Tags: Mobile edit Mobile web edit |
Tags: Mobile edit Mobile web edit |
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| '''Section {{cddprov|4.6}} Repudiation'''/Moratorium.<br>
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| :(a) “'''{{cddprov|Repudiation/Moratorium}}'''” means the occurrence of both of the following events:<br>
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| ::(i) an authorized officer of the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} (A) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, one or more Obligations in an aggregate amount of not less than the {{cddprov|Default Requirement}} or (B) declares or imposes a moratorium, standstill, roll-over or deferral, whether de facto or de jure, with respect to one or more Obligations in an aggregate amount of not less than the {{cddprov|Default Requirement}}; and<br>
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| ::(ii) a {{cddprov|Failure to Pay}}, determined without regard to the {{cddprov|Payment Requirement}}, or a {{cddprov|Restructuring}}, determined without regard to the {{cddprov|Default Requirement}}, with respect to any such Obligation occurs on or prior to the {{cddprov|Repudiation/Moratorium Evaluation Date}}.<br>
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| :(b) “'''{{cddprov|Repudiation/Moratorium Evaluation Date}}'''” means, if a {{cddprov|Potential Repudiation/Moratorium}} occurs on or prior to the {{cddprov|Scheduled Termination Date}} ( i) if the Obligations to which such {{cddprov|Potential Repudiation/Moratorium}} relates include Bonds, the date that is the later of (A) the date that is sixty days after the date of such {{cddprov|Potential Repudiation/Moratorium}} and (B) the first payment date under any such Bond after the date of such {{cddprov|Potential Repudiation/Moratorium}} (or, if later, the expiration date of any applicable {{cddprov|Grace Period}}in respect of such payment date) and (ii) if the Obligations to which such {{cddprov|Potential Repudiation/Moratorium}} relates do not include Bonds, the date that is sixty days after the date of such {{cddprov|Potential Repudiation/Moratorium}}; provided that, in either case, the {{cddprov|Repudiation/Moratorium Evaluation Date}} shall occur no later than the {{cddprov|Scheduled Termination Date}} unless the {{cddprov|Repudiation/Moratorium Extension Condition}} is satisfied.<br>
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| :(c) “'''{{cddprov|{{cddprov|Potential Repudiation/Moratorium}}'''” means the occurrence of an event described in Section {{cddprov|4.6}}(a)(i).<br>
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| :(d) The “'''{{cddprov|Repudiation/Moratorium Extension Condition}}'''” is satisfied (i) if the {{cddprov|DC Secretary}} publicly announces, pursuant to a valid request that was delivered and effectively received on or prior to the date that is fourteen calendar days after the {{cddprov|Scheduled Termination Date}}, that the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that an event that constitutes a {{cddprov|Potential Repudiation/Moratorium}} for purposes of the relevant {{cddprov|Credit Derivative Transaction}} has occurred with respect to an Obligation of the {{cddprov|Reference Entity}} and that such event occurred on or<br>
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| prior to the {{cddprov|Scheduled Termination Date}}, or (ii) otherwise, by the delivery by the {{cddprov|Notifying Party}} to the other party of a {{cddprov|Repudiation/Moratorium Extension Notice}} and, unless “'''{{cddprov|Notice of Publicly Available Information}}'''” is specified as not applicable in the related Confirmation, a {{cddprov|Notice of Publicly Available Information}} that are each effective on or prior to the date that is fourteen calendar days after the {{cddprov|Scheduled Termination Date}}. In all cases, the {{cddprov|Repudiation/Moratorium Extension Condition}} will be deemed not to have been satisfied, or not capable of being satisfied, if, or to the extent that, the {{cddprov|DC Secretary}} publicly announces that the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that either (A) an event does not constitute a {{cddprov|Potential Repudiation/Moratorium}} for purposes of the relevant {{cddprov|Credit Derivative Transaction}} with respect to an Obligation of the {{cddprov|Reference Entity}}, or (B) an event that constitutes a {{cddprov|Potential Repudiation/Moratorium}} for purposes of the relevant {{cddprov|Credit Derivative Transaction}} has occurred with respect to an Obligation of the {{cddprov|Reference Entity}} but that such event occurred after the {{cddprov|Scheduled Termination Date}} .<br>
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| :(e) “'''{{cddprov|Repudiation/Moratorium Extension Notice}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} to the other
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| '''Section {{cddprov|4.7}} {{cddprov|Restructuring}}'''.<br> | | '''Section {{cddprov|4.7}} {{cddprov|Restructuring}}'''.<br> |
| :(a) “'''{{cddprov|Restructuring}}'''” means that, with respect to one or more Obligations and in relation to an aggregate amount of not less than the {{cddprov|Default Requirement}}, any one or more of the following events occurs in a form that binds all holders of such Obligation, is agreed between the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} and a sufficient number of holders of such Obligation to bind all holders of the Obligation or is announced (or otherwise decreed) by the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} in a form that binds all holders of such Obligation (including, in each case, in respect of Bonds only, by way of an exchange), and such event is not expressly provided for under the terms of such Obligation in effect as of the later of the {{cddprov|Credit Event Backstop Date}} and the date as of which such Obligation is issued or incurred:<br> | | :(a) “'''{{cddprov|Restructuring}}'''” means that, with respect to one or more Obligations and in relation to an aggregate amount of not less than the {{cddprov|Default Requirement}}, any one or more of the following events occurs in a form that binds all holders of such Obligation, is agreed between the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} and a sufficient number of holders of such Obligation to bind all holders of the Obligation or is announced (or otherwise decreed) by the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} in a form that binds all holders of such Obligation (including, in each case, in respect of Bonds only, by way of an exchange), and such event is not expressly provided for under the terms of such Obligation in effect as of the later of the {{cddprov|Credit Event Backstop Date}} and the date as of which such Obligation is issued or incurred:<br> |