(iv) For the purposes of this Part 5(l):
‘CCP’ means a central clearing house authorised under Article 14 of EMIR or recognised under Article 25 of EMIR.
‘CCP Service’ means in respect of a CCP, an over-the-counter derivative clearing service offered by such CCP.
‘Cleared’ means, in respect of a Transaction, that such Transaction has been submitted (including where details of such Transaction are submitted) to a CCP for clearing in a relevant CCP Service and that such CCP has become a party to a resulting or corresponding transaction, as applicable, pursuant to such CCP's Rule Set.
‘Commission’ means the executive body of the European Union which is responsible for proposing legislation, implementing decisions, upholding the European Union's treaties and the day-to-day running of the European Union.
‘confirm’ means, with respect to a Confirmation provided by the Documenting Party to the Receiving Party, an acknowledgement in writing (whether by execution in counterpart of the Confirmation or otherwise) or electronically from the Receiving Party to the Documenting Party that the terms of such Confirmation reflect the terms of the Relevant Confirmation Transaction and ‘confirmed’ will be construed accordingly.
‘Confirmation Delivery Deadline’ means (i) 5:00 pm CET on the Local Business Day prior to the Timely Confirmation Deadline; or (ii) if the Timely Confirmation Deadline falls after the day that is the second Local Business Day following the Trade Date, 5:00 PM CET on the second Local Business Day immediately preceding the Timely Confirmation Deadline. Notwithstanding anything to the contrary in the Agreement, for this purpose ‘Local Business Day’ means, a day on which commercial banks and foreign exchange markets are generally open to settle payments in the city in which the office through which the Receiving Party is acting for the purposes of the Relevant Confirmation Transaction is located.
‘Documenting Party’ means Party A.
‘EMIR’ means Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012.
European Union’ means the economic and political union established in 1993 by the Maastricht Treaty, with the aim of achieving closer economic and political union between member states that are primarily located in Europe.
‘Not Confirmed Notice’ means, with respect to a Confirmation provided by the Documenting Party, a written notice from the Receiving Party to the Documenting Party stating that the terms of such Confirmation do not accurately reflect the terms of the Transaction, which terms are inaccurate and what such terms should be, in the opinion of the Receiving Party.
‘Receiving Party’ means the party which is not the Documenting Party.
‘Relevant Confirmation Transaction’ means any Transaction which was not Cleared and entered into on or following the Timely Confirmation Start Date.
‘Rule Set’ means, with respect to a CCP Service, the relevant rules, conditions, procedures, regulations, standard terms, membership agreements, collateral addenda, notices, guidance, policies or other such documents promulgated by the relevant CCP and amended and supplemented from time to time.
‘Timely Confirmation Deadline’ means the end of the latest day by which such Relevant Confirmation Transaction must be confirmed in accordance with Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union. If Party A to such Relevant Confirmation Transaction is not a ‘financial counterparty’ (as defined in EMIR), it will be deemed to be a financial counterparty solely for the purpose of determining such latest day.
‘Timely Confirmation Start Date’ means the twentieth day following the day of publication of Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union.
‘Trade Date’ means the date of execution of the Transaction.