (including, if applicable, those on behalf of any such NonParticipant Party) (each auction in such process, an “SR Auction”). ICE Clear

Credit shall have the authority to determine the timing and other particular

characteristics of each SR Auction in consultation with the CDS Default Committee

and as provided in the ICE Clear Credit Procedures, including determining the size

of the bid/offer spread and/or of the CDS Contracts to be auctioned, whether one

or more SR Auctions are to be held and the timing and structure of such auctions

and whether CDS Participants other than the SR CDS Participant will be required

to submit actionable quotations in an SR Auction.

(b) ICE Clear Credit shall enter into Trades in one or more CDS Contracts with the

CDS Participant(s) and in the amount determined pursuant to the SR Auction, at

which time the corresponding Open CDS Positions of the SR CDS Participant shall

be reduced or terminated, as applicable. The SR CDS Participant and the other

CDS Participants shall be obligated to submit to Deriv/SERV or another service

specified by ICE Clear Credit the terms of such reduction, termination or Trade, as

applicable. Amounts owed by the SR CDS Participant to (or receivable by the SR

CDS Participant from) ICE Clear Credit in connection with any such reduction or

termination shall be determined by ICE Clear Credit using the prices determined

pursuant to the SR Auctions. In addition, any Initial Payments, Margin, or other

payments or deliveries owed (including the dates of settlement with respect

thereto) relating to the Open CDS Positions increased, created, reduced or

terminated pursuant to this Rule 26I-203(b) shall be as determined by ICE Clear

Credit with reference to the SR Auction in accordance with the ICE Clear Credit

Procedures and, notwithstanding Rules 301 or 303, Initial Payments may be owed

in respect to CDS Contracts entered into by ICE Clear Credit pursuant to an SR

Auction.
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26I-206. Notices Required of Participants with respect to SWES Contracts.

In addition to the notice requirements contained in Rule 206, a CDS Participant shall 

provide notice to ICE Clear Credit in the event that such CDS Participant (or a NonParticipant Party for whom such CDS Participant is acting) or an Eligible SWES 

Reference Entity consolidates or amalgamates with, or merges into, or transfers all or 

substantially all of its assets to, the Eligible SWES Reference Entity or such CDS 

Participant (or Non-Participant Party for whom such CDS Participant is acting), as 

applicable, or such CDS Participant (or Non-Participant Party for whom such CDS 

Participant is acting) and an Eligible SWES Reference Entity are the same entity or are 

or become Affiliates, or, subject to any restrictions on such disclosure imposed by law or 

regulation, such CDS Participant (or Non-Participant Party for whom such CDS 

Participant is acting) is subject to an agreement pursuant to which any of the foregoing is 

reasonably likely to occur.

26I-303. SWES Contract Adjustments.

In addition to the adjustments described in Rule 303, upon clearance of a Trade otherwise 

equivalent to a SWES Contract but that:

(a) specifies an Eligible SWES Reference Obligation as the “Reference Obligation”,

such Trade shall become an Open CDS Position in the SWES Contract with the

SWES Contract Reference Obligation specified for such Eligible SWES Reference

Obligation in the List of Eligible SWES Reference Entities;

(b) an Event Determination Date has occurred with respect to a Restructuring, such

Trade shall become an Open CDS Position in the SWES Contract for which no

such Event Determination Date has occurred; and/or

(c) specifies a Transaction Type other than Standard Western European Sovereign,

such Trade shall become an Open CDS Position in the SWES Contract otherwise

equivalent to such Trade but specifying Standard Western European Sovereign as

the Transaction Type.

26I-309. Acceptance of SWES Contracts by ICE Clear Credit.

(a) In addition to the acceptance process described in Rule 309, ICE Clear Credit’s

notice to the relevant CDS Participants that it has accepted a Trade submitted for

clearance shall include any adjustment that will be made by ICE Clear Credit

pursuant to Rule 26I-303. Such CDS Participants’ resubmission of the terms of

such Trade, as provided in Rule 309, shall include the adjustments described by

ICE Clear Credit in such notice.

(b) A CDS Participant shall make all reasonable efforts to not submit a Trade for

clearance as a SWES Contract, and any such Trade shall not be a Conforming

Trade, if the Novation Time would be:
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(i) at a time when the Fallback Settlement Method is applicable to such SWES

Contract;

(ii) at or after the close of business on the calendar day following the Auction

Final Price Determination Date for such SWES Contract; or

(iii) on or after the calendar day following the day on which the Final List (as

defined in the DC Rules) is published for a Restructuring CDS Contract and

at or before the close of business on the calendar day following the CDS

Regional Business Day following the latest possible Exercise Cut-off Date

for the related Relevant Restructuring Credit Event under such

Restructuring CDS Contract;

(such time with respect to any SWES Contract, the “Clearance Cut-off Time”); 

provided that ICE Clear Credit may, by written notice to all CDS Participants 

following consultation with the Risk Committee, designate a time other than the 

time determined pursuant to clauses (i) through (iii) above as the Clearance Cutoff Time with respect to any SWES Contract.

