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'''Section {{cddprov|4.6}} {{cddprov|Repudiation/Moratorium}}'''.<br> | '''Section {{cddprov|4.6}} {{cddprov|Repudiation/Moratorium}}'''.<br> | ||
:(a) “'''{{cddprov|Repudiation/Moratorium}}'''” means | :(a) “'''{{cddprov|Repudiation/Moratorium}}'''” means both of the following:<br> | ||
::(i) an | ::(i) an authorised officer of the {{cddprov|Reference Entity}} or a {{cddprov|Governmental Authority}} [[Repudiate|repudiates]] or imposes an effective [[moratorium]] on {{cddprov|Obligation}}s totalling at least the {{cddprov|Default Requirement}} ''[[and]]'' | ||
::(ii) a {{cddprov|Failure to Pay}} | ::(ii) a {{cddprov|Failure to Pay}} or {{cddprov|Restructuring}} (ignoring any {{cddprov|Payment Requirement}} or {{cddprov|Default Requirement}}), occurs under any such {{cddprov|Obligation}} by 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 | :(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 {{cddprov|Bond}}s, the later of (A) sixty days after 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> | :(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> | :(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 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> | :(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> |