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| ________________________<br>
| | {{a|cdd|}}==Article {{cddprov|1}}== |
| 2014 ISDA<br> | | {{2014 ISDA Credit Derivatives Definitions 1}} |
| Credit Derivatives<br> | | ==Article {{cddprov|2}}== |
| Definitions<br> | | {{2014 ISDA Credit Derivatives Definitions 2}} |
| ________________________<br>
| | ==Article {{cddprov|3}}== |
| ISDA®<br>
| | {{2014 ISDA Credit Derivatives Definitions 3}} |
| INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.<br>
| | ==Article {{cddprov|4}}== |
| <br>
| | {{2014 ISDA Credit Derivatives Definitions 4}} |
| <br>
| | ==Article {{cddprov|5}}== |
| <br>
| | {{2014 ISDA Credit Derivatives Definitions 5}} |
| INTRODUCTION<br>
| | ==Article {{cddprov|6}}== |
| The 2014 ISDA Credit Derivatives Definitions (the “'''{{cddprov|Definitions}}'''”) are intended for use in confirmations of individual credit derivative transactions (“'''{{cddprov|Confirmations}}'''”) governed by agreements such as the 1992 ISDA Master Agreement or the ISDA 2002 Master Agreement published by the International Swaps and Derivatives Association, Inc. (“'''{{cddprov|ISDA}}'''”). Copies of the ISDA Master Agreements are available from the executive offices of ISDA or from the ISDA website (www.isda.org). A sample form of Confirmation for use with the Definitions is referenced as Exhibit A to the Definitions and will be made available on the ISDA website.<br>
| | {{2014 ISDA Credit Derivatives Definitions 6}} |
| The Definitions are an update of the 2003 ISDA Credit Derivatives Definitions as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published by ISDA on July 14, 2009. The Definitions provide the basic framework for the documentation of certain credit derivative transactions. For ease of use, certain sections of the Definitions provide fallback provisions that will apply to a transaction if the parties do not specify otherwise in the Confirmation.<br>
| | ==Article {{cddprov|7}}== |
| As in the case of other product-specific definitions published by ISDA, parties using the Definitions to document credit derivative transactions may adapt or supplement the standard provisions set out in the Definitions in accordance with the specific economic terms agreed between the parties to the relevant transaction.<br>
| | {{2014 ISDA Credit Derivatives Definitions 7}} |
| The Definitions are intended to operate on a free-standing basis and therefore, for most transactions, there is no need to incorporate any other ISDA definitions booklets (such as the 2006 ISDA Definitions) into the Confirmation of a credit derivative transaction.<br>
| | ==Article {{cddprov|8}}== |
| ISDA has provided the Definitions to assist the safe and efficient functioning of the credit derivatives market by providing a common set of terms for parties to use in preparing Confirmations for credit derivative transactions. However, the precise documentation of each individual transaction remains the responsibility of the parties concerned. ISDA assumes no responsibility for any use to which the Definitions may be put, including, without limitation, any use of the Definitions in connection with any credit derivative transaction. Each party to a transaction evidenced by a Confirmation referring to or incorporating the Definitions must satisfy itself that the Definitions are appropriate for the transaction, have been properly used and/or adapted in the Confirmation for the transaction and that the Confirmation has generally been properly drafted, in each case, to reflect the commercial intentions of the parties.<br>
| | {{2014 ISDA Credit Derivatives Definitions 8}} |
| This introduction is not part of the Definitions and is not offered as an interpretation of the Definitions. The notices referred to in the Definitions are not required to be in the forms set forth in the Exhibits which will be made available on the ISDA website.<br>
| | ==Article {{cddprov|9}}== |
| ==2014 ISDA CREDIT DERIVATIVES DEFINITIONS== | | {{2014 ISDA Credit Derivatives Definitions 9}} |
| Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br>
| | ==Article {{cddprov|10}}== |
| {{2014 ISDA Credit Derivatives Definitions 1}} <br> | | {{2014 ISDA Credit Derivatives Definitions 10}} |
| {{2014 ISDA Credit Derivatives Definitions 2}} <br> | | ==Article {{cddprov|11}}== |
| {{2014 ISDA Credit Derivatives Definitions 3}} <br> | | {{2014 ISDA Credit Derivatives Definitions 11}} |
| {{2014 ISDA Credit Derivatives Definitions 4}} <br> | | ==Article {{cddprov|12}}== |
| {{2014 ISDA Credit Derivatives Definitions 5}} <br> | | {{2014 ISDA Credit Derivatives Definitions 12}} |
| {{2014 ISDA Credit Derivatives Definitions 6}} <br> | | ==Article {{cddprov|12}}== |
| {{2014 ISDA Credit Derivatives Definitions 7}} <br> | | {{2014 ISDA Credit Derivatives Definitions 13}} |
| {{2014 ISDA Credit Derivatives Definitions 8}} <br> | | ==Article {{cddprov|14}}== |
| {{2014 ISDA Credit Derivatives Definitions 9}} <br> | | {{2014 ISDA Credit Derivatives Definitions 14}} |
| {{2014 ISDA Credit Derivatives Definitions 10}} <br> | |
| {{2014 ISDA Credit Derivatives Definitions 11}} <br> | |
| {{2014 ISDA Credit Derivatives Definitions 12}} <br> | |
| {{2014 ISDA Credit Derivatives Definitions 13}} <br> | |
| {{2014 ISDA Credit Derivatives Definitions 14}} <br> | |
| | |
| | |
| ==2014 ISDA CREDIT DERIVATIVES DEFINITIONS==
| |
| Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br>
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| ==Article 4 {{cddprov|Credit Event}}s==
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| '''Section {{cddprov|4.1}} {{cddprov|Credit Event}}'''. “'''{{cddprov|Credit Event}}'''” means, with respect to a {{cddprov|Credit Derivative Transaction}}, one or more of {{cddprov|Bankruptcy}}, {{cddprov|Failure to Pay}}, {{cddprov|Obligation Acceleration}}, {{cddprov|Obligation Default}}, {{cddprov|Repudiation/Moratorium}}, {{cddprov|Restructuring}}, or {{cddprov|Governmental Intervention}}, as specified in the related Confirmation. If an occurrence would otherwise constitute a {{cddprov|Credit Event}}, such occurrence will constitute a {{cddprov|Credit Event}} whether or not such occurrence arises directly or indirectly from, or is subject to a defense based upon (a) any lack or alleged lack of authority or capacity of the {{cddprov|Reference Entity}} to enter into any Obligation or, as applicable, an {{cddprov|Underlying Obligor}} to enter into any {{cddprov|Underlying Obligation}}, (b) any actual or alleged unenforceability, illegality, impossibility or invalidity with respect to any Obligation or, as applicable, any {{cddprov|Underlying Obligation}}, however described, (c) any applicable law, order, regulation, decree or notice, however described, or the promulgation of, or any change in, the interpretation by any court, tribunal, regulatory authority or similar administrative or judicial body with competent or apparent jurisdiction of any applicable law, order, regulation, decree or notice, however described, or (d) the imposition of, or any change in, any exchange controls, capital restrictions or any other similar restrictions imposed by any monetary or other authority, however described.<br>
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| '''Section {{cddprov|4.2}} {{cddprov|Bankruptcy}}'''. “'''{{cddprov|Bankruptcy}}'''” means the {{cddprov|Reference Entity}} (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger), (b) becomes insolvent or is unable to pay its debts or fails or admits in writing in a judicial, regulatory or administrative proceeding or filing its inability generally to pay its debts as they become due, (c) makes a general assignment, arrangement, scheme or composition with or for the benefit of its creditors generally, or such a general assignment, arrangement, scheme or composition becomes effective, (d) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other similar relief under any bankruptcy or insolvency law or other law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation, or (ii) is not dismissed, discharged, stayed or restrained in each case within thirty calendar days of the institution or presentation thereof, (e) has a resolution passed for its winding-up or liquidation (other than pursuant to a consolidation, amalgamation or merger), (f) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets, (g) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within thirty calendar days thereafter, or (h) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in Sections {{cddprov|4.2}}(a) to (g).<br>
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| '''Section {{cddprov|4.3}} {{cddprov|Obligation Acceleration}}'''. “'''{{cddprov|Obligation Acceleration}}'''” means one or more Obligations in an aggregate amount of not less than the {{cddprov|Default Requirement}} have become due and payable before they would otherwise have been due and payable as a result of, or on the basis of, the occurrence of a default, event of default or other similar condition or event (however described), other than a failure to make any required payment, in respect of the {{cddprov|Reference Entity}} under one or more Obligations.<br>
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| '''Section {{cddprov|4.4}} {{cddprov|Obligation Default}}'''. “'''{{cddprov|Obligation Default}}'''” means one or more Obligations in an aggregate amount of not less than the {{cddprov|Default Requirement}} have become capable of being declared due and payable before they would otherwise have been due and payable as a result of, or on the basis of, the occurrence of a default, event of default or other similar condition or event (however described), other than a failure to make any required payment, in respect of the {{cddprov|Reference Entity}} under one or more Obligations.<br>
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| '''Section {{cddprov|4.5}} {{cddprov|Failure to Pay}}'''. “'''{{cddprov|Failure to Pay}}'''” means, after the expiration of any applicable {{cddprov|Grace Period}}(after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by the {{cddprov|Reference Entity}} to make, when and where due, any payments in an aggregate amount of not less than the {{cddprov|Payment Requirement}} under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.<br>
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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 party that describes a {{cddprov|Potential Repudiation/Moratorium}} that occurred on or prior to the {{cddprov|Scheduled Termination Date}} . A {{cddprov|Repudiation/Moratorium Extension Notice}} must contain a description in reasonable detail of the facts relevant to the determination that a {{cddprov|Potential Repudiation/Moratorium}} has occurred and indicate the date of the occurrence. The {{cddprov|Potential Repudiation/Moratorium}} that is the subject of the {{cddprov|Repudiation/Moratorium Extension Notice}} need not be continuing on the date the {{cddprov|Repudiation/Moratorium Extension Notice}} is effective. A form of {{cddprov|Repudiation/Moratorium Extension Notice}} is set forth in Exhibit D.<br>
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| '''Section {{cddprov|4.7}} {{cddprov|Restructuring}}'''.<br>
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| :(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>
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| ::(i) a reduction in the rate or amount of interest payable or the amount of scheduled interest accruals (including by way of redenomination);<br>
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| ::(ii) a reduction in the amount of principal or premium payable at redemption (including by way of redenomination);<br>
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| ::(iii) a postponement or other deferral of a date or dates for either (A) the payment or accrual of interest, or (B) the payment of principal or premium;<br>
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| ::(iv) a change in the ranking in priority of payment of any Obligation, causing the Subordination of such Obligation to any other Obligation; or<br>
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| ::(v) any change in the currency of any payment of interest, principal or premium to any currency other than the lawful currency of Canada, Japan, Switzerland, the United Kingdom and the United States of America and the euro and any successor currency to any of the aforementioned currencies (which in the case of the euro, shall mean the currency which succeeds to and replaces the euro in whole).<br>
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| :(b) Notwithstanding the provisions of Section {{cddprov|4.7}}(a), none of the following shall constitute a {{cddprov|Restructuring}}:<br>
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| ::(i) the payment in euros of interest, principal or premium in relation to an Obligation denominated in a currency of a Member State of the European Union that adopts or has adopted the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union;<br>
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| ::(ii) the redenomination from euros into another currency, if (A) the redenomination occurs as a result of action taken by a {{cddprov|Governmental Authority}} of a Member State of the European Union which is of general application in the jurisdiction of such {{cddprov|Governmental Authority}} and (B) a freely available market rate of conversion between euros and such other currency existed at the time of such redenomination and there is no reduction in the rate or amount of interest, principal or premium payable, as determined by reference to such freely available market rate of conversion;<br>
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| ::(iii) the occurrence of, agreement to or announcement of any of the events described in Section {{cddprov|4.7}}(a)(i) to (v) due to an administrative adjustment, accounting adjustment or tax adjustment or other technical adjustment occurring in the ordinary course of business; and<br>
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| ::(iv) the occurrence of, agreement to or announcement of any of the events described in Sections {{cddprov|4.7}}(a)(i) to (v) in circumstances where such event does not directly or indirectly result from a deterioration in the creditworthiness or financial condition of the {{cddprov|Reference Entity}}, provided that in respect of Section {{cddprov|4.7}}(a)(v) only, no such deterioration in the creditworthiness or financial condition of the {{cddprov|Reference Entity}} is required where the redenomination is from euros into another currency and occurs as a result of action taken by a {{cddprov|Governmental Authority}} of a Member State of the European Union which is of general application in the jurisdiction of such {{cddprov|Governmental Authority}}.<br>
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| :(c) For purposes of Sections {{cddprov|4.7}}(a), {{cddprov|4.7}}(b) and {{cddprov|4.10}} ({{cddprov|Multiple Holder Obligation}}), the term Obligation shall be deemed to include {{cddprov|Underlying Obligation}}s for which the {{cddprov|Reference Entity}} is acting as provider of a Guarantee. In the case of a Guarantee and an {{cddprov|Underlying Obligation}}, references to the {{cddprov|Reference Entity}} in Section {{cddprov|4.7}}(a) shall be deemed to refer to the {{cddprov|Underlying Obligor}} and the reference to the {{cddprov|Reference Entity}} in Section {{cddprov|4.7}}(b) shall continue to refer to the {{cddprov|Reference Entity}}.<br>
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| :(d) If an exchange has occurred, the determination as to whether one of the events described under Sections {{cddprov|4.7}}(a)(i) to (v) has occurred will be based on a comparison of the terms of the Bond immediately prior to such exchange and the terms of the resulting obligations immediately following such exchange.<br>
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| '''Section {{cddprov|4.8}} {{cddprov|Governmental Intervention}}'''.<br>
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| :(a) “'''{{cddprov|Governmental Intervention}}'''” 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 as a result of action taken or an announcement made by a {{cddprov|Governmental Authority}} pursuant to, or by means of, a restructuring and resolution law or regulation (or any other similar law or regulation), in each case, applicable to the {{cddprov|Reference Entity}} in a form which is binding, irrespective of whether such event is expressly provided for under the terms of such Obligation:<br>
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| ::(i) any event which would affect creditors’ rights so as to cause:<br>
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| :::(A) a reduction in the rate or amount of interest payable or the amount of scheduled interest accruals (including by way of redenomination);<br>
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| :::(B) a reduction in the amount of principal or premium payable at redemption (including by way of redenomination);<br>
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| :::(C) a postponement or other deferral of a date or dates for either (I) the payment or accrual of interest, or (II) the payment of principal or premium; or<br>
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| :::(D) a change in the ranking in priority of payment of any Obligation, causing the Subordination of such Obligation to any other Obligation;<br>
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| ::(ii) an expropriation, transfer or other event which mandatorily changes the beneficial holder of the Obligation;<br>
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| ::(iii) a mandatory cancellation, conversion or exchange; or<br>
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| ::(iv) any event which has an analogous effect to any of the events specified in Sections {{cddprov|4.8}}(a)(i) to (iii).<br>
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| :(b) For purposes of Section {{cddprov|4.8}}(a), the term Obligation shall be deemed to include {{cddprov|Underlying Obligation}}s for which the {{cddprov|Reference Entity}} is acting as provider of a Guarantee.<br>
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| '''Section {{cddprov|4.9}} Certain Definitions Relating to {{cddprov|Credit Event}}s'''.<br>
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| :(a) “'''{{cddprov|Default Requirement}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or its equivalent in the relevant {{cddprov|Obligation Currency}} (or, if no such amount is specified, USD 10,000,000 or its equivalent in the relevant {{cddprov|Obligation Currency}}) in either case, as of the occurrence of the relevant {{cddprov|Credit Event}}.<br>
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| :(b) “'''{{cddprov|Governmental Authority}}'''” means:<br>
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| ::(i) any de facto or de jure government (or any agency, instrumentality, ministry or department thereof);<br>
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| ::(ii) any court, tribunal, administrative or other governmental, inter-governmental or supranational body;<br>
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| ::(iii) any authority or any other entity (private or public) either designated as a resolution authority or charged with the regulation or supervision of the financial markets (including a central bank) of the {{cddprov|Reference Entity}} or some or of all of its obligations; or<br>
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| ::(iv) any other authority which is analogous to any of the entities specified in Sections {{cddprov|4.9}}(b)(i) to (iii).<br>
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| :(c) “'''{{cddprov|Obligation Currency}}'''” means the currency or currencies in which an Obligation is denominated.<br>
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| :(d) “'''{{cddprov|Payment Requirement}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or its equivalent in the relevant {{cddprov|Obligation Currency}} (or, if no such amount is specified, USD 1,000,000 or its equivalent in the relevant {{cddprov|Obligation Currency}}) in either case as of the occurrence of the relevant {{cddprov|Failure to Pay}} or Potential {{cddprov|Failure to Pay}}, as applicable.<br>
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| '''Section {{cddprov|4.10}} {{cddprov|Multiple Holder Obligation}}'''.<br>
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| :(a) Unless “'''{{cddprov|Multiple Holder Obligation}}'''” is specified as not applicable in the related Confirmation, then, notwithstanding anything to the contrary in Section {{cddprov|4.7}} ({{cddprov|Restructuring}}), the occurrence of, agreement to or announcement of any of the events described in Sections {{cddprov|4.7}}(a)(i) to (v) ({{cddprov|Restructuring}}) shall not be a {{cddprov|Restructuring}} unless the Obligation in respect of any such events is a {{cddprov|Multiple Holder Obligation}}.<br>
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| :(b) “'''{{cddprov|Multiple Holder Obligation}}'''” means an Obligation that (i) at the time of the event which constitutes a {{cddprov|Restructuring}} {{cddprov|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 {{cddprov|Restructuring}} {{cddprov|Credit Event}} provided that any Obligation that is a Bond shall be deemed to satisfy the requirement in Section {{cddprov|4.10}}(b)(ii).<br>
