Template:2014 ISDA Credit Derivatives Definitions 4.10

Section 4.10 Multiple Holder Obligation.

(a) Unless “Multiple Holder Obligation” is specified as not applicable in the related Confirmation, then, notwithstanding anything to the contrary in Section 4.7 (Restructuring), the occurrence of, agreement to or announcement of any of the events described in Sections 4.7(a)(i) to (v) (Restructuring) shall not be a Restructuring unless the Obligation in respect of any such events is a Multiple Holder Obligation.

(b) “Multiple Holder Obligation” means an Obligation that (i) at the time of the event which constitutes a Restructuring Credit Event is held by more than three holders that are not Affiliates of each other and (ii) with respect to which a percentage of holders (determined pursuant to the terms of the Obligation as in effect on the date of such event) at least equal to sixty-six-and-two-thirds is required to consent to the event which constitutes a Restructuring Credit Event provided that any Obligation that is a Bond shall be deemed to satisfy the requirement in Section 4.10(b)(ii).