(c) A CDS Participant may not submit a Trade for clearance as a SWES Contract, and

any such Trade shall not be a Conforming Trade, if the time of submission of the

Trade or acceptance or the Novation Time would be at a time when the CDS

Participant (or any Non-Participant Party for whom such CDS Participant is acting)

is, or is an Affiliate of, the Eligible SWES Reference Entity for such SWES Contract

or is subject to an agreement under which it is reasonably likely that the CDS

Participant (or any such Non-Participant Party) will become, or will become an

Affiliate of, the Eligible SWES Reference Entity for such SWES Contract.

(d) A CDS Participant shall as soon as reasonably practicable notify ICE Clear Credit

if any Trade it has submitted for clearance was not at the time of submission, or

ceases to be prior to the Novation Time, a Conforming Trade.

(e) If ICE Clear Credit determines that any Trade submitted for clearance would have

been subject to a Succession Event (in the case of a 2003-Type CDS Contract) or

circumstances giving rise to a Successor and a Succession Date (in the case of a

2014-Type CDS Contract) but will no longer be subject to such Succession Event

or such circumstances, as the case may be, upon clearance because of the Trade

Date that would be specified with respect to the related Open CDS Position, ICE

Clear Credit shall take such action as it deems necessary to ensure that such

Succession Event is given effect or such circumstances are given effect, as the

case may be, with respect to such Trade, including, without limitation, declining to

accept such Trade for clearance or specifying an alternate Trade Date for

purposes of Section 2.1 of the Applicable Credit Derivatives Definitions with

respect to the relevant portion of the related Open CDS Position.
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26I-315. Terms of the Cleared SWES Contract.

(a) Any capitalized term used in this Subchapter 26I but not defined in these SWES

Rules shall have the meaning provided in the Credit Derivatives Definitions.

(b) For purposes of the CDS Committee Rules, the CDS Region for each SWES

Contract is the European Region.

(c) The definitions and provisions contained in the Applicable Credit Derivatives

Definitions (for the purposes of the SWES Rules only, the “Credit Derivatives

Definitions”) are incorporated into the SWES Rules. In the event of any

inconsistency between the Credit Derivatives Definitions or the Confirmation

(including in electronic form) for a SWES Contract and these SWES Rules, these

SWES Rules will govern.

(d) The following provisions shall apply if the Applicable Credit Derivatives Definitions

are the 2003 Definitions:

(i) If a Convened DC (as defined in the DC Rules) resolves, pursuant to the

DC Rules, (i) a question of interpretation regarding the provisions of the July

2009 Protocol (as defined in the DC Rules) or (ii) to make any amendments

to Schedule 1 of the July 2009 Protocol, in each case that affect a SWES

Contract, ICE Clear Credit shall, as promptly as practicable, make

conforming changes to these Rules in order to implement such resolutions.

Notwithstanding anything to the contrary in Rule 616, any change made to

the Rules in accordance with this paragraph (d) shall not constitute a

Contract Modification.

(ii) Section 3.2(c)(i) of the Credit Derivatives Definitions is hereby amended by

replacing the “or” at the end of subparagraph (B) thereof with an “and” and

adding the following as a new subparagraph (C):

“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve 

(i.e., determined without regard to any Effectiveness Convention or 

any time of effectiveness specified in a Presented Position) that a 

Credit Event has occurred for which there is Publicly Available 

Information, as described in CDS Committee Rule 2101-02(a)(iii), 

with respect to such SWES Contracts; or”.

(iii) Except for purposes of Section 1.23 of the Credit Derivatives Definitions, a

Credit Event Notice and Notice of Publicly Available Information with

respect to a SWES Contract will be deemed to have been effectively

delivered by the Notifying Party for a Credit Event other than Restructuring

on the relevant Event Determination Date determined under the CDS

Committee Rules only when the Resolution is effective, under the CDS

Committee Rules, that a Credit Event other than Restructuring has occurred
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for which there is Publicly Available Information, as described in CDS 

Committee Rule 2101-02(a)(iii), with respect to such SWES Contract. 

Notwithstanding anything to the contrary in the Credit Derivatives 

Definitions, any delivery of a Credit Event Notice and/or Notice of Publicly 

Available Information by a CDS Participant (other than (i) the deemed 

delivery as provided in this Rule 26I-315(d)(iii) or (ii) notices with respect to 

a Relevant Restructuring Credit Event as provided in the CDS Restructuring 

Rules) shall not be valid.