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| '''Section {{cddprov|4.11}} Redenomination'''. If an occurrence that would constitute a {{cddprov|Failure to Pay}} (a) is a result of a redenomination that occurs as a result of action taken by a {{cddprov|Governmental Authority}} which is of general application in the jurisdiction of such {{cddprov|Governmental Authority}} and (b) a freely available market rate of conversion existed at the time of the redenomination, then such occurrence will be deemed not to constitute a {{cddprov|Failure to Pay}} unless the redenomination itself constituted a reduction in the rate or amount of interest, principal or premium payable (as determined by reference to such freely available market rate of conversion) at the time of such redenomination. <br>
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| ==Article 5General Terms Relating To Settlement==
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| '''Section {{cddprov|5.1}} Settlement'''. Upon the occurrence of an {{cddprov|Event Determination Date}}and, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}), delivery by {{cddprov|Buyer}} of a {{cddprov|Notice of Physical Settlement}} to {{cddprov|Seller}} that is effective on or prior to the NOPS Cut-off Date, the parties will perform their respective obligations in accordance with the {{cddprov|Settlement Method}} or {{cddprov|Fallback Settlement Method}}, as applicable. Notwithstanding the occurrence of an {{cddprov|Event Determination Date}}, if “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}) and an effective {{cddprov|Notice of Physical Settlement}} is not delivered by {{cddprov|Buyer}} on or prior to the NOPS Cut-off Date, then the NOPS Cut-off Date shall be the Termination Date.<br>
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| '''Section {{cddprov|5.2}} Settlement Method'''. “'''{{cddprov|Settlement Method}}'''” means, if (a) “'''{{cddprov|Auction Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, or if no {{cddprov|Settlement Method}} is specified as applicable in the related Confirmation, {{cddprov|Auction Settlement}}, (b) “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or is deemed to be applicable, Cash Settlement, or (c) “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related Confirmation, Physical Settlement.<br>
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| '''Section {{cddprov|5.3}} Settlement Date'''. “'''{{cddprov|Settlement Date}}'''” means the {{cddprov|Auction Settlement}} Date, the {{cddprov|Cash Settlement Date}} or the {{cddprov|Physical Settlement Date}}, as applicable.<br>
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| '''Section {{cddprov|5.4}} {{cddprov|Settlement Currency}}'''. “'''{{cddprov|Settlement Currency}}'''” means the currency of denomination of the {{cddprov|Floating Rate Payer Calculation Amount}}.<br>
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| '''Section {{cddprov|5.5}} {{cddprov|Fallback Settlement Method}}'''. “'''{{cddprov|Fallback Settlement Method}}'''” means, with respect to a {{cddprov|Credit Derivative Transaction}} for which “'''{{cddprov|Auction Settlement}}'''” is the {{cddprov|Settlement Method}} , if “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Fallback Settlement Method}} in the related Confirmation, Cash Settlement, otherwise Physical Settlement.<br>
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| '''Section {{cddprov|5.6}} Reference Price'''. “'''{{cddprov|Reference Price}}'''” means the percentage specified as such in the related {{cddprov|Confirmation}} (or, if no such percentage is specified, one hundred per cent).<br>
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| ==Article 6 Terms Relating To {{cddprov|Auction Settlement}}==
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| '''Section {{cddprov|6.1}} {{cddprov|Auction Settlement}}'''. If “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}} and an {{cddprov|Event Determination Date}}occurs on or prior to the {{cddprov|Auction Final Price Determination Date}}, {{cddprov|Seller}} shall, subject to Section {{cddprov|5.1}} (Settlement), pay to {{cddprov|Buyer}} the {{cddprov|Auction Settlement}} Amount on the {{cddprov|Auction Settlement}} Date. Without prejudice to the foregoing, but without duplication of settlement, if (a) an {{cddprov|Auction Cancellation Date}} occurs, (b) a {{cddprov|No Auction Announcement Date}} occurs (and, in circumstances where such {{cddprov|No Auction Announcement Date}} occurs pursuant to Section {{cddprov|6.11}}(b) or {{cddprov|6.11}}(c)(ii) ({{cddprov|No Auction Announcement Date}}), neither party has exercised the {{cddprov|Movement Option}}), (c) a {{cddprov|DC Credit Event Question}} Dismissal occurs, (d) an {{cddprov|Event Determination Date}}was determined pursuant to Section {{cddprov|1.16}}(a)(i) (Event Determination Date) or {{cddprov|14.1}}(a) ({{cddprov|Non-Standard Event Determination Date}}) and no {{cddprov|Credit Event Resolution Request Date}} has occurred on or prior to the date falling three {{cddprov|Business Day}}s after such {{cddprov|Event Determination Date}}, or (e) an {{cddprov|Event Determination Date}}was determined pursuant to Section {{cddprov|14.1}}(b)(ii)(B)(II)(y) ({{cddprov|Non-Standard Event Determination Date}}), the parties shall, subject to Section {{cddprov|5.1}} (Settlement), perform their respective obligations in accordance with the {{cddprov|Fallback Settlement Method}}.<br>
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| '''Section {{cddprov|6.2}} Auction'''. “'''{{cddprov|Auction}}'''” has the meaning set forth in the {{cddprov|Transaction Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.3}} {{cddprov|Auction Settlement}} Date'''. “'''{{cddprov|Auction Settlement Date}}'''” means the date that is the number of {{cddprov|Business Day}}s specified in the {{cddprov|Transaction Auction Settlement Terms}} (or, if a number of {{cddprov|Business Day}}s is not so specified, three {{cddprov|Business Day}}s) immediately following the {{cddprov|Auction Final Price Determination Date}}. The {{cddprov|Auction Settlement}} Date shall be the Termination Date.<br>
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| '''Section {{cddprov|6.4}} {{cddprov|Auction Settlement}} Amount'''. “'''{{cddprov|Auction Settlement Amount}}'''” means the greater of:<br>
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| :(a) <br>
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| ::(i) the {{cddprov|Floating Rate Payer Calculation Amount}}; multiplied by<br>
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| ::(ii) an amount, expressed as a percentage, equal to the Reference Price minus the Auction {{cddprov|Final Price}}; and<br>
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| :(b) zero.<br>
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| '''Section {{cddprov|6.5}} Auction {{cddprov|Final Price}}'''. “'''{{cddprov|Auction Final Price}}'''” has the meaning set forth in the {{cddprov|Transaction Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.6}} {{cddprov|Auction Final Price Determination Date}}'''. “'''{{cddprov|Auction Final Price Determination Date}}'''” has the meaning set forth in the {{cddprov|Transaction Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.7}} {{cddprov|Credit Derivatives Auction Settlement Terms}}'''. “'''{{cddprov|Credit Derivatives Auction Settlement Terms}}'''” means any {{cddprov|Credit Derivatives Auction Settlement Terms}} published by ISDA, a form of which will be published by ISDA on its website at www.isda.org (or any successor website thereto) from time to time and may be amended from time to time.<br>
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| '''Section {{cddprov|6.8}} {{cddprov|Transaction Auction Settlement Terms}}'''. “'''{{cddprov|Transaction Auction Settlement Terms}}'''” means the {{cddprov|Credit Derivatives Auction Settlement Terms}} for which the relevant {{cddprov|Credit Derivative Transaction}} would be an Auction Covered Transaction.<br>
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| '''Section {{cddprov|6.9}} {{cddprov|Parallel Auction Settlement Terms}}'''. “'''{{cddprov|Parallel Auction Settlement Terms}}'''” means, following the occurrence of an {{cddprov|M(M)R Restructuring}}, any {{cddprov|Credit Derivatives Auction Settlement Terms}} published by ISDA with respect to such {{cddprov|M(M)R Restructuring}}, and for which the {{cddprov|Deliverable Obligation}} Terms are the same as the {{cddprov|Deliverable Obligation}} Provisions applicable to the relevant {{cddprov|Credit Derivative Transaction}} and for which such {{cddprov|Credit Derivative Transaction}} would not be an Auction Covered Transaction.<br>
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| '''Section {{cddprov|6.10}} Auction Covered Transaction'''. “'''{{cddprov|Auction Covered Transaction}}'''” has the meaning set forth in the {{cddprov|Transaction Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.11}} {{cddprov|No Auction Announcement Date}}'''. “'''{{cddprov|No Auction Announcement Date}}'''” means, with respect to a {{cddprov|Credit Event}}, the date on which the {{cddprov|DC Secretary}} first publicly announces that (a) no {{cddprov|Transaction Auction Settlement Terms}} and, if applicable, no {{cddprov|Parallel Auction Settlement Terms}} will be published, (b) following the occurrence of an {{cddprov|M(M)R Restructuring}}, no {{cddprov|Transaction Auction Settlement Terms}} will be published, but {{cddprov|Parallel Auction Settlement Terms}} will be published, or (c) the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that no Auction will be held following a prior public announcement by the {{cddprov|DC Secretary}} to the contrary, in circumstances where either (i) no Parallel Auction will be held, or (ii) one or more Parallel Auctions will be held.<br>
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| '''Section {{cddprov|6.12}} {{cddprov|Auction Cancellation Date}}'''. “'''{{cddprov|Auction Cancellation Date}}'''” has the meaning set forth in the {{cddprov|Transaction Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.13}} Parallel {{cddprov|Auction Cancellation Date}}'''. “'''{{cddprov|Parallel Auction Cancellation Date}}'''” means “'''{{cddprov|Auction Cancellation Date}}'''” as defined in the relevant {{cddprov|Parallel Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.14}} Parallel Auction'''. “'''{{cddprov|Parallel Auction}}'''” means “'''{{cddprov|Auction}}'''” as defined in the relevant {{cddprov|Parallel Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.15}} {{cddprov|Movement Option}}'''. “'''{{cddprov|Movement Option}}'''” means, with respect to an {{cddprov|M(M)R Restructuring}}} to which a {{cddprov|No Auction Announcement Date}} has occurred pursuant to Section {{cddprov|6.11}}(b) or (c)(ii) ({{cddprov|No Auction Announcement Date}}), the option of either (a) Buyer, regardless of which {{cddprov|Notifying Party}} delivered the {{cddprov|Credit Event Notice}}, to apply to the {{cddprov|Credit Derivative Transaction}}, for purposes of settlement, the {{cddprov|Parallel Auction Settlement Terms}}, if any, for purposes of which the Permissible {{cddprov|Deliverable Obligation}}s are more limited than the {{cddprov|Deliverable Obligation}}s that {{cddprov|Buyer}} could specify in any {{cddprov|Notice of Physical Settlement}} (provided that if more than one such set of {{cddprov|Parallel Auction Settlement Terms}} are published, the {{cddprov|Parallel Auction Settlement Terms}} specifying the greatest number of such Permissible {{cddprov|Deliverable Obligation}}s shall apply), or (b) {{cddprov|Seller}}, if {{cddprov|Buyer}} delivered the {{cddprov|Credit Event Notice}}, to apply to such {{cddprov|Credit Derivative Transaction}}, for purposes of settlement, the {{cddprov|Parallel Auction Settlement Terms}}, if any, for purposes of which all {{cddprov|Deliverable Obligation}}s on the {{cddprov|Final List}} will be Permissible {{cddprov|Deliverable Obligation}}s. The party that delivers to the other party an effective {{cddprov|Notice to Exercise Movement Option}}on or prior to the {{cddprov|Movement Option}} Cut-off Date will determine which {{cddprov|Parallel Auction Settlement Terms}}, if any, apply with respect to such {{cddprov|Credit Derivative Transaction}}. If both parties deliver an effective {{cddprov|Notice to Exercise Movement Option}}on or prior to the {{cddprov|Movement Option}} Cut-off Date, Buyer’s {{cddprov|Notice to Exercise Movement Option}}will prevail, regardless of which party was first in time to deliver an effective Notice to Exercise {{cddprov|Movement Option}}. If neither party delivers an effective {{cddprov|Notice to Exercise Movement Option}}on or prior to the {{cddprov|Movement Option}} Cut-off Date, such {{cddprov|Credit Derivative Transaction}} will be settled in accordance with the {{cddprov|Fallback Settlement Method}}.<br>
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| '''Section {{cddprov|6.16}} Permissible {{cddprov|Deliverable Obligation}}s'''. “'''{{cddprov|Permissible Deliverable Obligations}}'''” has the meaning set forth in the relevant {{cddprov|Credit Derivatives Auction Settlement Terms}}, being either all or the portion of the {{cddprov|Deliverable Obligation}}s included on the {{cddprov|Final List}} pursuant to the {{cddprov|Deliverable Obligation}} Terms that are applicable to that Auction.<br>
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| '''Section {{cddprov|6.17}} {{cddprov|Movement Option}} Cut'''-off Date. “'''{{cddprov|{{cddprov|Movement Option}} Cut-off Date}}'''” means the date that is one {{cddprov|Relevant City Business Day}} following the {{cddprov|Exercise Cut-off Date}} applicable to Buyer, or such other date as the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}}.<br>
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| '''Section {{cddprov|6.18}} Notice to Exercise {{cddprov|Movement Option}}'''. “'''{{cddprov|Notice to Exercise Movement Option}}'''” means, with respect to a {{cddprov|Credit Derivative Transaction}} for which (a) an {{cddprov|M(M)R Restructuring}}} is applicable and (b) the {{cddprov|Fallback Settlement Method}} would otherwise be applicable pursuant to Section {{cddprov|6.1}}(b) ({{cddprov|Auction Settlement}}), an irrevocable notice from one party to the other party that (i) specifies the {{cddprov|Parallel Auction Settlement Terms}} applicable with respect to such {{cddprov|Credit Derivative Transaction}} in accordance with Section {{cddprov|6.15}} ({{cddprov|Movement Option}}) and (ii) is effective on or prior to the {{cddprov|Movement Option}} Cut-off Date.<br>
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| A form of {{cddprov|Notice to Exercise Movement Option}}is set forth in Exhibit E.<br>
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| '''Section {{cddprov|6.19}} {{cddprov|Deliverable Obligation}} Terms'''. “'''{{cddprov|Deliverable Obligation Terms}}'''” has the meaning set forth in the relevant {{cddprov|Credit Derivatives Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|6.20}} {{cddprov|Deliverable Obligation}} Provisions'''. “'''{{cddprov|Deliverable Obligation Provisions}}'''” has the meaning set forth in the relevant {{cddprov|Credit Derivatives Auction Settlement Terms}}.<br>
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| ==Article 7 Terms Relating To Cash Settlement==
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| '''Section {{cddprov|7.1}} Cash Settlement'''. If “'''{{cddprov|Cash Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} or if either (a) Cash Settlement is applicable as the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}}), or (b) Cash Settlement is deemed to apply pursuant to Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s) or {{cddprov|9.4}} (Partial Cash Settlement of Participations), {{cddprov|Seller}} shall, subject to Section {{cddprov|5.1}} (Settlement), pay to {{cddprov|Buyer}} the Cash Settlement Amount on the {{cddprov|Cash Settlement Date}}.<br>
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| '''Section {{cddprov|7.2}} {{cddprov|Cash Settlement Date}}'''. “'''{{cddprov|Cash Settlement Date}}'''” means (a) if the Cash Settlement Amount is not specified in the related Confirmation, subject to Section {{cddprov|10.1}} (Settlement Suspension), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if a number of {{cddprov|Business Day}}s is not so specified, three {{cddprov|Business Day}}s) following the calculation of the {{cddprov|Final Price}} and (b) if the Cash Settlement Amount or the {{cddprov|Final Price}} is specified in the related Confirmation, subject to Section {{cddprov|10.1}} (Settlement Suspension), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if a number of {{cddprov|Business Day}}s is not so specified, three {{cddprov|Business Day}}s) following (i) the {{cddprov|Event Determination Date}}, or (ii) if the {{cddprov|Event Determination Date}}occurs pursuant to Section {{cddprov|1.16}}(a)(ii) (Event Determination Date) or {{cddprov|14.1}}(b)(i) ({{cddprov|Non-Standard Event Determination Date}}), the day on which the {{cddprov|DC Credit Event Announcement}}occurs. The {{cddprov|Cash Settlement Date}} shall be the Termination Date.<br>
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| '''Section {{cddprov|7.3}} Cash Settlement Amount'''. “'''{{cddprov|Cash Settlement Amount}}'''” means, unless otherwise specified in the related Confirmation, the greater of:<br>
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| :(a) <br>
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| ::(i) the {{cddprov|Floating Rate Payer Calculation Amount}}; multiplied by<br>
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| ::(ii) the Reference Price minus the {{cddprov|Final Price}}; and<br>
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| :(b) zero.<br>
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| '''Section {{cddprov|7.4}} {{cddprov|Final Price}}'''. “'''{{cddprov|Final Price}}'''” means the price of the {{cddprov|Reference Obligation}} , expressed as a percentage of its {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, determined in accordance with the Valuation Method. The {{cddprov|Calculation Agent}} shall, as soon as practicable after obtaining all Quotations for a {{cddprov|Valuation Date}}, notify the parties in writing of each such Quotation that it receives in connection with the calculation of the {{cddprov|Final Price}} and shall provide to the parties a written computation showing its calculation of the {{cddprov|Final Price}}.<br>
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| '''Section {{cddprov|7.5}} Valuation Method'''.<br>
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| :(a) The following Valuation Methods may be specified in the related {{cddprov|Confirmation}} for a {{cddprov|Credit Derivative Transaction}} with only one {{cddprov|Valuation Date}}:<br>
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| ::(i) “'''{{cddprov|Market}}'''” means the Market Value determined by the {{cddprov|Calculation Agent}} with respect to the {{cddprov|Valuation Date}}; or<br>
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| ::(ii) “'''{{cddprov|Highest}}'''” means the highest Quotation obtained by the {{cddprov|Calculation Agent}} (or in accordance with Section {{cddprov|7.7}}(b) (Quotation)) with respect to the {{cddprov|Valuation Date}}.<br>
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| If no such Valuation Method is specified in the related Confirmation, the Valuation Method shall be Highest.<br>
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| :(b) The following Valuation Methods may be specified in the related {{cddprov|Confirmation}} for a {{cddprov|Credit Derivative Transaction}} with more than one {{cddprov|Valuation Date}}:<br>
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| ::(i) “'''{{cddprov|Average Market}}'''” means the unweighted arithmetic mean of the Market Values determined by the {{cddprov|Calculation Agent}} with respect to each {{cddprov|Valuation Date}};<br>
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| ::(ii) “'''{{cddprov|Highest}}'''” means the highest Quotation obtained by the {{cddprov|Calculation Agent}} (or in accordance with Section {{cddprov|7.7}}(b) (Quotation)) with respect to any {{cddprov|Valuation Date}}; or<br>
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| ::(iii) “'''{{cddprov|Average Highest}}'''” means the unweighted arithmetic mean of the highest Quotations obtained by the {{cddprov|Calculation Agent}} (or in accordance with Section {{cddprov|7.7}}(b) (Quotation)) with respect to each {{cddprov|Valuation Date}}.<br>
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| If no such Valuation Method is specified, the Valuation Method shall be Average Highest.<br>
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| :(c) Notwithstanding Sections {{cddprov|7.5}}(a) and (b), if Quotations include {{cddprov|Weighted Average Quotation}}s or fewer than two {{cddprov|Full Quotation}}s, the Valuation Method shall be Market or Average Market, as the case may be.<br>
