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The recent decision in DKR Soundshore Oasis Holding v Merrill Lynch International is a timely reminder to market participants that one must strictly comply with the prescribed conditions to settlement contained in the 2003 ISDA Credit Derivatives Definitions (the "ISDA Definitions") before a protection seller will be contractually obliged to pay a physical settlement amount or cash settlement amount, as applicable, to a protection buyer under a credit derivative transaction
