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| '''Section {{cddprov|3.31}} Section '''{{cddprov|3.31}}. Mod R.<br>
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| :(a) If
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| ::(i) “'''{{cddprov|Physical Settlement}}'''” is the {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}},
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| ::(ii) “'''{{cddprov|Mod R}}'''” applies and
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| ::(iii) only {{cddprov|Restructuring}} is specified in a {{cddprov|Credit Event Notice}} delivered by {{cddprov|Buyer}},
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| ::then unless the {{cddprov|Deliverable Obligation}} is a {{cddprov|Prior Deliverable Obligation}} and {{cddprov|Asset Package Delivery}} applies due to a {{cddprov|Governmental Intervention}}, a {{cddprov|Deliverable Obligation}} may only be specified in the {{cddprov|Notice of Physical Settlement}} or {{cddprov|NOPS Amendment Notice}} if it
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| ::(A) is a {{cddprov|Fully Transferable Obligation}} and
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| ::(B) has a final maturity date not later than the applicable {{cddprov|Restructuring Maturity Limitation Date}}, in each case, as of both the {{cddprov|NOPS Effective Date}} and the {{cddprov|Delivery Date}}.<br>
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| :(b) “'''{{cddprov|Fully Transferable Obligation}}'''” means a {{cddprov|Deliverable Obligation}} that is either {{cddprov|Transferable}}, in the case of {{cddprov|Bonds}}, or can be novated to all {{cddprov|Eligible Transferees}} without consent, in the case of any non-{{cddprov|Bond}} {{cddprov|Deliverable Obligation}}s as of both the {{cddprov|NOPS Effective Date}} and the {{cddprov|Delivery Date}}. Any requirement transfer of a {{cddprov|Deliverable Obligation}} be notified to a trustee or agent for a {{cddprov|Deliverable Obligation}} is not a “requirement for consent” under Section {{cddprov|3.31}}.<br>
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| :(c) a {{cddprov|Deliverable Obligation}}’s “'''{{cddprov|Restructuring Maturity Limitation Date}}'''” is the first {{cddprov|Limitation Date}} occurring on or after its {{cddprov|Scheduled Termination Date}}. If the final maturity date of the last-to-mature {{cddprov|Restructured Bond or Loan}} occurs before the {{cddprov|2.5}}-year {{cddprov|Limitation Date}} (a “'''{{cddprov|Latest Maturity Restructured Bond or Loan}}'''”) and the {{cddprov|Scheduled Termination Date}} occurs before the {{cddprov|Latest Maturity Restructured Bond or Loan}}’s final maturity date then the {{cddprov|Restructuring Maturity Limitation Date}} will be the {{cddprov| Latest Maturity Restructured Bond or Loan}}’s final maturity date.<br>
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| :(d) “'''{{cddprov|Eligible Transferee}}'''” means:<br>
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| ::(i) any financial institution, insurer, fund or broker dealer having total assets of at least USD 500,000,000 (or an an Affiliate of such an entity) specified in Section {{cddprov|3.31}}(d)(i); <br>
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| ::(ii) an investment vehicle (or group under common management) having total assets of at least USD 100,000,000 or
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| ::(iii) any entity that has total assets of at least USD 500,000,000 or whose obligations are guaranteed or otherwise supported by any of the entities described above; or<br>
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| ::(iv) any Sovereign; or supranational. <br>
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| All references to USD include equivalent amounts in other currencies.<br>
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