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| '''Section {{cddprov|7.6}} Market Value'''. “'''{{cddprov|Market Value}}'''” means, with respect to the {{cddprov|Reference Obligation}} on a {{cddprov|Valuation Date}}, (a) if more than three {{cddprov|Full Quotation}}s are obtained, the arithmetic mean of such {{cddprov|Full Quotation}}s, disregarding the {{cddprov|Full Quotation}}s having the highest and lowest values (and, if more than one such {{cddprov|Full Quotation}}s have the same highest value or lowest value, then one of such highest or lowest {{cddprov|Full Quotation}}s shall be disregarded), (b) if exactly three {{cddprov|Full Quotation}}s are obtained, the {{cddprov|Full Quotation}} remaining after disregarding the highest and lowest {{cddprov|Full Quotation}}s (and, if more than one such {{cddprov|Full Quotation}}s have the same highest value or lowest value, then one of such highest or lowest {{cddprov|Full Quotation}}s shall be disregarded), (c) if exactly two {{cddprov|Full Quotation}}s are obtained, the arithmetic mean of such {{cddprov|Full Quotation}}s, (d) if fewer than two {{cddprov|Full Quotation}}s are obtained and a {{cddprov|Weighted Average Quotation}} is obtained, such {{cddprov|Weighted Average Quotation}}, (e) if fewer than two {{cddprov|Full Quotation}}s are obtained and no {{cddprov|Weighted Average Quotation}} is obtained, subject to Section {{cddprov|7.7}}(b) (Quotation), an amount that the {{cddprov|Calculation Agent}} shall determine on the next {{cddprov|Business Day}} on which two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} is obtained and (f) if two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} are not obtained within the additional five {{cddprov|Business Day}} period set forth in Section {{cddprov|7.7}}(b) (Quotation), the Market Value shall be determined as provided in Section {{cddprov|7.7}}(b) (Quotation).<br>
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| '''Section {{cddprov|7.7}} Quotation'''. “'''{{cddprov|Quotation}}'''” means each {{cddprov|Full Quotation}} and the {{cddprov|Weighted Average Quotation}} obtained and expressed as a percentage of the {{cddprov|Reference Obligation}} ’s {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, with respect to a {{cddprov|Valuation Date}} in the manner that follows:<br>
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| :(a) The {{cddprov|Calculation Agent}} shall attempt to obtain {{cddprov|Full Quotation}}s with respect to each {{cddprov|Valuation Date}} from five or more Dealers. If the {{cddprov|Calculation Agent}} is unable to obtain two or more such {{cddprov|Full Quotation}}s on the same {{cddprov|Business Day}} within three {{cddprov|Business Day}}s of a {{cddprov|Valuation Date}}, then on the next following {{cddprov|Business Day}} (and, if necessary, on each {{cddprov|Business Day}} thereafter until the tenth {{cddprov|Business Day}} following the relevant {{cddprov|Valuation Date}}) the {{cddprov|Calculation Agent}} shall attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}}.<br>
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| :(b) If the {{cddprov|Calculation Agent}} is a party to the {{cddprov|Credit Derivative Transaction}} and is unable to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} on or prior to the tenth {{cddprov|Business Day}} following the applicable {{cddprov|Valuation Date}}, then the party that is not the {{cddprov|Calculation Agent}} may attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}}. If such party is able to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the {{cddprov|Calculation Agent}} shall use such {{cddprov|Full Quotation}}s or {{cddprov|Weighted Average Quotation}} to determine the {{cddprov|Final Price}} in accordance with the specified Valuation Method. If such party is unable to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the Quotations shall be deemed to be any {{cddprov|Full Quotation}} obtained from a Dealer at the Valuation Time on such fifth {{cddprov|Business Day}} or, if no {{cddprov|Full Quotation}} is obtained, the weighted average of any firm quotations for the {{cddprov|Reference Obligation}} obtained from Dealers at the Valuation Time on such fifth {{cddprov|Business Day}} with respect to the aggregate portion of the {{cddprov|Quotation Amount}} for which such quotations were obtained and a quotation deemed to be zero for the balance of the {{cddprov|Quotation Amount}} for which firm quotations were not obtained on such day. If the {{cddprov|Calculation Agent}} is a third party and is unable to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} on or prior to the tenth {{cddprov|Business Day}} following the applicable {{cddprov|Valuation Date}}, {{cddprov|Buyer}} and {{cddprov|Seller}} each may attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}}. If either or both parties is (or are) able to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the {{cddprov|Calculation Agent}} shall use all such {{cddprov|Full Quotation}}s or {{cddprov|Weighted Average Quotation}}s to determine the {{cddprov|Final Price}} in accordance with the specified Valuation Method. If the parties are unable to obtain between them two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the Quotations shall be deemed to be any {{cddprov|Full Quotation}} obtained from a Dealer at the Valuation Time on such fifth {{cddprov|Business Day}} or, if no {{cddprov|Full Quotation}} is obtained, the weighted average of any firm quotations for the {{cddprov|Reference Obligation}} obtained from Dealers at the Valuation Time on such fifth {{cddprov|Business Day}} with respect to the aggregate portion of the {{cddprov|Quotation Amount}} for which such quotations were obtained and a quotation deemed to be zero for the balance of the {{cddprov|Quotation Amount}} for which firm quotations were not obtained on such day.<br>
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| '''Section {{cddprov|7.8}} {{cddprov|Valuation Date}}'''. “'''{{cddprov|Valuation Date}}'''” means:<br>
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| :(a) if “'''{{cddprov|Single Valuation Date}}'''” is specified in the related Confirmation, subject to Section {{cddprov|10.1}} ( Settlement Suspension), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Business Day}}s is not so specified, five {{cddprov|Business Day}}s) following the {{cddprov|Event Determination Date}}(or if the {{cddprov|Event Determination Date}}occurs pursuant to Section {{cddprov|1.16}}(a)(ii) (Event Determination Date) or {{cddprov|14.1}}(b)(i) ({{cddprov|Non-Standard Event Determination Date}}), the day on which the {{cddprov|DC Credit Event Announcement}}occurs) (or, if “'''{{cddprov|Cash Settlement}}'''” is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}}(a) or (b) ({{cddprov|Auction Settlement}}), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Business Day}}s is not so specified, five {{cddprov|Business Day}}s) following the {{cddprov|Auction Cancellation Date}}, if any, or the relevant {{cddprov|No Auction Announcement Date}}, if any, as applicable); and<br>
| |
| :(b) if “'''{{cddprov|Multiple Valuation Dates}}'''” is specified in the related Confirmation, each of the following dates:<br>
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| ::(i) subject to Section {{cddprov|10.1}} (Settlement Suspension), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Business Day}}s is not so specified, five {{cddprov|Business Day}}s) following the {{cddprov|Event Determination Date}}(or if the {{cddprov|Event Determination Date}}occurs pursuant to Section {{cddprov|1.16}}(a)(ii) (Event Determination Date) or {{cddprov|14.1}}(b)(i) ({{cddprov|Non-Standard Event Determination Date}}), the day on which the {{cddprov|DC Credit Event Announcement}}occurs) (or, if “'''{{cddprov|Cash Settlement}}'''” is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}}(a) or (b) ({{cddprov|Auction Settlement}}), the date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Business Day}}s is not so specified, five {{cddprov|Business Day}}s) following the {{cddprov|Auction Cancellation Date}}, if any, or the relevant {{cddprov|No Auction Announcement Date}}, if any, as applicable); and<br>
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| ::(ii) each successive date that is the number of {{cddprov|Business Day}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Business Day}}s is not so specified, five {{cddprov|Business Day}}s) after the date on which the {{cddprov|Calculation Agent}} obtains a Market Value with respect to the immediately preceding {{cddprov|Valuation Date}}.<br>
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| When “'''{{cddprov|Multiple Valuation Dates}}'''” is specified, the total number of {{cddprov|Valuation Date}}s shall be equal to the number of {{cddprov|Valuation Date}}s specified in the related {{cddprov|Confirmation}} (or, if the number of {{cddprov|Valuation Date}}s is not so specified, five {{cddprov|Valuation Date}}s).<br>
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| If neither “'''{{cddprov|Single Valuation Date}}'''” nor “'''{{cddprov|Multiple Valuation Dates}}'''” is specified in the related Confirmation, Single {{cddprov|Valuation Date}} shall apply.<br>
| |
| '''Section {{cddprov|7.9}} {{cddprov|Quotation Method }}'''. The applicable {{cddprov|Quotation Method }} may be specified in the related {{cddprov|Confirmation}} by reference to one of the following terms:<br>
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| :(a) “'''{{cddprov|Bid}}'''” means that only bid quotations shall be requested from Dealers;<br>
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| :(b) “'''{{cddprov|Offer}}'''” means that only offer quotations shall be requested from Dealers; or<br>
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| :(c) “'''{{cddprov|Mid-market}}'''” means that bid and offer quotations shall be requested from Dealers and shall be averaged for purposes of determining a relevant Dealer’s quotation.<br>
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| If a {{cddprov|Quotation Method }} is not specified in the related Confirmation, Bid shall apply.<br>
| |
| '''Section {{cddprov|7.10}} {{cddprov|Full Quotation}}'''. “'''{{cddprov|Full Quotation}}'''” means, in accordance with the {{cddprov|Quotation Method }}, each firm quotation obtained from a Dealer at the Valuation Time, to the extent reasonably practicable, for an amount of the {{cddprov|Reference Obligation}} with an {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}} equal to the {{cddprov|Quotation Amount}}.<br>
| |
| '''Section {{cddprov|7.11}} {{cddprov|Weighted Average Quotation}}'''. “'''{{cddprov|Weighted Average Quotation}}'''” means, in accordance with the {{cddprov|Quotation Method }}, the weighted average of firm quotations obtained from Dealers at the Valuation Time, to the extent reasonably practicable, each for an amount of the {{cddprov|Reference Obligation}} with an {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, of as large a size as available but less than the {{cddprov|Quotation Amount}} (but of a size at least equal to the {{cddprov|Minimum Quotation Amount}}) that in aggregate are approximately equal to the {{cddprov|Quotation Amount}}.<br>
| |
| '''Section {{cddprov|7.12}} {{cddprov|Quotation Amount}}'''. “'''{{cddprov|Quotation Amount}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} (which may be specified by reference to an amount in a currency or by reference to “'''{{cddprov|Representative Amount}}'''”) or, if no amount is so specified, the {{cddprov|Floating Rate Payer Calculation Amount}} (or, in either case, its equivalent in the relevant {{cddprov|Obligation Currency}}, which shall be converted by the {{cddprov|Calculation Agent}} in a commercially reasonable manner by reference to exchange rates in effect at the time that the relevant Quotation is being obtained).<br>
| |
| '''Section {{cddprov|7.13}} {{cddprov|Minimum Quotation Amount}}'''. “'''{{cddprov|Minimum Quotation Amount}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or its equivalent in the relevant {{cddprov|Obligation Currency}} (or, if no such amount is specified, the lower of (a) USD 1,000,000 (or its equivalent in the relevant {{cddprov|Obligation Currency}}) and (b) the {{cddprov|Quotation Amount}}).<br>
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| '''Section {{cddprov|7.14}} Valuation Time'''. “'''{{cddprov|Valuation Time}}'''” means the time specified as such in the related {{cddprov|Confirmation}} (or, if no such time is specified, 11:00 a.m. in the principal trading market for the {{cddprov|Reference Obligation}} ).<br>
| |
| '''Section {{cddprov|7.15}} Dealer'''. “'''{{cddprov|Dealer}}'''” means a dealer (other than one of the parties or any Affiliate of one of the parties, unless otherwise specified in the related Confirmation) in obligations of the type of Obligation(s) for which Quotations are to be obtained, including each Dealer specified in the related Confirmation. If no Dealers are specified in the related Confirmation, the {{cddprov|Calculation Agent}} shall select the Dealers in consultation with the parties, provided that in the case of Section {{cddprov|9.7}} (Buy-in of Bonds Not Delivered), {{cddprov|Seller}} shall select the Dealers in good faith and in a commercially reasonable manner. Upon a Dealer no longer being in existence (with no successors), or not being an active dealer in the obligations of the type for which Quotations are to be obtained, the {{cddprov|Calculation Agent}} may substitute any other Dealer(s) for one or more of the foregoing after consultation with the parties.<br>
| |
| '''Section {{cddprov|7.16}} Representative Amount'''. “'''{{cddprov|Representative Amount}}'''” means an amount that is representative for a single transaction in the relevant market and at the relevant time, which amount the {{cddprov|Calculation Agent}} shall determine in consultation with the parties.<br>
| |
| ==Article 8 Terms Relating To Physical Settlement==
| |
| '''Section {{cddprov|8.1}} Physical Settlement'''. If “'''{{cddprov|Physical Settlement}}'''” is specified as the {{cddprov|Settlement Method}} in the related {{cddprov|Confirmation}} (or if Physical Settlement is applicable as the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}} ({{cddprov|Auction Settlement}})), {{cddprov|Buyer}} shall, subject to Sections {{cddprov|5.1}} (Settlement), {{cddprov|10.1}} (Settlement Suspension) and {{cddprov|11.2}}(c)(ii) (Additional Representations and Agreements for Physical Settlement), on or prior to the {{cddprov|Physical Settlement Date}}, Deliver to {{cddprov|Seller}} the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, and {{cddprov|Seller}} shall pay to {{cddprov|Buyer}} the {{cddprov|Physical Settlement Amount}} that corresponds to the {{cddprov|Deliverable Obligation}}s that {{cddprov|Buyer}} has Delivered. If {{cddprov|Buyer}} Delivers {{cddprov|Deliverable Obligation}}s in an amount greater than the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, {{cddprov|Seller}} shall not be required to pay more than the {{cddprov|Physical Settlement Amount}} that corresponds to the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable. For purposes of the foregoing, Delivery by {{cddprov|Buyer}} and payment by {{cddprov|Seller}} shall be made in accordance with market practice applicable to the {{cddprov|Deliverable Obligation}} on the {{cddprov|Delivery Date}}.<br>
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| In the case of {{cddprov|Deliverable Obligation}}s that are (a) {{cddprov|Borrowed Money}}, {{cddprov|Buyer}} shall Deliver {{cddprov|Deliverable Obligation}}s with an {{cddprov|Outstanding Principal Balance}} and (b) not {{cddprov|Borrowed Money}}, {{cddprov|Buyer}} shall Deliver {{cddprov|Deliverable Obligation}}s with a {{cddprov|Due and Payable Amount}} (or, in the case of either (a) or (b), the equivalent Currency Amount of any such amount), in each case in the aggregate amount as of the relevant {{cddprov|Delivery Date}}s that is equal to the {{cddprov|Floating Rate Payer Calculation Amount}}; provided that {{cddprov|Buyer}} may Deliver {{cddprov|Deliverable Obligation}}s with an {{cddprov|Outstanding Principal Balance}} or a {{cddprov|Due and Payable Amount}}, as applicable, (or the equivalent Currency Amount of any such amount), in the aggregate amount as of the relevant {{cddprov|Delivery Date}}s that is either (i) greater than the {{cddprov|Floating Rate Payer Calculation Amount}}, in which case {{cddprov|Seller}} shall not be required to pay more than the {{cddprov|Physical Settlement Amount}} to Buyer, or (ii) less than the {{cddprov|Floating Rate Payer Calculation Amount}}, in which case {{cddprov|Seller}} shall not be required to pay more than the proportion of the {{cddprov|Physical Settlement Amount}} that corresponds to the {{cddprov|Deliverable Obligation}}s Delivered, subject to Section {{cddprov|11.2}}(c)(ii) (Additional Representations and Agreements for Physical Settlement).<br>
| |
| '''Section {{cddprov|8.2}} {{cddprov|Notice of Physical Settlement}}'''. “'''{{cddprov|Notice of Physical Settlement}}'''” means a notice from {{cddprov|Buyer}} to {{cddprov|Seller}} that (a) confirms that {{cddprov|Buyer}} intends to settle the {{cddprov|Credit Derivative Transaction}} and requires performance in accordance with Physical Settlement , (b) contains a detailed description of each {{cddprov|Deliverable Obligation}} that {{cddprov|Buyer}} intends to Deliver to {{cddprov|Seller}}, including , if available and applicable, the CUSIP or ISIN number (or, if such identifying number is not available or applicable, the rate and tenor) of each such {{cddprov|Deliverable Obligation}} and (c) specifies the {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, or the equivalent amount in the {{cddprov|Settlement Currency}} (in each case, the “'''{{cddprov|Outstanding Amount}}'''”) and, if different, the face amount, of each such {{cddprov|Deliverable Obligation}} and the aggregate Outstanding Amount of all {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} that {{cddprov|Buyer}} intends to Deliver to {{cddprov|Seller}} (the “'''{{cddprov|Aggregate Outstanding Amount}}'''”).<br>
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| {{cddprov|Buyer}} may, from time to time, notify {{cddprov|Seller}} in the manner specified above (each such notification, a “'''{{cddprov|NOPS Amendment Notice}}'''”) that {{cddprov|Buyer}} is replacing, in whole or in part, one or more {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or a prior {{cddprov|NOPS Amendment Notice}}, as applicable, (to the extent the relevant {{cddprov|Deliverable Obligation}} has not been Delivered as of the date such {{cddprov|NOPS Amendment Notice}} is effective). A {{cddprov|NOPS Amendment Notice}} shall contain a revised detailed description of each replacement {{cddprov|Deliverable Obligation}} that {{cddprov|Buyer}} will Deliver to {{cddprov|Seller}} (each, a “'''{{cddprov|Replacement Deliverable Obligation}}'''”) and shall also specify the Outstanding Amount of each {{cddprov|Deliverable Obligation}} identified in the {{cddprov|Notice of Physical Settlement}} or a prior {{cddprov|NOPS Amendment Notice}}, as applicable, that is being replaced (with respect to each such {{cddprov|Deliverable Obligation}}, the “'''{{cddprov|Replaced Deliverable Obligation Outstanding Amount}}'''”). The Outstanding Amount of each Replacement {{cddprov|Deliverable Obligation}} identified in a {{cddprov|NOPS Amendment Notice}} shall be determined by applying the Revised Currency Rate to the relevant Replaced {{cddprov|Deliverable Obligation}} Outstanding Amount. The Outstanding Amount of the Replacement {{cddprov|Deliverable Obligation}}s specified in any {{cddprov|NOPS Amendment Notice}} in aggregate with the Outstanding Amount of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any earlier {{cddprov|NOPS Amendment Notice}} which, in each case, are not being replaced must not be greater than the Aggregate Outstanding Amount. Each such {{cddprov|NOPS Amendment Notice}} must be effective on or prior to the {{cddprov|Physical Settlement Date}} (determined without reference to any change resulting from such {{cddprov|NOPS Amendment Notice}}).<br>
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| A form of {{cddprov|Notice of Physical Settlement}} is set forth in Exhibit C.<br>
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| Notwithstanding the foregoing, (i) {{cddprov|Buyer}} may correct any errors or inconsistencies in the detailed description of each {{cddprov|Deliverable Obligation}} contained in the {{cddprov|Notice of Physical Settlement}} or any<br>
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| {{cddprov|NOPS Amendment Notice}}, as applicable, by notice to {{cddprov|Seller}} prior to the relevant {{cddprov|Delivery Date}} and (ii) if {{cddprov|Asset Package Delivery}} is applicable, {{cddprov|Buyer}} shall on the {{cddprov|NOPS Effective Date}}, or as soon as reasonably practicable thereafter (but in any case, prior to the {{cddprov|Delivery Date}}), notify {{cddprov|Seller}} of the detailed description of the Asset Package, if any, that it intends to Deliver to {{cddprov|Seller}} in lieu of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}}, if any, specified in the {{cddprov|Notice of Physical Settlement}} or {{cddprov|NOPS Amendment Notice}}, as applicable, it being understood in each case that such notice shall not constitute a {{cddprov|NOPS Amendment Notice}}.<br>