(iv) (A) Section 1.8(a)(ii)(A)(I)(3)(y) of the Credit Derivatives Definitions is 

hereby modified by replacing the term “Auction Final Price 

Determination Date” with the phrase “date that is one Relevant City 

Business Day prior to the Auction Settlement Date”.

(B) Section 1.30 of the Credit Derivatives Definitions is hereby modified

by replacing the term “Auction Final Price Determination Date” in

clause (ii) of the last sentence thereof with the phrase “date that is

one Relevant City Business Day prior to the Auction Settlement

Date”.

(v) With respect to SWES Contracts for which it is Resolved by the applicable

Regional CDS Committee (or applicable Dispute Resolver) or Credit

Derivatives Determinations Committee that a Credit Event has occurred for

which there is Publicly Available Information, as described in CDS

Committee Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may

not deliver a Notice of Physical Settlement until after it is determined that

the method of settlement for a particular Credit Event is the Fallback

Settlement Method due to the occurrence of one of the events in Section

12.1 of the Credit Derivatives Definitions and as further provided in the CDS

Physical Settlement Rules. For the avoidance of doubt, the effectiveness of

any Notice of Physical Settlement and obligations relating thereto are

subject to the suspension and finality provisions of Sections 6.5 and

9.1(c)(iii) of the Credit Derivatives Definitions.

(vi) Notwithstanding Section 2.9 of the Credit Derivatives Definitions, the initial

Fixed Rate Payer Calculation Period shall commence on, and include, the

Fixed Rate Payer Payment Date falling on or immediately prior to the

calendar day immediately following the Trade Date.

For purposes of this provision, Section 2.10 of the Credit Derivatives 

Definitions shall be deemed amended by deleting the words “during the 

term of the transaction”.

(e) The following provisions shall apply if the Applicable Credit Derivatives Definitions

are the 2014 Definitions:
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(i) Section 8.10(a) of the 2014 Definitions is hereby amended by replacing the

"." at the end of subparagraph (B) thereof with "; and" and adding the

following as a new subparagraph (C):

“(C) the tenth calendar day after the date of the actual decision by the 

relevant Regional CDS Committee (or Dispute Resolver) to Resolve 

(i.e., determined without regard to any Effectiveness Convention or 

any time of effectiveness specified in a Presented Position) that a 

Credit Event has occurred for which there is Publicly Available 

Information, as described in CDS Committee Rule 2101-02(a)(iii), 

with respect to such SWES Contracts.”.

(ii) Except for purposes of Section 1.39 of the 2014 Definitions, a Credit Event

Notice and Notice of Publicly Available Information with respect to a SWES

Contract for a Credit Event other than M(M)R Restructuring will be deemed

to have been effectively delivered by the Notifying Party on the relevant

Event Determination Date determined under the CDS Committee Rules

only when the Resolution is effective, under the CDS Committee Rules, that

a Credit Event other than M(M)R Restructuring has occurred for which there

is Publicly Available Information, as described in CDS Committee

Rule 2101-02(a)(iii), with respect to such SWES Contract. Notwithstanding

anything to the contrary in the 2014 Definitions, any delivery of a Credit

Event Notice and/or Notice of Publicly Available Information by a CDS

Participant (other than (i) the deemed delivery as provided in this Rule 26I315(e)(ii) or (ii) notices with respect to a Relevant Restructuring Credit

Event as provided in the CDS Restructuring Rules) shall not be valid.

(iii) For the purposes only of Section 1.16(a)(ii)(A)(II) of the 2014 Definitions,

Section 1.17 of the 2014 Definitions is hereby modified by replacing the term

“Auction Final Price Determination Date” with the phrase “date that is one

Relevant City Business Day prior to the Auction Settlement Date”.

(iv) With respect to SWES Contracts for which it is Resolved by the Regional

CDS Committee (or applicable Dispute Resolver) or Credit Derivatives

Determinations Committee that a Credit Event has occurred for which there

is Publicly Available Information, as described in CDS Committee

Rule 2101-02(a)(iii) or the DC Rules, as applicable, Buyer may not deliver

a Notice of Physical Settlement until after it is determined that the method

of settlement for a particular Credit Event is the Fallback Settlement Method

due to the occurrence of one of the events in Section 6.1 of the 2014

Definitions, and as further provided in the CDS Physical Settlement Rules.

For the avoidance of doubt, the effectiveness of any Notice of Physical

Settlement and obligations relating thereto are subject to the suspension

and finality provisions of Sections 10.1 and 10.2 of the 2014 Definitions.

(v) Section 11.4 of the 2014 Definitions shall not apply.
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(f) The Settlement Method for particular SWES Contracts will be Auction Settlement

and the Fallback Settlement Method will be Physical Settlement in accordance with

the CDS Physical Settlement Rules.

