Template:2014 ISDA Credit Derivatives Definitions 4.6: Difference between revisions

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Template:2014 ISDA Credit Derivatives Definitions 4.6 (view source)

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-'''Section {{cddprov|4.6}} Repudiation'''/Moratorium.<br>
+'''Section {{cddprov|4.6}} {{cddprov|Repudiation/Moratorium}}'''.<br>
 :(a) “'''{{cddprov|Repudiation/Moratorium}}'''” means the occurrence of both of the following events:<br>
 ::(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>
 ::(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>
-:(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>
+:(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>
 :(c) “'''{{cddprov|Potential Repudiation/Moratorium}}'''” means the occurrence of an event described in Section {{cddprov|4.6}}(a)(i).<br>
 :(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 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>
-:(e) “'''{{cddprov|Repudiation/Moratorium Extension Notice}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} to the other
+:(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>
-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>