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| '''Section {{cddprov|8.3}} {{cddprov|NOPS Effective Date}}'''. “'''{{cddprov|NOPS Effective Date}}'''” means the date on which an effective {{cddprov|Notice of Physical Settlement}} or {{cddprov|NOPS Amendment Notice}}, as the case may be, is delivered by Buyer.<br>
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| '''Section {{cddprov|8.4}} Relevant Holder'''. “'''{{cddprov|Relevant Holder}}'''” means a holder of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}}, as the case may be, with an {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, immediately prior to the relevant {{cddprov|Asset Package Credit Event}}, equal to the Outstanding Amount specified in respect of such {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} in the {{cddprov|Notice of Physical Settlement}}, or {{cddprov|NOPS Amendment Notice}}, as applicable.<br>
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| '''Section {{cddprov|8.5}} Asset Package'''. “'''{{cddprov|Asset Package}}'''” means, in respect of an {{cddprov|Asset Package Credit Event}}, all of the Assets in the proportion received or retained by a Relevant Holder in connection with such relevant {{cddprov|Asset Package Credit Event}} (which may include the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}}, as the case may be). If the Relevant Holder is offered a choice of Assets or a choice of combinations of Assets, the Asset Package will be the Largest Asset Package. If the Relevant Holder is offered, receives and retains nothing, the Asset Package shall be deemed to be zero.<br>
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| '''Section {{cddprov|8.6}} Largest Asset Package'''. “'''{{cddprov|Largest Asset Package}}'''” means, in respect of a {{cddprov|Prior Deliverable Obligation}} or a {{cddprov|Package Observable Bond}}, as the case may be, the package of Assets for which the greatest amount of principal has been or will be exchanged or converted (including by way of amendment), as determined by the {{cddprov|Calculation Agent}} by reference to Eligible Information. If this cannot be determined, the Largest Asset Package will be the package of Assets with the highest immediately realizable value, determined by the {{cddprov|Calculation Agent}} in accordance with the methodology, if any, determined by the relevant Credit Derivatives Determinations Committee.<br>
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| '''Section {{cddprov|8.7}} Asset'''. “'''{{cddprov|Asset}}'''” means each obligation, equity, amount of cash, security, fee (including any “'''{{cddprov|early-bird}}'''” or other consent fee), right and/or other asset, whether tangible or otherwise and whether issued, incurred, paid or provided by the {{cddprov|Reference Entity}} or a third party (or any value which was realized or capable of being realized in circumstances where the right and/or other asset no longer exists).<br>
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| '''Section {{cddprov|8.8}} {{cddprov|Asset Package Delivery}}'''. {{cddprov|Asset Package Delivery}} will apply if an {{cddprov|Asset Package Credit Event}} occurs, unless (i) such {{cddprov|Asset Package Credit Event}} occurs prior to the {{cddprov|Credit Event Backstop Date}} determined in respect of the {{cddprov|Credit Event}} specified in the {{cddprov|Credit Event Notice}} or {{cddprov|DC Credit Event Announcement}}applicable to the {{cddprov|Event Determination Date}}, or (ii) if the {{cddprov|Reference Entity}} is a Sovereign, no {{cddprov|Package Observable Bond}} exists immediately prior to such {{cddprov|Asset Package Credit Event}}.<br>
| |
| '''Section {{cddprov|8.9}} {{cddprov|Asset Package Credit Event}}'''. “'''{{cddprov|Asset Package Credit Event}}'''” means:<br>
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| :(a) if “'''{{cddprov|Financial Reference Entity Terms}}'''” and “'''{{cddprov|Governmental Intervention}}'''” are specified as applicable in the related Confirmation:<br>
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| ::(i) a {{cddprov|Governmental Intervention}}; or<br>
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| ::(ii) a {{cddprov|Restructuring}} in respect of the {{cddprov|Reference Obligation}} , if “'''{{cddprov|Restructuring}}'''” is specified as applicable in the related {{cddprov|Confirmation}} and such {{cddprov|Restructuring}} does not constitute a {{cddprov|Governmental Intervention}}; and<br>
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| :(b) if the {{cddprov|Reference Entity}} is a Sovereign and “'''{{cddprov|Restructuring}}'''” is specified as applicable in the related Confirmation, a {{cddprov|Restructuring}},<br>
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| in each case, whether or not such event is specified as the applicable {{cddprov|Credit Event}} in the {{cddprov|Credit Event Notice}} or the {{cddprov|DC Credit Event Announcement}}.<br>
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| '''Section {{cddprov|8.10}} NOPS Cut'''-off Date. “'''{{cddprov|NOPS Cut-off Date}}'''” means, subject, where applicable, to Section {{cddprov|10.1}} (Settlement Suspension):<br>
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| :(a) subject to Section {{cddprov|8.10}}(b), the later of:<br>
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| ::(i) the thirtieth calendar day after the Event Determination Date; and<br>
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| ::(ii) the tenth calendar day after either the date of the relevant {{cddprov|DC Credit Event Announcement}}or of the relevant {{cddprov|DC Credit Event Question}} Dismissal, if any (or, if the relevant {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}, the tenth calendar day after the {{cddprov|Non-Standard Exercise Cut-off Date}}); or<br>
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| :(b) if “'''{{cddprov|Physical Settlement}}'''” is applicable pursuant to the {{cddprov|Fallback Settlement Method}} in accordance with Section {{cddprov|6.1}}(a) or (b) ({{cddprov|Auction Settlement}}) and:<br>
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| ::(i) the relevant {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}, the later of (A) the date determined pursuant to Section {{cddprov|8.10}}(a)(i) and (B) the thirtieth calendar day after the {{cddprov|Auction Cancellation Date}} or the {{cddprov|No Auction Announcement Date}} occurring pursuant to Section<br>
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| ::(ii) 6.11(a) or (c)(i) ({{cddprov|No Auction Announcement Date}}), as applicable; or<br>
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| ::(iii) the relevant {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}, either:<br>
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| :::(A) the later of:<br>
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| ::::(I) the date determined pursuant to Section {{cddprov|8.10}}(a)(i); and<br>
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| ::::(II) the thirtieth calendar day after:<br>
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| ::(x) a {{cddprov|No Auction Announcement Date}} occurring pursuant to Section {{cddprov|6.11}}(a) ({{cddprov|No Auction Announcement Date}}), if any;<br>
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| (y) a {{cddprov|No Auction Announcement Date}} occurring pursuant to Section {{cddprov|6.11}}(c)(i) ({{cddprov|No Auction Announcement Date}}), if any; or<br>
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| (z) the {{cddprov|Auction Cancellation Date}}, if any, as applicable; or<br>
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| :::(B) the later of the Parallel Notice of {{cddprov|Physical Settlement Date}} (or, if more than one should occur, the last Parallel Notice of {{cddprov|Physical Settlement Date}}), and the {{cddprov|Relevant City Business Day}} immediately following the Parallel {{cddprov|Auction Cancellation Date}}, if any (or, if more than one should occur, the last Parallel {{cddprov|Auction Cancellation Date}}), as applicable, in circumstances where either:<br>
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| ::::(I) a {{cddprov|No Auction Announcement Date}} occurs pursuant to Section {{cddprov|6.11}}(b) ({{cddprov|No Auction Announcement Date}}) and such {{cddprov|Credit Derivative Transaction}} has not been subject to exercise of the {{cddprov|Movement Option}}; or<br>
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| ::::(II) a {{cddprov|No Auction Announcement Date}} occurs pursuant to Section {{cddprov|6.11}}(c)(ii) ({{cddprov|No Auction Announcement Date}}) and such {{cddprov|Credit Derivative Transaction}} has not been subject to exercise of the {{cddprov|Movement Option}},<br>
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| provided that in the case of Sections {{cddprov|8.10}}(a)(ii) and (b), the relevant {{cddprov|Credit Event Resolution Request Date}}, if any, occurred on or prior to the date described in Section {{cddprov|8.10}}(a)(i).<br>
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| '''Section {{cddprov|8.11}} Parallel Notice of {{cddprov|Physical Settlement Date}}'''. “'''{{cddprov|Parallel Notice of Physical Settlement Date}}'''” means “'''{{cddprov|Notice of Physical Settlement Date}}'''” as defined in the relevant {{cddprov|Parallel Auction Settlement Terms}}.<br>
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| '''Section {{cddprov|8.12}} Deliver'''.<br>
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| :(a) “'''{{cddprov|Deliver}}'''” means to deliver, novate, transfer (including, in the case of a Guarantee, transfer of the benefit of the Guarantee), assign or sell, as appropriate, in the manner customary for the settlement of the applicable {{cddprov|Deliverable Obligation}}s (which shall include executing all necessary documentation and taking any other necessary actions), in order to convey all right, title (or, with respect to {{cddprov|Deliverable Obligation}}s where only equitable title is customarily conveyed, all equitable title) and interest in the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, to {{cddprov|Seller}} free and clear of any and all liens, charges, claims or encumbrances (excluding any liens routinely imposed on all securities in a relevant clearance system, but including, without limitation, any counterclaim, defense (other than a counterclaim or defense based on the factors set forth in Section {{cddprov|4.1}}(a) to (d) ({{cddprov|Credit Event}})) or right of set-off by or of the {{cddprov|Reference Entity}} or any applicable {{cddprov|Underlying Obligor}}); provided that (i) if a {{cddprov|Deliverable Obligation}} is a {{cddprov|Direct Loan Participation}}, “'''{{cddprov|Deliver}}'''” means to create (or procure the creation of) a participation in favor of {{cddprov|Seller}} and (ii) if a {{cddprov|Deliverable Obligation}} is a Guarantee, “'''{{cddprov|Deliver}}'''” means to Deliver both the {{cddprov|Underlying Obligation}} and the Guarantee, provided further that if the Guarantee has a {{cddprov|Fixed Cap}}, (A) “'''{{cddprov|Deliver}}'''” means to Deliver the {{cddprov|Underlying Obligation}}, the Guarantee and all claims to any amounts which are subject to such {{cddprov|Fixed Cap}} and (B) those claims shall be deemed to be {{cddprov|Deliverable Obligation}}s for purposes of Section {{cddprov|11.2}} (Additional Representations and Agreements for Physical Settlement). “'''{{cddprov|Delivery}}'''” and “'''{{cddprov|Delivered}}'''” will be construed accordingly.<br>
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| In the case of a Loan, Delivery shall be effected using documentation substantially in the form of the documentation customarily used in the relevant market for Delivery of such Loan at that time , provided further that {{cddprov|Buyer}} and {{cddprov|Seller}} agree to comply with the provisions of any documentation (which shall include any market advisory that the relevant {{cddprov|Credit Derivatives Determinations Committee}} {{cddprov|Resolves}} to approve for such purpose) that the relevant {{cddprov|Credit Derivatives Determinations Committee}} {{cddprov|Resolves}} constitutes documentation customarily used in the relevant market for Delivery of such Loan at that time, as such documentation may be amended to the extent the relevant {{cddprov|Credit Derivatives Determinations Committee}} {{cddprov|Resolves}} is appropriate, which is consistent with the delivery and payment obligations of the parties hereunder. {{cddprov|Buyer}} and {{cddprov|Seller}} further agree that compliance by {{cddprov|Buyer}} and {{cddprov|Seller}} with the provisions of any such documentation, shall be required for, and, without further action, constitute, Delivery for purposes of Section {{cddprov|8.12}} (to the extent that such documentation contains provisions describing how Delivery should be effected) and neither {{cddprov|Buyer}} nor {{cddprov|Seller}} shall be permitted to request that the other party take, nor shall {{cddprov|Buyer}} or {{cddprov|Seller}} be required to take, any action under Sections {{cddprov|11.2}}(c)(i), (v) or (vi) (Additional Representations and Agreements for Physical Settlement), as applicable, unless otherwise contemplated by such documentation.<br>
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| :(b) If {{cddprov|Asset Package Delivery}} applies, (i) Delivery of a {{cddprov|Prior Deliverable Obligation}} or a {{cddprov|Package Observable Bond}} specified in the {{cddprov|Notice of Physical Settlement}} or {{cddprov|NOPS Amendment Notice}}, as applicable, may be satisfied by Delivery of the related Asset Package, and such Asset Package shall be treated as having the same currency, {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, as the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} to which it corresponds had immediately prior to the {{cddprov|Asset Package Credit Event}}, (ii) Sections {{cddprov|8.12}}(a) and {{cddprov|11.2}} (Additional Representations and Agreements for Physical Settlement) shall be deemed to apply to each Asset in the Asset Package provided that if any such Asset is not a Bond, it shall be treated as if it were a Loan for these purposes, (iii) if the Asset Package is zero, the Outstanding Amount of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} shall be deemed to have been Delivered in full three {{cddprov|Business Day}}s following the date on which {{cddprov|Buyer}} has notified {{cddprov|Seller}} of the detailed description of the Asset Package that it intends to Deliver in accordance with Section {{cddprov|8.2}} ({{cddprov|Notice of Physical Settlement}}), (iv) {{cddprov|Buyer}} may satisfy its obligation to make Delivery of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} in part by Delivery of each Asset in the Asset Package in the correct proportion and (v) if the relevant Asset is a Non-Transferable Instrument or Non-Financial Instrument, the Asset shall be deemed to be an amount of cash equal to the Asset Market Value.<br>
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| '''Section {{cddprov|8.13}} Non-Transferable Instrument'''. “'''{{cddprov|Non-Transferable Instrument}}'''” means any Asset which is not capable of being transferred to institutional investors, excluding due to market conditions.<br>
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| '''Section {{cddprov|8.14}} Non-Financial Instrument'''. “'''{{cddprov|Non-Financial Instrument}}'''” means any Asset which is not of the type typically traded in, or suitable for being traded in, financial markets.<br>
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| '''Section {{cddprov|8.15}} Asset Market Value'''. “'''{{cddprov|Asset Market Value}}'''” means the market value of an Asset, as the {{cddprov|Calculation Agent}} shall determine by reference to an appropriate specialist valuation or in accordance with the methodology determined by the Credit Derivatives Determinations Committee.<br>
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| '''Section {{cddprov|8.16}} {{cddprov|Delivery Date}}'''. “'''{{cddprov|Delivery Date}}'''” means, with respect to a {{cddprov|Deliverable Obligation}} or an Asset Package, the date on which such {{cddprov|Deliverable Obligation}} is Delivered (or deemed Delivered under Section {{cddprov|8.12}}(b)(iii) (Deliver)).<br>
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| '''Section {{cddprov|8.17}} {{cddprov|Physical Settlement Date}}'''. “'''{{cddprov|Physical Settlement Date}}'''” means the last day of the longest Physical Settlement Period following the NOPS Cut-off Date. If all {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable are Delivered on or before the {{cddprov|Physical Settlement Date}}, the date that {{cddprov|Buyer}} completes Delivery of such {{cddprov|Deliverable Obligation}}s shall be the Termination Date.<br>
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| '''Section {{cddprov|8.18}} {{cddprov|Physical Settlement Amount}}'''. “'''{{cddprov|Physical Settlement Amount}}'''” means the {{cddprov|Floating Rate Payer Calculation Amount}} multiplied by the Reference Price.<br>
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| '''Section {{cddprov|8.19}} Physical Settlement Period'''. “'''{{cddprov|Physical Settlement Period}}'''” means, subject to Section {{cddprov|10.1}} (Settlement Suspension), the number of {{cddprov|Business Day}}s specified as such in the related {{cddprov|Confirmation}} or, if a number of {{cddprov|Business Day}}s is not so specified, then, with respect to a {{cddprov|Deliverable Obligation}} specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, the longest number of {{cddprov|Business Day}}s for settlement in accordance with then current market practice of such Deliverable<br>
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| Obligation, as the {{cddprov|Calculation Agent}} shall determine after consultation with the parties; provided that if {{cddprov|Buyer}} has notified {{cddprov|Seller}} that it intends to Deliver an Asset Package in lieu of a {{cddprov|Prior Deliverable Obligation}} or a {{cddprov|Package Observable Bond}}, the Physical Settlement Period shall be thirty {{cddprov|Business Day}}s.<br>
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| '''Section {{cddprov|8.20}} Currency Amount'''. “'''{{cddprov|Currency Amount}}'''” means with respect to (a) a {{cddprov|Deliverable Obligation}} specified in a {{cddprov|Notice of Physical Settlement}} that is denominated in a currency other than the {{cddprov|Settlement Currency}}, an amount converted to the {{cddprov|Settlement Currency}} using a conversion rate determined by reference to the Currency Rate and (b) a Replacement {{cddprov|Deliverable Obligation}} specified in a {{cddprov|NOPS Amendment Notice}}, an amount converted to the {{cddprov|Settlement Currency}} (or, if applicable, back into the {{cddprov|Settlement Currency}}) using a conversion rate determined by reference to the Currency Rate, if any, and each Revised Currency Rate used to convert each Replaced {{cddprov|Deliverable Obligation}} Outstanding Amount specified in each {{cddprov|NOPS Amendment Notice}} with respect to that portion of the {{cddprov|Credit Derivative Transaction}} into the currency of denomination of the relevant Replacement {{cddprov|Deliverable Obligation}}.<br>
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| '''Section {{cddprov|8.21}} Currency Rate'''. “'''{{cddprov|Currency Rate}}'''” means with respect to (a) a {{cddprov|Deliverable Obligation}} specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, the rate of conversion between the {{cddprov|Settlement Currency}} and the currency in which the Outstanding Amount of such {{cddprov|Deliverable Obligation}} is denominated that is either (i) determined by reference to the Currency Rate Source as at the Next Currency Fixing Time, or (ii) if such rate is not available at such time, as the {{cddprov|Calculation Agent}} shall determine in a commercially reasonable manner after consultation with the parties and (b) a Replacement {{cddprov|Deliverable Obligation}} specified in a {{cddprov|NOPS Amendment Notice}}, the Revised Currency Rate.<br>
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| '''Section {{cddprov|8.22}} Revised Currency Rate'''. “'''{{cddprov|Revised Currency Rate}}'''” means, with respect to a Replacement {{cddprov|Deliverable Obligation}} specified in a {{cddprov|NOPS Amendment Notice}}, the rate of conversion between the currency in which the Replaced {{cddprov|Deliverable Obligation}} Outstanding Amount is denominated and the currency in which the Outstanding Amount of such Replacement {{cddprov|Deliverable Obligation}} is denominated that is determined either (a) by reference to the Currency Rate Source as at the Next Currency Fixing Time, or (b) if such rate is not available at such time, as the {{cddprov|Calculation Agent}} shall determine in a commercially reasonable manner after consultation with the parties.<br>
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| '''Section {{cddprov|8.23}} Next Currency Fixing Time'''. “'''{{cddprov|Next Currency Fixing Time}}'''” means 4:00 p.m. (London time) on the London {{cddprov|Business Day}} immediately following the date on which the {{cddprov|Notice of Physical Settlement}} or relevant {{cddprov|NOPS Amendment Notice}}, as applicable, is effective.<br>