(g) The following terms will apply to each SWES Contract:

(i) The “Agreement” is the Participant Agreement between the relevant CDS

Participant and ICE Clear Credit.

(ii) The “Transaction Type” is Standard Western European Sovereign.

(iii) The “Calculation Agent” is ICE Clear Credit, except as provided in the CDS

Committee Rules.

(iv) The “Fixed Rate Payer Payment Dates” will be March 20, June 20,

September 20 and December 20.

(v) The “Initial Payment Date” will be the date that is the first Business Day

immediately following the Trade Date; provided that with respect to a SWES

Contract that is accepted for clearing pursuant to Rule 309 after the Trade

Date thereof, the “Initial Payment Date” will be the date that is the first

Business Day following the date as of which such SWES Contract is

accepted for clearing pursuant to Rule 309.

(h) For each SWES Contract, the following terms will be determined according to the

particular SWES Contract submitted for clearing, subject to Rule 26I-303:

(i) Which of the Eligible SWES Reference Entities is the “Reference Entity”.

(ii) Which of the SWES Contract Reference Obligations specified for the

Reference Entity in the List of Eligible SWES Reference Entities is the

“Reference Obligation”.

(iii) The “Trade Date”.

(iv) The “Effective Date”.

(v) Which of the eligible Scheduled Termination Dates specified for the

“Reference Entity” in the List of Eligible SWES Reference Entities is the

“Scheduled Termination Date”.

(vi) The “Floating Rate Payer Calculation Amount”.

(vii) The “Floating Rate Payer”.

(viii) The “Fixed Rate Payer”.

(ix) The “Fixed Rate”.
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(x) If applicable, the Matrix Publication Date for the Relevant Physical

Settlement Matrix.

(xi) The “Initial Payment Payer”.

(xii) The “Initial Payment Amount”.

(xiii) Which of the eligible Applicable Credit Derivatives Definitions applies.

(xiv) In the case of a 2014-Type CDS Contract, which of the eligible Seniority

Levels applies.

26I-316. Relevant Physical Settlement Matrix Updates.

(a) Where ISDA publishes a version of the Credit Derivatives Physical Settlement

Matrix (a “New SWES Matrix”) that is subsequent to the version that is specified

as the Relevant Physical Settlement Matrix for any SWES Contract(s), and the

Board or its designee determines that updating such SWES Contract(s) to

reference the New SWES Matrix would not constitute a Contract Modification as

provided in Rule 616 (the date of such determination, the “SWES Matrix Update

Date” and each prior Credit Derivatives Physical Settlement Matrix subject to such

determination, a “Superseded SWES Matrix”) and so notifies CDS Participants,

such SWES Contracts shall, as of the close of business on the SWES Matrix

Update Date, become SWES Contracts referencing the New SWES Matrix as the

Relevant Physical Settlement Matrix and the List of Eligible SWES Reference

Entities shall be updated accordingly. Any Trade referencing a Superseded SWES

Matrix submitted for clearing as a SWES Contract shall, upon acceptance for

clearing, become a SWES Contract referencing the New SWES Matrix.

(b) The Board or its designee may determine a different SWES Matrix Update Date

applicable to individual SWES Contracts or groups of SWES Contracts or may

determine a SWES Matrix Update Date applicable to all SWES Contracts

referencing a Superseded SWES Matrix, as it deems appropriate.

26I-502. Specified Actions.

Notwithstanding anything to the contrary in Rule 502(a) but without limiting the application 

of Rule 616 to any Modification (including the requirement of consultation with the Risk 

Committee, as provided in Rule 502(a), prior to determining that a Modification is not a 

Contract Modification), none of the following shall constitute a Specified Action: (a) adding 

and/or Modifying Permitted SWES Fixed Rates, (b) adding new Eligible SWES Reference 

Entities, and adding and/or Modifying any other entries in any of the fields in the List of 

Eligible SWES Reference Entities or (c) an update to the List of Eligible SWES Reference 

Entities, as described in Rules 26I-316 and 26I-616.
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26I-616. Contract Modification.

It shall not constitute a Contract Modification if the Board or its designee updates the List 

of Eligible SWES Reference Entities (and modifies the terms and conditions of related 

SWES Contracts) to give effect to determinations by the Regional CDS Committee (or 

applicable Dispute Resolver) or a Credit Derivatives Determinations Committee, 

including, without limitation, determinations of Succession Events or circumstances that 

give rise to Successors and Succession Dates, or Substitute Reference Obligations or 

implementation of Standard Reference Obligations (or changes thereto). In addition, the 

determination that “Standard Reference Obligation” will be applicable to an Eligible SWES 

Reference Entity shall not constitute a Contract Modification.