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| '''Section {{cddprov|8.24}} Currency Rate Source'''. “'''{{cddprov|Currency Rate Source}}'''” means the mid-point rate of conversion published by WM/Reuters at 4:00 p.m. (London time), or any successor rate source approved by the relevant Credit Derivatives Determinations Committee. <br>
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| ==Article 9 Fallback Provisions Applicable To Physical Settlement==
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| '''Section {{cddprov|9.1}} Partial Cash Settlement Due to Impossibility or Illegality'''. If, due to an event beyond the control of Buyer, it is impossible or illegal for {{cddprov|Buyer}} to Deliver, or due to an event beyond the control of {{cddprov|Seller}} it is impossible or illegal for {{cddprov|Seller}} to accept Delivery of, any of the {{cddprov|Deliverable Obligation}}s (other than a {{cddprov|Deliverable Obligation}} described in Section {{cddprov|3.2}}(d) ({{cddprov|Deliverable Obligation}})) specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable on the {{cddprov|Physical Settlement Date}} (including, without limitation, failure of the relevant clearance system or due to any law, regulation or court order, but excluding market conditions or the failure to obtain any requisite consent with respect to the Delivery of Loans), then on or before such date (a) {{cddprov|Buyer}} shall Deliver and {{cddprov|Seller}} shall take Delivery of any of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable for which it is possible and legal to take Delivery and {{cddprov|Seller}} shall make a payment of that portion of the {{cddprov|Physical Settlement Amount}} that corresponds to the amount of {{cddprov|Deliverable Obligation}}s that are Delivered in accordance with market practice applicable to the {{cddprov|Deliverable Obligation}} on the {{cddprov|Delivery Date}} and (b) {{cddprov|Buyer}} or {{cddprov|Seller}}, as applicable, shall provide a description in reasonable detail of the facts giving rise to such impossibility or illegality and, as soon as practicable thereafter, {{cddprov|Buyer}} shall Deliver and {{cddprov|Seller}} shall take Delivery of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable which were not Delivered and {{cddprov|Seller}} shall make a payment of that portion of the {{cddprov|Physical Settlement Amount}} that corresponds to the amount of {{cddprov|Deliverable Obligation}}s that are Delivered in accordance with market practice applicable to the {{cddprov|Deliverable Obligation}} on the {{cddprov|Delivery Date}}. The date on which the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable which were not Delivered are subsequently delivered shall be the Termination Date. If, following the occurrence of any such impossibility or illegality, the amount of {{cddprov|Deliverable Obligation}}s that are to be Delivered as specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable are not Delivered to {{cddprov|Seller}} on or prior to the Latest Permissible {{cddprov|Physical Settlement Date}}, Cash Settlement pursuant to Section {{cddprov|9.6}} (Partial Cash Settlement Terms) shall be deemed to apply to the {{cddprov|Credit Derivative Transaction}} with respect to the {{cddprov|Deliverable Obligation}}s that cannot be Delivered (the “'''{{cddprov|Undeliverable Obligations}}'''”).<br>
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| '''Section {{cddprov|9.2}} Partial Cash Settlement of {{cddprov|Consent Required Loan}}s'''. If:<br>
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| :(a) “'''{{cddprov|Partial Cash Settlement of Consent Required Loans}}'''” is specified as applicable in the related Confirmation;<br>
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| :(b) the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable include {{cddprov|Consent Required Loan}}s that, due to the non-receipt of any requisite consents, are not, on the {{cddprov|Physical Settlement Date}}, capable of being assigned or novated to {{cddprov|Seller}} or its designee and such consents are not obtained or deemed given by the Latest Permissible {{cddprov|Physical Settlement Date}}; and<br>
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| :(c) (i) “'''{{cddprov|Direct Loan Participation}}'''” is not specified as a {{cddprov|Deliverable Obligation Characteristic}} in the related Confirmation, or (ii) “'''{{cddprov|Direct Loan Participation}}'''” is specified as a {{cddprov|Deliverable Obligation Characteristic}} in the related {{cddprov|Confirmation}} and the relevant participation is not effected on or before the Latest Permissible {{cddprov|Physical Settlement Date}},<br>
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| Cash Settlement pursuant to Section {{cddprov|9.6}} (Partial Cash Settlement Terms) shall be deemed to apply to the {{cddprov|Credit Derivative Transaction}} with respect to the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable that consist of {{cddprov|Consent Required Loan}}s for which consents are not obtained or deemed given (the “'''{{cddprov|Undeliverable Loan Obligations}}'''”).<br>
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| '''Section {{cddprov|9.3}} Partial Cash Settlement of {{cddprov|Assignable Loan}}s'''. If:<br>
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| :(a) “'''{{cddprov|Partial Cash Settlement of Assignable Loans}}'''” is specified as applicable in the related Confirmation;<br>
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| :(b) the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable include {{cddprov|Assignable Loan}}s that, due to the non-receipt of any requisite consents, are not, on the {{cddprov|Physical Settlement Date}}, capable of being assigned or novated to {{cddprov|Seller}} or its designee and such consents are not obtained or deemed given by the Latest Permissible {{cddprov|Physical Settlement Date}}; and<br>
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| :(c) (i) “'''{{cddprov|Direct Loan Participation}}'''” is not specified as a {{cddprov|Deliverable Obligation Characteristic}} in the related Confirmation, or (ii) “'''{{cddprov|Direct Loan Participation}}'''” is specified as a {{cddprov|Deliverable Obligation Characteristic}} in the related {{cddprov|Confirmation}} and the relevant participation is not effected on or before the Latest Permissible {{cddprov|Physical Settlement Date}},<br>
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| Cash Settlement pursuant to Section {{cddprov|9.6}} (Partial Cash Settlement Terms) shall be deemed to apply to the {{cddprov|Credit Derivative Transaction}} with respect to the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that consist of {{cddprov|Assignable Loan}}s for which consents are not obtained or deemed given (the “'''{{cddprov|{{cddprov|Unassignable Obligation}}s}}'''”).<br>
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| '''Section {{cddprov|9.4}} Partial Cash Settlement of Participations'''. If:<br>
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| :(a) “'''{{cddprov|Partial Cash Settlement of Participations}}'''” is specified as applicable in the related Confirmation; and<br>
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| :(b) the {{cddprov|Deliverable Obligation}}s include {{cddprov|Direct Loan Participation}}s and the relevant participation is not effected on or before the Latest Permissible {{cddprov|Physical Settlement Date}},<br>
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| Cash Settlement pursuant to Section {{cddprov|9.6}} (Partial Cash Settlement Terms) shall be deemed to apply to the {{cddprov|Credit Derivative Transaction}} with respect to the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that consist of {{cddprov|Direct Loan Participation}}s in respect of which the relevant participation is not effected (the “'''{{cddprov|{{cddprov|Undeliverable Participation}}s}}'''”).<br>
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| '''Section {{cddprov|9.5}} Latest Permissible {{cddprov|Physical Settlement Date}}'''. “'''{{cddprov|Latest Permissible Physical Settlement Date}}'''” means, in respect of Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), the date that is thirty calendar days after the {{cddprov|Physical Settlement Date}} and, in respect of Sections {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s) and {{cddprov|9.4}} (Partial Cash Settlement of Participations), the date that is fifteen {{cddprov|Business Day}}s after the {{cddprov|Physical Settlement Date}}.<br>
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| '''Section {{cddprov|9.6}} Partial Cash Settlement Terms'''. Unless otherwise specified in the related Confirmation, the following terms are deemed to be defined as follows for purposes of the Partial Cash Settlement Terms referred to in Sections {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s) and {{cddprov|9.4}} (Partial Cash Settlement of Participations):<br>
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| :(a) “'''{{cddprov|Cash Settlement Amount}}'''” is deemed to be, for each {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}}, the aggregate of the greater of (i)(A) the Outstanding Principal Balance, {{cddprov|Due and Payable Amount}} or Currency Amount, as applicable, of each {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} multiplied by (B) the Reference Price minus the {{cddprov|Final Price}} with respect to such {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} and (ii) zero;<br>
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| :(b) “'''{{cddprov|Cash Settlement Date}}'''” is deemed to be the date that is three {{cddprov|Business Day}}s after the calculation of the {{cddprov|Final Price}}, which date shall also be the Termination Date;<br>
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| :(c) “'''{{cddprov|Reference Obligation}}'''” is deemed to be each {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} and “'''{{cddprov|Reference Price}}'''” is deemed to be one hundred per cent;<br>
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| :(d) “'''{{cddprov|Valuation Date}}'''” is deemed to be the date that is two {{cddprov|Business Day}}s after the Latest Permissible {{cddprov|Physical Settlement Date}};<br>
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| :(e) “'''{{cddprov|Valuation Method}}'''” is deemed to be Highest unless fewer than two {{cddprov|Full Quotation}}s are obtained or a {{cddprov|Weighted Average Quotation}} applies (or, if applicable, {{cddprov|Indicative Quotation}}s), in which case, “'''{{cddprov|Valuation Method}}'''” is deemed to be Market;<br>
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| :(f) “'''{{cddprov|Quotation Method}}'''” is deemed to be Bid;<br>
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| :(g) “'''{{cddprov|Quotation Amount}}'''” is deemed to be, with respect to each type or issue of {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}}, an amount equal to the {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}} (or, in either case, its equivalent in the relevant {{cddprov|Obligation Currency}}, which shall be converted by the {{cddprov|Calculation Agent}} in a commercially reasonable manner by reference to exchange rates in effect at the time that the relevant Quotation is being obtained), as applicable, of such {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}};<br>
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| :(h) There shall be no “'''{{cddprov|Minimum Quotation Amount}}'''”;<br>
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| ::(i) “'''{{cddprov|Valuation Time}}'''” is the time specified as such in the related {{cddprov|Confirmation}} (or, if no such time is specified, 11:00 a.m. in the principal trading market for the {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} (as applicable));<br>
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| :(j) “'''{{cddprov|Market Value}}'''” means, with respect to an {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} (as applicable) on a {{cddprov|Valuation Date}}, (i) if more than three {{cddprov|Full Quotation}}s are obtained, the arithmetic mean of such {{cddprov|Full Quotation}}s, disregarding the {{cddprov|Full Quotation}}s having the highest and lowest values (and, if more than one such {{cddprov|Full Quotation}}s have the same highest value or lowest value, then one of such highest or lowest {{cddprov|Full Quotation}}s shall be disregarded), (ii) if exactly three {{cddprov|Full Quotation}}s are obtained, the {{cddprov|Full Quotation}} remaining after disregarding the highest and lowest {{cddprov|Full Quotation}}s (and, if more than one such {{cddprov|Full Quotation}}s have the same highest value or lowest value, then one of such highest or lowest {{cddprov|Full Quotation}}s shall be disregarded), (iii) if exactly two {{cddprov|Full Quotation}}s are obtained, the arithmetic mean of such {{cddprov|Full Quotation}}s, (iv) if fewer than two {{cddprov|Full Quotation}}s are obtained and a {{cddprov|Weighted Average Quotation}} is obtained, such {{cddprov|Weighted Average Quotation}}, (v) if {{cddprov|Indicative Quotation}}s are applicable and exactly three {{cddprov|Indicative Quotation}}s are obtained, the {{cddprov|Indicative Quotation}} remaining after disregarding the highest and lowest {{cddprov|Indicative Quotation}}s (and, if more than one such {{cddprov|Indicative Quotation}}s have the same highest or lowest value, then one of such highest or lowest {{cddprov|Indicative Quotation}}s shall be disregarded), (vi) if fewer than two {{cddprov|Full Quotation}}s are obtained, no {{cddprov|Weighted Average Quotation}} is obtained (and, if {{cddprov|Indicative Quotation}}s are applicable, fewer than three {{cddprov|Indicative Quotation}}s are obtained) then, subject to Section {{cddprov|9.6}}(k)(ii), an amount that the {{cddprov|Calculation Agent}} shall determine on the next {{cddprov|Business Day}} on which two or more {{cddprov|Full Quotation}}s, a {{cddprov|Weighted Average Quotation}} or, if applicable, three {{cddprov|Indicative Quotation}}s are obtained and (vii) if fewer than two {{cddprov|Full Quotation}}s are obtained, no {{cddprov|Weighted Average Quotation}} is obtained (and, if {{cddprov|Indicative Quotation}}s are applicable, fewer than three {{cddprov|Indicative Quotation}}s are obtained) within the additional five {{cddprov|Business Day}} period set forth in Section {{cddprov|9.6}}(k)(ii), the Market Value shall be determined as provided in Section {{cddprov|9.6}}(k)(ii);<br>
| |
| :(k) “'''{{cddprov|Quotation}}'''” means each {{cddprov|Full Quotation}}, the {{cddprov|Weighted Average Quotation}} and, if {{cddprov|Indicative Quotation}}s are applicable, each {{cddprov|Indicative Quotation}} obtained and expressed as a percentage of the {{cddprov|Reference Obligation}}’s {{cddprov|Outstanding Principal Balance}} or {{cddprov|Due and Payable Amount}}, as applicable, with respect to a {{cddprov|Valuation Date}} in the manner that follows:<br>
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| ::(i) The {{cddprov|Calculation Agent}} shall attempt to obtain {{cddprov|Full Quotation}}s with respect to each {{cddprov|Valuation Date}} from five or more Dealers. If the {{cddprov|Calculation Agent}} is unable to obtain two or more such {{cddprov|Full Quotation}}s on the same {{cddprov|Business Day}} within three {{cddprov|Business Day}}s of a {{cddprov|Valuation Date}}, then on the next following {{cddprov|Business Day}} (and, if necessary, on each {{cddprov|Business Day}} thereafter until the tenth {{cddprov|Business Day}} following the relevant {{cddprov|Valuation Date}}) the {{cddprov|Calculation Agent}} shall attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers, and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}}. If two or more such {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} are not available on any such {{cddprov|Business Day}} and {{cddprov|Indicative Quotation}}s are applicable, the {{cddprov|Calculation Agent}} shall attempt to obtain three {{cddprov|Indicative Quotation}}s from five or more Dealers.<br>
| |
| ::(ii) If the {{cddprov|Calculation Agent}} is a party to the {{cddprov|Credit Derivative Transaction}} and is unable to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} on or prior to the tenth {{cddprov|Business Day}} following the applicable {{cddprov|Valuation Date}}, then the party that is not the {{cddprov|Calculation Agent}} may attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s). If such party is able to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the {{cddprov|Calculation Agent}} shall use such {{cddprov|Full Quotation}}s or {{cddprov|Weighted Average Quotation}} (or, if applicable, {{cddprov|Indicative Quotation}}s) to determine the {{cddprov|Final Price}} in accordance with the specified Valuation Method. If such party is unable to obtain two or more {{cddprov|Full Quotation}}s, a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the Quotations shall be deemed to be any {{cddprov|Full Quotation}} obtained from a Dealer at the Valuation Time on such fifth {{cddprov|Business Day}} or, if no {{cddprov|Full Quotation}} is obtained, the weighted average of any firm quotations (or, if applicable, {{cddprov|Indicative Quotation}}s) for the {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} (as applicable) obtained from Dealers at the Valuation Time on such fifth {{cddprov|Business Day}} with respect to the aggregate portion of the {{cddprov|Quotation Amount}} for which such quotations were obtained and a quotation deemed to be zero for the balance of the {{cddprov|Quotation Amount}} for which firm quotations (or, if applicable, {{cddprov|Indicative Quotation}}s) were not obtained on such day. If the {{cddprov|Calculation Agent}} is a third party and is unable to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} on or prior to the tenth {{cddprov|Business Day}} following the applicable {{cddprov|Valuation Date}}, {{cddprov|Buyer}} and {{cddprov|Seller}} each may attempt to obtain {{cddprov|Full Quotation}}s from five or more Dealers and, if two or more {{cddprov|Full Quotation}}s are not available, a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s). If either or both parties are able to obtain two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the {{cddprov|Calculation Agent}} shall use all such {{cddprov|Full Quotation}}s or {{cddprov|Weighted Average Quotation}}s (or, if applicable, {{cddprov|Indicative Quotation}}s) to determine the {{cddprov|Final Price}} in accordance with the specified Valuation Method. If the parties are unable to obtain between them two or more {{cddprov|Full Quotation}}s or a {{cddprov|Weighted Average Quotation}} (or, if {{cddprov|Indicative Quotation}}s are applicable, three {{cddprov|Indicative Quotation}}s) on the same {{cddprov|Business Day}} within an additional five {{cddprov|Business Day}}s, the Quotations shall be deemed to be any {{cddprov|Full Quotation}} obtained from a Dealer at the Valuation Time on such fifth {{cddprov|Business Day}} or, if no {{cddprov|Full Quotation}} is obtained, the weighted average of any firm quotations (or, if applicable, {{cddprov|Indicative Quotation}}s) for the {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Loan Obligation}}, {{cddprov|Undeliverable Participation}} or {{cddprov|Unassignable Obligation}} (as applicable) obtained from Dealers at the Valuation Time on such fifth {{cddprov|Business Day}} with respect to the aggregate portion of the {{cddprov|Quotation Amount}} for which such quotations were obtained and a quotation deemed to be zero for the balance of the {{cddprov|Quotation Amount}} for which firm quotations (or, if applicable, {{cddprov|Indicative Quotation}}s) were not obtained on such day.<br>
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| ::(iii) All Quotations shall be obtained in accordance with the specification or determination made pursuant to Section {{cddprov|3.12}} (Accrued Interest);<br>
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| :(l) “'''{{cddprov|Indicative Quotation}}'''” shall mean, in accordance with the {{cddprov|Quotation Method }}, each quotation obtained from a Dealer at the Valuation Time for (to the extent reasonably practicable) an amount of the {{cddprov|Undeliverable Loan Obligation}} equal to the {{cddprov|Quotation Amount}}, which reflects such Dealer’s reasonable assessment of the price of such {{cddprov|Undeliverable Loan Obligation}} based on such factors as such Dealer may consider relevant, which may include historical prices and recovery rates; and<br>
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| :(m) {{cddprov|Indicative Quotation}}s shall be applicable under Section {{cddprov|9.6}} only if the Partial Cash Settlement Terms become applicable to a {{cddprov|Credit Derivative Transaction}} due to the occurrence of an event giving rise to an impossibility or illegality under Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality).<br>
| |
| '''Section {{cddprov|9.7}} Buy'''-in of Bonds Not Delivered. At any time after the date that is five {{cddprov|Business Day}}s after the {{cddprov|Physical Settlement Date}}, if {{cddprov|Buyer}} has not Delivered any {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that are Bonds (other than any Bond which (i) is a {{cddprov|Prior Deliverable Obligation}} or a {{cddprov|Package Observable Bond}} which {{cddprov|Buyer}} has notified {{cddprov|Seller}} it intends to Deliver an Asset Package in lieu thereof, or (ii) forms part of an Asset Package which {{cddprov|Buyer}} has notified {{cddprov|Seller}} it intends to Deliver), {{cddprov|Seller}} may exercise a right to close out all or a portion of the {{cddprov|Credit Derivative Transaction}} by the purchase of such Bonds under the terms of Section {{cddprov|9.7}} (a “'''{{cddprov|buy-in}}'''”), unless such failure to Deliver is due to an event described in Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) (in which case Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) shall apply). {{cddprov|Seller}} will provide {{cddprov|Buyer}} two or more {{cddprov|Business Day}}s’ notice (which may be provided prior to the expiration of the five {{cddprov|Business Day}} period after the {{cddprov|Physical Settlement Date}}) of its intention to buy-in (a “'''{{cddprov|Buy-in Notice}}'''”), specifying the date of the anticipated buy-in (the “'''{{cddprov|{{cddprov|Buy-in Date}}}}'''”), the Bonds to be subject to the buy-in (to the extent not Delivered prior to the {{cddprov|Buy-in Date}}, the “'''{{cddprov|Relevant Bonds}}'''”) and the {{cddprov|Outstanding Principal Balance}} thereof sought to be bought-in.<br>
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| On the {{cddprov|Buy-in Date}}, {{cddprov|Seller}} shall attempt to obtain from five or more Dealers firm quotations for the sale (“'''{{cddprov|{{cddprov|Buy-in Offer}}s}}'''”) of the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} (together with any accrued interest thereon to the extent not already included as part of the Outstanding Principal Balance). The lowest {{cddprov|Buy-in Offer}} or, if {{cddprov|Seller}} obtains only one {{cddprov|Buy-in Offer}}, such {{cddprov|Buy-in Offer}}, for the {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} shall be the “'''{{cddprov|{{cddprov|Buy-in Price}}}}'''”. If {{cddprov|Seller}} is unable to obtain at least one {{cddprov|Buy-in Offer}} from such Dealers on the relevant {{cddprov|Buy-in Date}} for the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}}, {{cddprov|Seller}} will attempt to obtain {{cddprov|Buy-in Offer}}s for all or a portion of the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} from five or more Dealers on each {{cddprov|Business Day}} following the {{cddprov|Buy-in Date}} until the earlier of (a) the fourth {{cddprov|Business Day}} (inclusive) following such {{cddprov|Buy-in Date}} and (b) the date a {{cddprov|Buy-in Price}} or Prices are determined for all of the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} (such period commencing on the {{cddprov|Buy-in Date}}, the “'''{{cddprov|{{cddprov|Buy-in Period}}}}'''”). {{cddprov|Seller}} will conduct the buy-in in a commercially reasonable manner and in accordance with the procedures set forth herein.<br>
| |
| Buyer’s right to Deliver the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} shall be suspended only during the {{cddprov|Buy-in Period}} and shall recommence on the first {{cddprov|Business Day}} following the end of the {{cddprov|Buy-in Period}} to the extent {{cddprov|Seller}} has not determined a {{cddprov|Buy-in Price}} or Prices for the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}}. {{cddprov|Seller}} shall commit to purchase such {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} at the applicable {{cddprov|Buy-in Price}} or Prices. Thereafter, to the extent a {{cddprov|Buy-in Price}} has not been determined during a {{cddprov|Buy-in Period}} with respect to all of the specified {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}}, on or at any time after the sixth {{cddprov|Business Day}} after such {{cddprov|Buy-in Period}}, {{cddprov|Seller}} may give another {{cddprov|Buy-in Notice}} for purposes of commencing another {{cddprov|Buy-in Period}} for the {{cddprov|Relevant Bonds}} in accordance with the procedures set forth herein. This process may be repeated until the final settlement of the {{cddprov|Credit Derivative Transaction}}.<br>
| |
| On the date a {{cddprov|Buy-in Price}} is determined (or as soon as practicable thereafter), {{cddprov|Seller}} will provide notice of the {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} for which a Buyin Price or Prices were determined and the {{cddprov|Buy-in Price}} or Prices therefor. On the third {{cddprov|Business Day}} following such notice, {{cddprov|Buyer}} will be deemed to have Delivered an {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, for which a {{cddprov|Buy-in Price}} was determined and {{cddprov|Seller}} will pay to {{cddprov|Buyer}} that portion of the {{cddprov|Physical Settlement Amount}} that corresponds to such portion of the {{cddprov|Deliverable Obligation}}s, reduced (but not below zero) by the {{cddprov|Buy-in Price}} multiplied by the corresponding {{cddprov|Outstanding Principal Balance}} of the {{cddprov|Relevant Bonds}} for which a {{cddprov|Buy-in Price}} was determined, plus any reasonable brokerage costs incurred by {{cddprov|Seller}} in connection with any purchases by it of the {{cddprov|Relevant Bonds}} as part of the buy-in.<br>
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| Unless otherwise agreed by {{cddprov|Buyer}} and {{cddprov|Seller}}, Section {{cddprov|9.7}} shall replace any otherwise applicable buy-in rules.<br>
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| '''Section {{cddprov|9.8}} Alternative Procedures Relating to Loans Not Delivered'''. If {{cddprov|Buyer}} has not Delivered any {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that are Loans (other than any Loan which (i) is a {{cddprov|Prior Deliverable Obligation}} which {{cddprov|Buyer}} has notified {{cddprov|Seller}} it intends to Deliver an Asset Package in lieu thereof, or (ii) forms part of an Asset Package which {{cddprov|Buyer}} has notified {{cddprov|Seller}} it intends to Deliver) on or prior to the date that is five {{cddprov|Business Day}}s after the {{cddprov|Physical Settlement Date}} (the “'''{{cddprov|Loan Alternative Procedure Start Date}}'''”), the following provisions shall apply unless (a) “'''{{cddprov|Reference Obligation Only}}'''” has been specified as the Deliverable {{cddprov|Obligation Category}} in the related Confirmation, (b) in the case of a {{cddprov|Consent Required Loan}}, “'''{{cddprov|Partial Cash Settlement of Consent Required Loans}}'''” is specified as applicable in the related {{cddprov|Confirmation}} (in which case Section {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s) shall apply), (c) in the case of an {{cddprov|Assignable Loan}}, “'''{{cddprov|Partial Cash Settlement of Assignable Loans}}'''” is specified as applicable in the related {{cddprov|Confirmation}} (in which case Section {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s) shall apply), (d) in the case of a {{cddprov|Direct Loan Participation}}, “'''{{cddprov|Partial Cash Settlement of Participations}}'''” is specified as applicable in the related {{cddprov|Confirmation}} (in which case Section {{cddprov|9.4}} (Partial Cash Settlement of Participations) shall apply), or (e) in any case, such failure to Deliver is due to an event described in Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) (in which case Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) shall apply):<br>
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| ::(i) If {{cddprov|Buyer}} has failed to obtain the requisite consents to Deliver a Loan specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable and has provided a certificate signed by a Managing Director (or other substantively equivalent title) of Buyer, which certifies that {{cddprov|Buyer}} has used reasonable efforts to obtain such consents, at any time following the {{cddprov|Loan Alternative Procedure Start Date}}, {{cddprov|Buyer}} may Deliver, in lieu of all or part of such Loan, subject to Section {{cddprov|3.31}} (Mod R) or {{cddprov|3.32}} (Mod Mod R), any Bond that is Transferable and Not Bearer or any {{cddprov|Assignable Loan}}, in either case selected by {{cddprov|Buyer}} and having on both the {{cddprov|Physical Settlement Date}} and the {{cddprov|Delivery Date}} each of the {{cddprov|Deliverable Obligation Characteristic}}s (other than {{cddprov|Consent Required Loan}} or {{cddprov|Direct Loan Participation}}), if any, specified in the related {{cddprov|Confirmation}} and otherwise satisfying the requirements to constitute a {{cddprov|Deliverable Obligation}} (and such instrument shall be deemed specified in a {{cddprov|NOPS Amendment Notice}} which will be effective notwithstanding the fact that it is deemed specified after the {{cddprov|Physical Settlement Date}}).<br>
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| ::(ii) At any time after the fifteenth {{cddprov|Business Day}} following the {{cddprov|Loan Alternative Procedure Start Date}}, to the extent that there still remains to be Delivered any {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable that are Loans and {{cddprov|Buyer}} has not Delivered any {{cddprov|Bond or Loan}} in lieu thereof under Section {{cddprov|9.8}}(i), {{cddprov|Seller}} may require {{cddprov|Buyer}} to Deliver, in lieu of all or part of a Loan specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, any Bond that is Transferable and Not Bearer or any {{cddprov|Assignable Loan}}, in either case selected by {{cddprov|Seller}} and having on both the {{cddprov|Physical Settlement Date}} and the {{cddprov|Delivery Date}} each of the {{cddprov|Deliverable Obligation Characteristic}}s (other than {{cddprov|Consent Required Loan}} or {{cddprov|Direct Loan Participation}}), if any, specified in the related {{cddprov|Confirmation}} and otherwise satisfying the requirements to constitute a {{cddprov|Deliverable Obligation}} (and such instrument shall be deemed specified in a {{cddprov|NOPS Amendment Notice}} which will be effective notwithstanding the fact that it is deemed specified after the {{cddprov|Physical Settlement Date}}), so long as (A) {{cddprov|Seller}} identifies a holder of, or dealer in, the selected instrument (other than {{cddprov|Seller}} or an Affiliate of {{cddprov|Seller}}) that is ready, willing and able to Deliver such instrument to {{cddprov|Buyer}} at a price (expressed as a percentage) less than the Reference Price and (B) such instrument may be further Delivered by {{cddprov|Buyer}} to {{cddprov|Seller}} without the consent of any person being required.<br>
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| '''Section {{cddprov|9.9}} Alternative Procedures Relating to Assets Not Delivered'''. If and to the extent that Delivery of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} has not been satisfied by Delivery of the Assets which form part of the Asset Package which {{cddprov|Buyer}} has notified {{cddprov|Seller}} that it intends to Deliver in lieu of the {{cddprov|Prior Deliverable Obligation}} or {{cddprov|Package Observable Bond}} specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, in the correct proportion, on or prior to the date that is five {{cddprov|Business Day}}s after the {{cddprov|Physical Settlement Date}}, {{cddprov|Seller}} may require {{cddprov|Buyer}} to Deliver instead any other {{cddprov|Deliverable Obligation}} selected by {{cddprov|Seller}} and having on both the {{cddprov|Physical Settlement Date}} and the {{cddprov|Delivery Date}} each of the {{cddprov|Deliverable Obligation Characteristic}}s, if any, specified in the related {{cddprov|Confirmation}} and otherwise satisfying the requirements to constitute a {{cddprov|Deliverable Obligation}} (and such {{cddprov|Deliverable Obligation}} shall be deemed specified in a {{cddprov|NOPS Amendment Notice}} which will be effective notwithstanding the fact that it is deemed specified after the {{cddprov|Physical Settlement Date}}), so long as (a) {{cddprov|Seller}} identifies a holder of, or dealer in, the selected instrument (other than {{cddprov|Seller}} or an Affiliate of {{cddprov|Seller}}) that is ready, willing and able to Deliver such {{cddprov|Deliverable Obligation}} to {{cddprov|Buyer}} at a price (expressed as a percentage) less than the Reference Price and (b) such {{cddprov|Deliverable Obligation}} may be further Delivered by {{cddprov|Buyer}} to {{cddprov|Seller}} without the consent of any person being required.<br>
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| '''Section {{cddprov|9.10}} Cap on Settlement'''. If “'''{{cddprov|60 {{cddprov|Business Day}} Cap on Settlement}}'''” is specified as applicable in the related {{cddprov|Confirmation}} and the {{cddprov|Termination Date}} has not occurred on or prior to the date that is sixty {{cddprov|Business Day}}s following the {{cddprov|Physical Settlement Date}}, notwithstanding Sections {{cddprov|9.7}} (Buy-in of Bonds Not Delivered) {{cddprov|9.8}} (Alternative Procedures Relating to Loans Not Delivered) and {{cddprov|9.9}} (Alternative Procedures Relating to Assets Not Delivered) and without prejudice to Sections {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s) and {{cddprov|9.4}} (Partial Cash Settlement of Participations), such sixtieth {{cddprov|Business Day}} shall be deemed to be the {{cddprov|Termination Date}} with respect to the {{cddprov|Credit Derivative Transaction}} except in relation to any portion of such {{cddprov|Credit Derivative Transaction}} (an “'''{{cddprov|Affected Portion}}'''”) in respect of which:<br>
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| :(a) a valid notice of {{cddprov|Buy-in Price}} has been delivered that is effective fewer than three {{cddprov|Business Day}}s prior to such sixtieth {{cddprov|Business Day}}, in which case the {{cddprov|Termination Date}} for that Affected Portion shall be the third {{cddprov|Business Day}} following the date on which such notice is effective; or<br>
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| :(b) {{cddprov|Buyer}} has purchased but not Delivered {{cddprov|Deliverable Obligation}}s validly specified by {{cddprov|Seller}} pursuant to Sections {{cddprov|9.8}}(ii) (Alternative Procedures Relating to Loans Not Delivered) or {{cddprov|9.9}} (Alternative Procedures Relating to Assets Not Delivered), in which case the {{cddprov|Termination Date}} for that Affected Portion shall be the tenth {{cddprov|Business Day}} following the date on which {{cddprov|Seller}} validly specified such {{cddprov|Deliverable Obligation}}s to Buyer.<br>
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| ==Article 10 Effect Of {{cddprov|DC Resolution}}s==
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| '''Section {{cddprov|10.1}} Settlement Suspension'''. If, following the occurrence of an {{cddprov|Event Determination Date}}but prior to the {{cddprov|Physical Settlement Date}} or, to the extent applicable, a {{cddprov|Valuation Date}}, there is a {{cddprov|DC Credit Event Meeting Announcement}}, the timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement, shall toll and remain suspended until the date of the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal. During such suspension period, the parties are not obliged to, nor are they entitled to, take any action in connection with the settlement of any relevant {{cddprov|Credit Derivative Transaction}}. Once the relevant {{cddprov|DC Credit Event Announcement}}or {{cddprov|DC Credit Event Question}} Dismissal, as applicable, has occurred, the relevant timing requirements of Sections {{cddprov|7.2}} ({{cddprov|Cash Settlement Date}}), {{cddprov|7.8}} ({{cddprov|Valuation Date}}), {{cddprov|8.1}} (Physical Settlement), {{cddprov|8.10}} (NOPS Cut-off Date), and {{cddprov|8.19}} (Physical Settlement Period), as applicable, or any other Section of the Definitions that pertains to settlement that have previously tolled or been suspended shall resume on the {{cddprov|Business Day}} following such public announcement by the {{cddprov|DC Secretary}} with the parties having the benefit of the full day notwithstanding when the tolling or suspension began in accordance with Section {{cddprov|10.1}}. <br>
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| '''Section {{cddprov|10.2}} Effect of {{cddprov|DC Resolution}}s'''. Any {{cddprov|DC Resolution}} of the relevant {{cddprov|Credit Derivatives Determinations Committee}} that is applicable to such {{cddprov|Credit Derivative Transaction}}, including a {{cddprov|DC Resolution}} that reverses a previous {{cddprov|DC Resolution}}, shall be binding on {{cddprov|Buyer}} and {{cddprov|Seller}} :<br>
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| :(a) provided that:<br>
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| ::(i) if the effect of a {{cddprov|DC Resolution}} would be to reverse (A) a prior {{cddprov|DC Resolution}} of the relevant Credit Derivatives Determinations Committee, (B) any determination made by the {{cddprov|Calculation Agent}} that is effectively notified to the parties to the {{cddprov|Credit Derivative Transaction}}s prior to the fifth {{cddprov|Business Day}} which immediately precedes the {{cddprov|Successor Resolution Request Date}} or a {{cddprov|Substitute Reference Obligation}} Resolution Request Date, as applicable, or (C) the occurrence of an {{cddprov|Event Determination Date}}, that, in any case, has resulted in:<br>
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| ::::(I) the identification of one or more Successors;<br>
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| ::::(II) the identification of a {{cddprov|Substitute Reference Obligation}}; or<br>
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| ::::(III) the occurrence of an {{cddprov|Auction Final Price Determination Date}}, {{cddprov|Physical Settlement Date}} or Termination Date, as applicable, or to the extent of the occurrence of a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, in each case, on or prior to the date that the {{cddprov|DC Secretary}} publicly announces such {{cddprov|DC Resolution}} of the relevant Credit Derivatives Determinations Committee,<br>
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| then such {{cddprov|DC Resolution}} shall not be effective for purposes of the {{cddprov|Credit Derivative Transaction}}, or, in the case of a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}} only, shall not be effective to the extent that a {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}} has occurred; and<br>
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| ::(ii) if {{cddprov|Buyer}} and {{cddprov|Seller}} have included any provision in the terms of the applicable {{cddprov|Credit Derivative Transaction}} that seeks to amend or override the agreement contained in Section {{cddprov|10.2}} by expressly referring in writing to Section {{cddprov|10.2}} and which would otherwise be effective in accordance with the terms of the relevant {{cddprov|Credit Derivative Transaction}}, then any {{cddprov|DC Resolution}} shall not be effective for purposes of such {{cddprov|Credit Derivative Transaction}}; and<br>
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| :(b) notwithstanding:<br>
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| ::(i) that the Definitions, as supplemented, or any provisions incorporated in the related Confirmation, as applicable, may require such determination to be made by the Calculation Agent;<br>
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| ::(ii) any provision in the master agreement between {{cddprov|Buyer}} and {{cddprov|Seller}} that governs the relevant {{cddprov|Credit Derivative Transaction}} and/or the related Confirmation, as applicable (but in each case, without prejudice to Section {{cddprov|10.2}}(a)(ii)), that describes an alternative mechanism for resolving, in the absence of agreement between {{cddprov|Buyer}} and {{cddprov|Seller}}, any matter that is {{cddprov|Resolved}} by the relevant Credit Derivatives Determinations Committee; <br>
| |
| ::(iii) that in order to reach such {{cddprov|DC Resolution}}, the relevant {{cddprov|Credit Derivatives Determinations Committee}} may be required to {{cddprov|Resolve}} one or more factual matters before being able to reach such {{cddprov|DC Resolution}}; and<br>
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| ::(iv) any actual or perceived conflict of interest on the part of a {{cddprov|DC Party}} , legal counsel or other third-party professional hired by such {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its duties under the DC Rules.<br>
| |
| ==Article 11 Additional Representations And Agreements Of The Parties==
| |
| '''Section {{cddprov|11.1}} Additional Representations and Agreements of the Parties'''.<br>
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| :(a) {{cddprov|Buyer}} and {{cddprov|Seller}} shall each be deemed to represent to the other party on the {{cddprov|Trade Date}} that, in connection with such {{cddprov|Credit Derivative Transaction}}, neither the other party nor any of the other party’s Affiliates have made any representation whatsoever with respect to the {{cddprov|Reference Entity}}, the {{cddprov|Reference Obligation}}, any Obligation, any {{cddprov|Deliverable Obligation}}, any {{cddprov|Underlying Obligor}} or any {{cddprov|Underlying Obligation}} on which it is relying or is entitled to rely.<br>
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| :(b) On the Trade Date, {{cddprov|Buyer}} and {{cddprov|Seller}} shall each be deemed to agree with the other that, so long as either party has or may have any obligation under the {{cddprov|Credit Derivative Transaction}}:<br>
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| ::(i) the parties will be obligated to perform their respective obligations, in accordance with Section {{cddprov|5.1}} (Settlement), irrespective of the existence or amount of the parties’ credit exposure to the {{cddprov|Reference Entity}}, and {{cddprov|Buyer}} need not suffer any loss nor provide evidence of any loss as a result of the occurrence of a {{cddprov|Credit Event}};<br>
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| ::(ii) such {{cddprov|Credit Derivative Transaction}} does not create any rights or impose any obligations in respect of any entity that is not a party to such {{cddprov|Credit Derivative Transaction}};<br>
| |
| ::(iii) each party and its Affiliates and the {{cddprov|Calculation Agent}} may deal in the {{cddprov|Reference Obligation}}, each Obligation, each {{cddprov|Deliverable Obligation}} and each {{cddprov|Underlying Obligation}} and may, where permitted, accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking or other business with, the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}}, any Affiliate of the {{cddprov|Reference Entity}} or of the {{cddprov|Underlying Obligor}}, or any other person or entity having obligations relating to the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}}, or any Affiliate of the {{cddprov|Reference Entity}} or of the {{cddprov|Underlying Obligor}}, and may act (but is not obliged to act) with respect to such business in the same manner as each of them would if such {{cddprov|Credit Derivative Transaction}} did not exist, regardless of whether any such action might have an adverse effect on the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}}, any Affiliate of the {{cddprov|Reference Entity}} or of the {{cddprov|Underlying Obligor}}, or the position of the other party to such {{cddprov|Credit Derivative Transaction}} or otherwise (including, without limitation, any action which might constitute or give rise to a {{cddprov|Credit Event}});<br>
| |
| ::(iv) each party and its Affiliates and the {{cddprov|Calculation Agent}} may, whether by virtue of the types of relationships described herein or otherwise, on the {{cddprov|Trade Date}} or at any time thereafter, be in possession of information in relation to the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}} or any Affiliate of the {{cddprov|Reference Entity}} or of the {{cddprov|Underlying Obligor}}, that is or may be material in the context of such {{cddprov|Credit Derivative Transaction}} and that may or may not be publicly available or known to the other party, and such {{cddprov|Credit Derivative Transaction}} does not create any obligation on the part of such party, its Affiliates or the {{cddprov|Calculation Agent}} to disclose to the other party any such relationship or information (whether or not confidential);<br>
| |
| ::(v) unless it is otherwise bound by or subject to a confidentiality obligation or agreement, a party receiving any information from the other party with respect to such {{cddprov|Credit Derivative Transaction}} shall not become subject to any obligation of confidentiality in respect of that information and the transferor of such information shall indemnify and hold harmless the transferee for any loss, liability, claim, damage and expense whatsoever incurred by the transferee arising out of the breach of any law or understanding or agreement with respect to the confidentiality of that information to which the transferor may be party;<br>
| |
| ::(vi) each party has determined to enter into such {{cddprov|Credit Derivative Transaction}} notwithstanding any information described in Section {{cddprov|11.1}}(b)(iv) that the other party may have possession of, and notwithstanding that such party may be contractually prohibited from disclosing or offering to disclose such information to the other party by virtue of any credit agreement or other agreement with the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}}, any Affiliate of the {{cddprov|Reference Entity}} or of the {{cddprov|Underlying Obligor}}, or any other person or entity having obligations relating to the {{cddprov|Reference Entity}}, any {{cddprov|Underlying Obligor}}, any Affiliate of the {{cddprov|Reference Entity}} or the {{cddprov|Underlying Obligor}} or otherwise; and<br>
| |
| ::(vii) neither party shall have any liability to the other party (or its officers, directors, agents, partners, members, controlling entities or employees) and each party waives and releases any claims that it might have against the other party (or its officers, directors, agents, partners, members, controlling entities or employees) whether under applicable securities laws or otherwise, with respect to the non-disclosure of any information described in Section {{cddprov|11.1}}(b)(iv) in connection with such {{cddprov|Credit Derivative Transaction}}; provided, however, that such information does not and shall not affect the truth or accuracy of any representation made by such party herein or in the related Confirmation.<br>
| |
| :(c) On the Trade Date, {{cddprov|Buyer}} and {{cddprov|Seller}} shall each be deemed to agree with the other:<br>
| |
| ::(i) that no {{cddprov|DC Party}} and no legal counsel or other third-party professional hired by a {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its respective duties under the {{cddprov|DC Rules}} and/or any {{cddprov|Credit Derivatives Auction Settlement Terms}}, as applicable, shall be liable, whether for negligence or otherwise, to {{cddprov|Buyer}} or {{cddprov|Seller}} for any form of damages, whether direct, indirect, special, consequential or otherwise, that might arise in connection with such {{cddprov|DC Party}} ’s performance of its duties, or any advice given by legal counsel or any other thirdparty professional hired by such {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its respective duties, under the {{cddprov|DC Rules}} and/or any {{cddprov|Credit Derivatives Auction Settlement Terms}}, as applicable, except in the case of fraud or willful misconduct on the part of such {{cddprov|DC Party}} , legal counsel or other third-party professional, as applicable; provided that, notwithstanding the foregoing, legal counsel or any other third-party professional hired by a {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its duties under the {{cddprov|DC Rules}} and/or any {{cddprov|Credit Derivatives Auction Settlement Terms}}, as applicable, may still be liable to such {{cddprov|DC Party}} ;<br>
| |
| ::(ii) to waive any claim, whether for negligence or otherwise, that may arise against a {{cddprov|DC Party}} and any legal counsel or other third-party professional hired by such {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its duties under the DC Rules, except in the case of fraud or willful misconduct on the part of such {{cddprov|DC Party}} , legal counsel or other third-party professional, as applicable; provided that, notwithstanding the foregoing, legal counsel or any other third-party professional hired by a {{cddprov|DC Party}} in connection with such {{cddprov|DC Party}} ’s performance of its duties under the {{cddprov|DC Rules}} and/or any {{cddprov|Credit Derivatives Auction Settlement Terms}}, as applicable, may still be liable to such {{cddprov|DC Party}} ;<br>
| |
| ::(iii) that no {{cddprov|DC Party}} is (A) under any obligation to research, investigate, supplement, or verify the veracity of, any information on which the relevant {{cddprov|Credit Derivatives Determinations Committee}} bases its decision and (B) acting as a fiduciary for, or as an advisor to, {{cddprov|Buyer}} or {{cddprov|Seller}} in connection with the relevant {{cddprov|Credit Derivative Transaction}};<br>
| |
| ::(iv) that, in reaching any {{cddprov|DC Resolution}} that is applicable to such {{cddprov|Credit Derivative Transaction}}, the relevant {{cddprov|Credit Derivatives Determinations Committee}} shall be under no requirement to consult with, or individually notify, {{cddprov|Buyer}} or {{cddprov|Seller}}, notwithstanding any provision of the Definitions, as supplemented, or of the relevant additional provisions published by ISDA and incorporated in the related {{cddprov|Confirmation}} to the contrary; and<br>
| |
| :(v) that, with respect to any {{cddprov|DC Resolution}} of the relevant Credit Derivatives Determinations Committee, if there is any inconsistency between (A) any provision of either (I) the Definitions, as supplemented, or (II) any provisions incorporated in the related {{cddprov|Confirmation}} and (B) the DC Rules, the {{cddprov|DC Rules}} will govern.<br>
| |
| :(d) On the Trade Date, {{cddprov|Buyer}} and {{cddprov|Seller}} shall be deemed to acknowledge the Disclaimer by the DC Parties provision contained in the DC Rules.<br>
| |
| '''Section {{cddprov|11.2}} Additional Representations and Agreements for Physical Settlement'''.<br>
| |
| :(a) If Physical Settlement applies to a {{cddprov|Credit Derivative Transaction}} (except in relation to {{cddprov|Direct Loan Participation}}s), {{cddprov|Buyer}} shall be deemed to represent to {{cddprov|Seller}} on each {{cddprov|Delivery Date}} (which representation shall survive any such {{cddprov|Delivery Date}}) that it has conveyed (or, if applicable, caused to be conveyed) to {{cddprov|Seller}} (or, if applicable, its designee) all right, title (or, with respect to {{cddprov|Deliverable Obligation}}s where only equitable title is customarily conveyed, all equitable title) and interest in the {{cddprov|Deliverable Obligation}}s being Delivered on such date free and clear of any and all liens, charges, claims or encumbrances (excluding any liens routinely imposed on all securities in a relevant clearance system, but including, without limitation, any counterclaim, defense (other than a counterclaim or defense based on the factors set forth in Section {{cddprov|4.1}}(a) to (d) ({{cddprov|Credit Event}})) or right of set-off by or of the {{cddprov|Reference Entity}} or any applicable {{cddprov|Underlying Obligor}}). Subject to reasonable verification by Buyer, {{cddprov|Buyer}} shall indemnify, and hold harmless, {{cddprov|Seller}} for any loss, liability, claim, damage and expense whatsoever incurred arising out of Buyer’s breach of the representations contained in Section {{cddprov|11.2}}(a). The indemnification in the preceding sentence shall survive the Termination Date. Any breach of the representations contained in Section {{cddprov|11.2}}(a) shall not constitute an event of default in any master agreement governing the {{cddprov|Credit Derivative Transaction}}.<br>
| |
| :(b) If Physical Settlement applies to a {{cddprov|Credit Derivative Transaction}}, {{cddprov|Buyer}} shall be deemed to represent to {{cddprov|Seller}} on each {{cddprov|Delivery Date}} (which representation shall survive any such {{cddprov|Delivery Date}}) that, unless {{cddprov|Seller}} has received an indemnity acceptable to {{cddprov|Seller}} from {{cddprov|Buyer}} with respect to the following, Delivery of such {{cddprov|Deliverable Obligation}}s to {{cddprov|Seller}} and transfer of such {{cddprov|Deliverable Obligation}}s by {{cddprov|Seller}} to a third party will not require or cause {{cddprov|Seller}} to assume, and will not subject {{cddprov|Seller}} to, any obligation, liability or commitment to lend additional funds (including any outstanding contingent commitment) (in each case other than (i) immaterial, non-payment obligations and any assignment or transfer fee in respect of Loans and (ii) obligations arising under customary provisions in respect of {{cddprov|Borrowed Money}}, including but not limited to requirements that holders thereof indemnify or reimburse a trustee, fiscal agent, administrative agent, clearing agent, paying agent, facility agent or agent bank or similar person or entity for costs, liabilities or expenses<br>
| |
| :(c) and customary pro rata sharing provisions requiring any amount received by a lender through payment, set-off or otherwise other than through the procedures set forth in the relevant Loan documentation to be shared with other lenders).<br>
| |
| :(d) If Physical Settlement applies to a {{cddprov|Credit Derivative Transaction}}, the following will apply:<br>
| |
| ::(i) {{cddprov|Buyer}} and {{cddprov|Seller}} agree (which agreement shall survive the Termination Date) to execute, deliver, file and record any specific assignment, novation or other document and to take any other action that may be necessary or customary or desirable and reasonably requested by the other party in connection with Buyer’s Delivery of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable (including demonstrating to the reasonable satisfaction of {{cddprov|Seller}} that {{cddprov|Buyer}} has taken all reasonable steps to obtain any requisite consents and keeping {{cddprov|Seller}} apprised of any occurrence of which {{cddprov|Buyer}} is (or reasonably should be) aware that may affect Buyer’s ability to Deliver to {{cddprov|Seller}} {{cddprov|Deliverable Obligation}}s as specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable) and {{cddprov|Buyer}} and {{cddprov|Seller}} agree to cooperate reasonably in connection with the foregoing.<br>
| |
| ::(ii) Subject to Sections {{cddprov|8.1}} (Physical Settlement), {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s), {{cddprov|9.4}} (Partial Cash Settlement of Participations), {{cddprov|9.7}} (Buy-in of Bonds Not Delivered), {{cddprov|9.8}} (Alternative Procedures Relating to Loans Not Delivered), {{cddprov|9.9}} (Alternative Procedures Relating to Assets Not Delivered) and {{cddprov|9.10}} (Cap on Settlement), {{cddprov|Buyer}} may Deliver only the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable and only up to the amounts specified therein for each such {{cddprov|Deliverable Obligation}}. {{cddprov|Buyer}} may continue to attempt to Deliver the whole of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable after the {{cddprov|Physical Settlement Date}}.<br>
| |
| If {{cddprov|Buyer}} fails to Deliver {{cddprov|Deliverable Obligation}}s as specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, such failure shall not constitute a breach of agreement, or an event of default in any master agreement governing the {{cddprov|Credit Derivative Transaction}}.<br>
| |
| Subject to Sections {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality), {{cddprov|9.2}} (Partial Cash Settlement of {{cddprov|Consent Required Loan}}s), {{cddprov|9.3}} (Partial Cash Settlement of {{cddprov|Assignable Loan}}s), {{cddprov|9.4}} (Partial Cash Settlement of Participations) and {{cddprov|9.10}} (Cap on Settlement), the latest of (A) the date that {{cddprov|Buyer}} completes Delivery of the {{cddprov|Deliverable Obligation}}s specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, (B) the date that {{cddprov|Seller}} completes a buyin pursuant to Section {{cddprov|9.7}} (Buy-in of Bonds Not Delivered) with respect to all Bonds specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that {{cddprov|Buyer}} has failed to Deliver (or, if earlier, the latest date all such Bonds cease to exist), (C) the date that alternative delivery pursuant to Section {{cddprov|9.8}} (Alternative Procedures Relating to Loans Not Delivered) has been completed with respect to all Loans specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that {{cddprov|Buyer}} has failed to Deliver and (D) the date that alternative delivery pursuant to Section {{cddprov|9.9}} (Alternative Procedures Relating to Assets Not Delivered) has been completed with respect to all Assets specified in the {{cddprov|Notice of Physical Settlement}} or any {{cddprov|NOPS Amendment Notice}}, as applicable, that {{cddprov|Buyer}} has failed to Deliver, shall be deemed to be the Termination Date.<br>
| |
| ::(iii) If an event that would otherwise constitute or give rise to an impossibility or illegality under Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) occurs and would also constitute an event which would entitle a party to terminate such {{cddprov|Credit Derivative Transaction}} under a master agreement governing the {{cddprov|Credit Derivative Transaction}}, it will be governed by Section {{cddprov|9.1}} (Partial Cash Settlement Due to Impossibility or Illegality) and will not entitle a party to terminate such {{cddprov|Credit Derivative Transaction}} under a master agreement governing the {{cddprov|Credit Derivative Transaction}}.<br>
| |
| ::(iv) Either party (the “'''{{cddprov|designator}}'''”) may designate any of its Affiliates (the “'''{{cddprov|designee}}'''”) to Deliver or take Delivery, as the case may be, and otherwise to perform such party’s obligations to Deliver or take Delivery, as the case may be, in respect of a {{cddprov|Credit Derivative Transaction}} and the designee may assume such obligations. Such designation shall not relieve the designator of any of its obligations under such {{cddprov|Credit Derivative Transaction}}. If the designee has performed the obligations of the designator under such {{cddprov|Credit Derivative Transaction}}, then the designator shall be discharged of its obligations to the other party to the extent of such performance. If, as a result of such designation, (A) it would be illegal due to any applicable law or regulation for the designee to so Deliver or take Delivery, the designator shall not be permitted to designate such designee to Deliver or to take Delivery, or (B) such Delivery would give rise to any Tax, any transaction tax or any loss or cost to the non-designating party, then the designator shall not be permitted to designate such designee to Deliver or to take Delivery unless the non-designating party has received an indemnity acceptable to it from the designating party with respect to such Tax, transaction tax, loss or cost.<br>
| |
| ::(v) Unless otherwise specified in the related Confirmation, any recordation, processing or similar fee reasonably incurred by {{cddprov|Buyer}} and payable to the agent under a Loan in connection with an assignment or novation (where {{cddprov|Deliverable Obligation}}s include {{cddprov|Assignable Loan}}s or {{cddprov|Consent Required Loan}}s) or participation (where {{cddprov|Deliverable Obligation}}s include {{cddprov|Direct Loan Participation}}s) shall be payable by {{cddprov|Buyer}} and {{cddprov|Seller}} equally on the {{cddprov|Delivery Date}} or Latest Permissible {{cddprov|Physical Settlement Date}}, as applicable.<br>
| |
| ::(vi) Notwithstanding any other provision of the {{cddprov|Credit Derivative Transaction}}, if any Stamp Tax or transaction tax is payable in connection with the Delivery of {{cddprov|Deliverable Obligation}}s, payment of such Stamp Tax or transaction tax (as applicable) shall be made by the party or parties that would in the ordinary course bear such cost under a contract for purchase of the {{cddprov|Deliverable Obligation}}.<br>
| |
| '''Section {{cddprov|11.3}} No Frustration'''. In the absence of other reasons, a {{cddprov|Credit Derivative Transaction}} will not be considered frustrated, or otherwise void or voidable (whether for mistake or otherwise) solely because:<br>
| |
| :(a) the {{cddprov|Reference Entity}} does not exist on, or ceases to exist on or following, the Trade Date; and/or<br>
| |
| :(b) Obligations, {{cddprov|Deliverable Obligation}}s or the {{cddprov|Reference Obligation}} do not exist on, or cease to exist on or following, the Trade Date.<br>
| |
| '''Section {{cddprov|11.4}} Merger of {{cddprov|Reference Entity}} and {{cddprov|Seller}}'''. If {{cddprov|Seller}} or the {{cddprov|Reference Entity}} consolidates or amalgamates with, or merges into, or transfers all or substantially all its assets to, the {{cddprov|Reference Entity}} or {{cddprov|Seller}}, as applicable, or {{cddprov|Seller}} and the {{cddprov|Reference Entity}} become Affiliates, an Additional Termination Event under the 2002 ISDA Master Agreement will be deemed to have occurred with {{cddprov|Seller}} as the sole Affected Party, with each {{cddprov|Credit Derivative Transaction}} referencing the {{cddprov|Reference Entity}} as the Affected Transactions and Close-out Amount as the applicable payment measure (irrespective of the payment measure specified by the parties in any master agreement between them) and each such {{cddprov|Credit Derivative Transaction}} will be terminated in accordance with any applicable provisions set forth in the 2002 ISDA Master Agreement.<br>
| |
| ==Article 12 {{cddprov|Initial Payment Amount}}, Fixed Amounts And {{cddprov|Floating Rate Payer Calculation Amount}}==
| |
| '''Section {{cddprov|12.1}} Initial Payment'''. If an {{cddprov|Initial Payment Payer}} and an {{cddprov|Initial Payment Amount}} are specified in the related Confirmation, the {{cddprov|Initial Payment Payer}} will pay to the other party an amount equal to the {{cddprov|Initial Payment Amount}} on the Initial Payment Date.<br>
| |
| '''Section {{cddprov|12.2}} {{cddprov|Initial Payment Payer}}'''. “'''{{cddprov|Initial Payment Payer}}'''” means the party specified as such in the related Confirmation.<br>
| |
| '''Section {{cddprov|12.3}} {{cddprov|Initial Payment Amount}}'''. “'''{{cddprov|Initial Payment Amount}}'''” means the amount specified as such in the related Confirmation.<br>
| |
| '''Section {{cddprov|12.4}} Initial Payment Date'''. “'''{{cddprov|Initial Payment Date}}'''” means the date specified as such in the related Confirmation, or, if no such date is specified, the date that is three {{cddprov|Business Day}}s immediately following the Trade Date.<br>
| |
| '''Section {{cddprov|12.5}} Fixed Amount'''. “'''{{cddprov|Fixed Amount}}'''” means, in respect of a {{cddprov|Credit Derivative Transaction}} and a Fixed Rate Payer, an amount that, subject to any applicable condition precedent, is payable by the Fixed Rate Payer on a {{cddprov|Fixed Rate Payer Payment Date}} and is specified in the related {{cddprov|Confirmation}} or, if no such amount is specified, is determined in accordance with Section {{cddprov|12.12}} (Calculation of Fixed Amount).<br>
| |
| '''Section {{cddprov|12.6}} Fixed Rate Payer'''. “'''{{cddprov|Fixed Rate Payer}}'''” means, in respect of a {{cddprov|Credit Derivative Transaction}}, the party specified as such in the related Confirmation.<br>
| |
| '''Section {{cddprov|12.7}} {{cddprov|Fixed Rate Payer Calculation Amount}}'''. “'''{{cddprov|Fixed Rate Payer Calculation Amount}}'''” means the amount specified as such in the related {{cddprov|Confirmation}} or, if an amount is not so specified, the {{cddprov|Floating Rate Payer Calculation Amount}}.<br>
| |
| '''Section {{cddprov|12.8}} {{cddprov|Fixed Rate Payer Period End Date}}'''. “'''{{cddprov|Fixed Rate Payer Period End Date}}'''” means each date specified as such in the related {{cddprov|Confirmation}} or, if no such dates are specified, each date specified in the related {{cddprov|Confirmation}} as a {{cddprov|Fixed Rate Payer Payment Date}}.<br>
| |
| '''Section {{cddprov|12.9}} {{cddprov|Fixed Rate Payer Calculation Period}}'''. “'''{{cddprov|Fixed Rate Payer Calculation Period}}'''” means each period from, and including, one {{cddprov|Fixed Rate Payer Period End Date}} to, but excluding, the next following {{cddprov|Fixed Rate Payer Period End Date}}, except that (a) the initial {{cddprov|Fixed Rate Payer Calculation Period}} will commence on and include the Effective Date and (b) the final {{cddprov|Fixed Rate Payer Calculation Period}} will end on and include the earliest to occur of (i) the {{cddprov|Scheduled Termination Date}}, (ii) the {{cddprov|Event Determination Date}}and (iii) with respect to a {{cddprov|Reference Obligation Only}} Trade only, the Termination Date.<br>
| |
| '''Section {{cddprov|12.10}} Effective Date'''. “'''{{cddprov|Effective Date}}'''” means the date specified as such in the related Confirmation, and if a date is not so specified, the {{cddprov|Fixed Rate Payer Payment Date}} falling on or immediately prior to the calendar day immediately following the Trade Date. The Effective Date shall not be subject to adjustment in accordance with any {{cddprov|Business Day Convention}}.<br>
| |
| '''Section {{cddprov|12.11}} {{cddprov|Fixed Rate Payer Payment Date}}'''. “'''{{cddprov|Fixed Rate Payer Payment Date}}}'''” means each date specified as such in the related Confirmation, provided that (a) if an {{cddprov|Event Determination Date}}occurs, the earlier of the {{cddprov|Termination Date}} and the first Settlement Date with respect to the {{cddprov|Credit Event}} to which such {{cddprov|Event Determination Date}}relates, shall be the final {{cddprov|Fixed Rate Payer Payment Date}} and (b) if the {{cddprov|Credit Derivative Transaction}} is a {{cddprov|Reference Obligation Only}} Trade and the {{cddprov|Termination Date}} occurs other than following the occurrence of an {{cddprov|Event Determination Date}}, the final {{cddprov|Fixed Rate Payer Payment Date}} shall be the Termination Date.<br>
| |
| '''Section {{cddprov|12.12}} Calculation of Fixed Amount'''. The Fixed Amount payable by a Fixed Rate Payer on a {{cddprov|Fixed Rate Payer Payment Date}} will be:<br>
| |
| :(a) if an amount is specified in the related {{cddprov|Confirmation}} as the Fixed Amount payable by the Fixed Rate Payer for that {{cddprov|Fixed Rate Payer Payment Date}} or for the related {{cddprov|Fixed Rate Payer Calculation Period}}, such amount; or<br>
| |
| :(b) if an amount is not specified in the related {{cddprov|Confirmation}} as the Fixed Amount payable by the Fixed Rate Payer for that {{cddprov|Fixed Rate Payer Payment Date}} or for the related {{cddprov|Fixed Rate Payer Calculation Period}}, an amount calculated on a formula basis for that {{cddprov|Fixed Rate Payer Payment Date}} or for the related {{cddprov|Fixed Rate Payer Calculation Period}} as follows:<br>
| |
| Fixed Amount = {{cddprov|Fixed Rate Payer Calculation Amount}} x Fixed Rate x {{cddprov|Fixed Rate Day Count Fraction}}<br>
| |
| '''Section {{cddprov|12.13}} Fixed Rate'''. “'''{{cddprov||Fixed Rate}}'''” means, for any {{cddprov|Fixed Rate Payer Payment Date}} or for any {{cddprov|Fixed Rate Payer Calculation Period}} in respect of a {{cddprov|Fixed Rate Payer Payment Date}}, a rate, expressed as a decimal, equal to the per annum rate specified in the related Confirmation.<br>
| |
| '''Section {{cddprov|12.14}} {{cddprov|Fixed Rate Day Count Fraction}}'''. “'''{{cddprov|Fixed Rate Day Count Fraction}}'''” means, in respect of a {{cddprov|Credit Derivative Transaction}} and the calculation of a Fixed Amount:<br>
| |
| :(a) if “'''{{cddprov|Actual/365}}'''” or “'''{{cddprov|Actual/Actual}}'''” is specified as applicable in the related Confirmation, the actual number of days in the {{cddprov|Fixed Rate Payer Calculation Period}} in respect of which payment is being made divided by 365 (or, if any portion of that {{cddprov|Fixed Rate Payer Calculation Period}} falls in a leap year, the sum of (i) the actual number of days in that portion of the {{cddprov|Fixed Rate Payer Calculation Period}} falling in a leap year divided by 366 and (ii) the actual number of days in that portion of the {{cddprov|Fixed Rate Payer Calculation Period}} falling in a non-leap year divided by 365);<br>
| |
| :(b) if “'''{{cddprov|Actual/365 (Fixed)}}'''” is specified as applicable in the related Confirmation, the actual number of days in the {{cddprov|Fixed Rate Payer Calculation Period}} in respect of which payment is being made divided by 365;<br>
| |
| :(c) if “'''{{cddprov|Actual/360}}'''”, “'''{{cddprov|Act/360}}'''” or “'''{{cddprov|A/360}}'''” is specified as applicable in the related Confirmation, the actual number of days in the {{cddprov|Fixed Rate Payer Calculation Period}} in respect of which payment is being made divided by 360;<br>
| |
| :(d) if “'''{{cddprov|30/360}}'''” or “'''{{cddprov|Bond Basis}}'''” is specified as applicable in the related Confirmation, the number of days in the {{cddprov|Fixed Rate Payer Calculation Period}} in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve thirty-day months unless (i) the last day of the {{cddprov|Fixed Rate Payer Calculation Period}} is the thirty-first day of a month but the first day of the {{cddprov|Fixed Rate Payer Calculation Period}} is a day other than the thirtieth or thirty-first day of a month, in which case the month that includes that last day shall not be considered to be shortened to a thirty-day month, or (ii) the last day of the {{cddprov|Fixed Rate Payer Calculation Period}} is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a thirty-day month);<br>
| |
| :(e) if “'''{{cddprov|30E/360}}'''” or “'''{{cddprov|Eurobond Basis}}'''” is specified as applicable in the related Confirmation, the number of days in the {{cddprov|Fixed Rate Payer Calculation Period}} in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve thirty-day months, without regard to the date of the first day or last day of the {{cddprov|Fixed Rate Payer Calculation Period}} unless, in the case of the final {{cddprov|Fixed Rate Payer Calculation Period}}, the last day of the final {{cddprov|Fixed Rate Payer Calculation Period}} is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a thirty-day month); and<br>
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| :(f) if neither “'''{{cddprov|Actual/365}}'''”, “'''{{cddprov|Actual/Actual}}'''”, “'''{{cddprov|Actual/365 (Fixed)}}'''”, “'''{{cddprov|Actual/360}}'''”, “'''{{cddprov|Act/360}}'''”, “'''{{cddprov|A/360}}'''”, “'''{{cddprov|30/360}}'''”, “'''{{cddprov|Bond Basis}}'''”, “'''{{cddprov|30E/360}}'''” nor “'''{{cddprov|Eurobond Basis}}'''” is specified as applicable in the related Confirmation, the {{cddprov|Fixed Rate Day Count Fraction}} shall be “'''{{cddprov|Actual/360}}'''”.<br>
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| '''Section {{cddprov|12.15}} Relating Fixed Rate Payer Payments to {{cddprov|Fixed Rate Payer Calculation Period}}s'''. Unless otherwise specified in the related Confirmation, where the Fixed Amount is calculated by reference to a {{cddprov|Fixed Rate Payer Calculation Period}}, the Fixed Amount applicable to a {{cddprov|Fixed Rate Payer Payment Date}} will be the Fixed Amount calculated with reference to the {{cddprov|Fixed Rate Payer Calculation Period}} ending on, but excluding, the {{cddprov|Fixed Rate Payer Period End Date}} that is (or is closest in time to) that {{cddprov|Fixed Rate Payer Payment Date}} or, in the case of the final {{cddprov|Fixed Rate Payer Calculation Period}}, ending on and including the earliest to occur of (a) the {{cddprov|Scheduled Termination Date}}, (b) the {{cddprov|Event Determination Date}}and (c) in the case of a {{cddprov|Reference Obligation Only}} Trade only, the Termination Date.<br>
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| '''Section {{cddprov|12.16}} Floating Rate Payer'''. “'''{{cddprov|Floating Rate Payer}}'''” means, in respect of a {{cddprov|Credit Derivative Transaction}}, the party specified as such in the related Confirmation.<br>
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| '''Section {{cddprov|12.17}} {{cddprov|Floating Rate Payer Calculation Amount}}'''. “'''{{cddprov|Floating Rate Payer Calculation Amount}}'''” means, on the Trade Date, the amount specified as such in the related {{cddprov|Confirmation}} and on any day thereafter, such amount as may have been reduced pursuant to Sections {{cddprov|1.18}} (Different Event Determination Dates), {{cddprov|1.33}} ({{cddprov|Credit Event Notice}} after {{cddprov|M(M)R Restructuring}}), or {{cddprov|2.2}}(n)(ii) (Provisions for Determining a Successor).<br>
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| ==Article 13 Credit Derivatives Physical Settlement Matrix==
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| '''Section {{cddprov|13.1}} Application of Credit Derivatives Physical Settlement Matrix'''. In respect of a {{cddprov|Credit Derivative Transaction}} whose {{cddprov|Confirmation}} identifies a “'''{{cddprov|Transaction Type}}'''” that is included in the Credit Derivatives Physical Settlement Matrix, the terms set out in the Credit Derivatives Physical Settlement Matrix with respect to such “'''{{cddprov|Transaction Type}}'''” shall be deemed to apply to that {{cddprov|Credit Derivative Transaction}}, provided that the relevant {{cddprov|Confirmation}} does not specify any inconsistent terms, in which case the terms specified in such {{cddprov|Confirmation}} shall prevail.<br>
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| '''Section {{cddprov|13.2}} Credit Derivatives Physical Settlement Matrix'''. “'''{{cddprov|Credit Derivatives Physical Settlement Matrix}}'''” means the “'''{{cddprov|Credit Derivatives Physical Settlement Matrix}}'''”, as most recently amended and supplemented as at the {{cddprov|Trade Date}} (unless otherwise agreed by the parties) and as published by ISDA on its website at www.isda.org (or any successor website thereto).<br>
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| ==Article 14 Non-Standard {{cddprov|Event Determination Date}}And Non-Standard Exercise Cutoff Date==
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| '''Section {{cddprov|14.1}} Non'''-Standard {{cddprov|Event Determination Date}}. “'''{{cddprov|{{cddprov|Non-Standard Event Determination Date}}}}'''” means with respect to a {{cddprov|Credit Event}} and a {{cddprov|Credit Derivative Transaction}} to which Section {{cddprov|1.16}}(a) (Event Determination Date) does not apply:<br>
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| :(a) subject to Section {{cddprov|14.1}}(b), the Notice {{cddprov|Delivery Date}}, if the {{cddprov|Notice Delivery Date}} occurs during either the {{cddprov|Notice Delivery Period}} or the {{cddprov|Post Dismissal Additional Period}}, provided that neither (i) a {{cddprov|DC Credit Event Announcement}}has occurred nor (ii) a {{cddprov|DC No Credit Event Announcement}} has occurred, in each case, with respect to the {{cddprov|Credit Event}} specified in the {{cddprov|Credit Event Notice}}; or<br>
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| :(b) notwithstanding Section {{cddprov|14.1}}(a), if a {{cddprov|DC Credit Event Announcement}}has occurred and the {{cddprov|Credit Event Resolution Request Date}} has occurred on or prior to the last day of the {{cddprov|Notice Delivery Period}} (including prior to the Trade Date) either:<br>
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| ::(i) the {{cddprov|Credit Event Resolution Request Date}}, if either:<br>
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| :::(A) <br>
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| ::::(I) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}}}'''” is the {{cddprov|Notifying Party}};<br>
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| ::::(II) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}};<br>
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| ::::(III) the relevant {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}; and<br>
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| ::::(IV) the {{cddprov|Trade Date}} occurs on or prior to the date of the {{cddprov|DC Credit Event Announcement}}; or<br>
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| :::(B) <br>
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| ::::(I) either:<br>
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| ::(x) “'''{{cddprov|Buyer}}'''” is the only {{cddprov|Notifying Party}} and “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}}; or<br>
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| (y) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}'''” is the {{cddprov|Notifying Party}} and the relevant {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}; and<br>
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| ::::(II) a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}, or<br>
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| ::(ii) the first date on which a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective during either the {{cddprov|Notice Delivery Period}} or the period from and including the date of the {{cddprov|DC Credit Event Announcement}}to and including the date that is fourteen calendar days thereafter (provided, in each case, that the relevant {{cddprov|Credit Event Resolution Request Date}} occurred on or prior to the end of the last day of the {{cddprov|Notice Delivery Period}} (including prior to the Trade Date)), if either:<br>
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| :::(A) <br>
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| ::::(I) “'''{{cddprov|Buyer}} or {{cddprov|Seller}}'''” is the {{cddprov|Notifying Party}};<br>
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| ::::(II) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}};<br>
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| ::::(III) the relevant {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}; and<br>
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| ::::(IV) the {{cddprov|Trade Date}} occurs following the date of the related {{cddprov|DC Credit Event Announcement}}and on or prior to a {{cddprov|DC Announcement Coverage Cut-off Date}}; or<br>
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| :::(B) <br>
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| ::::(I) “'''{{cddprov|Buyer}}'''” is the only {{cddprov|Notifying Party}} and the {{cddprov|Trade Date}} occurs on or prior to a {{cddprov|DC Announcement Coverage Cut-off Date}}; and<br>
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| ::::(II) either:<br>
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| ::(x) “'''{{cddprov|Auction Settlement}}'''” is not the applicable {{cddprov|Settlement Method}}; or<br>
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| (y) “'''{{cddprov|Auction Settlement}}'''” is the applicable {{cddprov|Settlement Method}} and a {{cddprov|Credit Event Notice}} is delivered by a {{cddprov|Notifying Party}} to the other party and is effective on a date that is later than the relevant {{cddprov|Non-Standard Exercise Cut-off Date}};<br>
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| provided that:<br>
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| (aa) no {{cddprov|Physical Settlement Date}}, if applicable, or {{cddprov|Termination Date}} has occurred on or prior to the date on which the {{cddprov|DC Credit Event Meeting Announcement}} occurs;<br>
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| (bb) if any {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, has occurred on or prior to the date on which the {{cddprov|DC Credit Event Meeting Announcement}} occurs, a Non-Standard {{cddprov|Event Determination Date}}shall be deemed to have occurred only with respect to the portion of the {{cddprov|Floating Rate Payer Calculation Amount}}, if any, with respect to which no {{cddprov|Valuation Date}} or {{cddprov|Delivery Date}}, as applicable, has occurred; and<br>
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| (cc) no {{cddprov|Credit Event Notice}} specifying an {{cddprov|M(M)R Restructuring}}} as the only {{cddprov|Credit Event}} has previously been delivered to {{cddprov|Seller}} by {{cddprov|Buyer}} as {{cddprov|Notifying Party}}, (xx) unless the {{cddprov|M(M)R Restructuring}}} specified in such {{cddprov|Credit Event Notice}} is also the subject of the {{cddprov|DC Credit Event Question}} resulting in the occurrence of the {{cddprov|Credit Event Resolution Request Date}}, (yy) unless, and to the extent that, the Exercise Amount specified in any such {{cddprov|Credit Event Notice}} was less than the {{cddprov|Floating Rate Payer Calculation Amount}} or (zz) unless the {{cddprov|Credit Derivative Transaction}} is an Auction Covered Transaction and the {{cddprov|Deliverable Obligation}}s set out on the {{cddprov|Final List}} are identical to the Permissible {{cddprov|Deliverable Obligation}}s for such {{cddprov|Credit Derivative Transaction}}.<br>
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| '''Section {{cddprov|14.2}} Non-Standard Exercise Cut-off Date'''. “'''{{cddprov||Non-Standard Exercise Cut-off Date}}'''” means, with respect to a {{cddprov|Credit Event}} and a {{cddprov|Credit Derivative Transaction}} to which Section {{cddprov|1.16}}(a) (Event Determination Date) does not apply:<br>
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| :(a) if such {{cddprov|Credit Event}} is not an {{cddprov|M(M)R Restructuring}}, either:<br>
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| ::(i) the {{cddprov|Relevant City Business Day}} prior to the {{cddprov|Auction Final Price Determination Date}}, if any;<br>
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| ::(ii) the {{cddprov|Relevant City Business Day}} prior to the {{cddprov|Auction Cancellation Date}}, if any; or<br>
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| ::(iii) the date that is fourteen calendar days following the {{cddprov|No Auction Announcement Date}}, if any,<br>
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| as applicable; or<br>
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| :(b) if such {{cddprov|Credit Event}} is an {{cddprov|M(M)R Restructuring}}} and:<br>
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| ::(i) the {{cddprov|DC Secretary}} publishes a {{cddprov|Final List}} applicable to the {{cddprov|Transaction Auction Settlement Terms}} and/or {{cddprov|Parallel Auction Settlement Terms}}, the date that is (A) two {{cddprov|Relevant City Business Day}}s, if the {{cddprov|Credit Event Notice}} is delivered by {{cddprov|Seller}}, or (B) five {{cddprov|Relevant City Business Day}}s, if the {{cddprov|Credit Event Notice}} is delivered by Buyer, in each case following the date on which such {{cddprov|Final List}} is published; provided that if {{cddprov|Seller}} delivers a {{cddprov|Credit Event Notice}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to {{cddprov|Seller}} and {{cddprov|Buyer}} delivers a {{cddprov|Credit Event Notice}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to Buyer, the {{cddprov|Credit Event Notice}} delivered by {{cddprov|Seller}} on or prior to the {{cddprov|Non-Standard Exercise Cut-off Date}}applicable to {{cddprov|Seller}} shall prevail; or<br>
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| ::(ii) otherwise, the date that is fourteen calendar days following the relevant {{cddprov|No Auction Announcement Date}}.<br><br>
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