Template:Nutshell Credit Derivatives 4.6: Difference between revisions

Template:Nutshell Credit Derivatives 4.6 (view source)

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 ::(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}} 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 by the {{cddprov|Scheduled Termination Date}} and the affected {{cddprov|Obligations}} include {{cddprov|Bond}}s, the later of (A) sixty days after the {{cddprov|Potential Repudiation/Moratorium}} and (B) the first {{cssprov|Bond}} payment date after the date of the {{cddprov|Potential Repudiation/Moratorium}} (or any later date on which a {{cddprov|Grace Period}} for that payment date expires) and if they do not include {{cddprov|Bond}}s, the date sixty days after the date of the {{cddprov|Potential Repudiation/Moratorium}}; provided that, unless the {{cddprov|Repudiation/Moratorium Extension Condition}} is satisfied the {{cddprov|Repudiation/Moratorium Evaluation Date}} must occur no later than the {{cddprov|Scheduled Termination Date}}.<br>
+:(b) “'''{{cddprov|Repudiation/Moratorium Evaluation Date}}'''” means, if a {{cddprov|Potential Repudiation/Moratorium}} occurs by the {{cddprov|Scheduled Termination Date}}:
+::(i) if the affected {{cddprov|Obligations}} include {{cddprov|Bond}}s, the later of (A) 60 days after the {{cddprov|Potential Repudiation/Moratorium}} and (B) the first {{cddprov|Bond}} payment date after the {{cddprov|Potential Repudiation/Moratorium}} (or, if later, date any {{cddprov|Grace Period}} expiry date) and
+::(ii) if they do not include {{cddprov|Bond}}s, 60 days after the {{cddprov|Potential Repudiation/Moratorium}} date; provided that, unless the {{cddprov|Repudiation/Moratorium Extension Condition}} is satisfied the {{cddprov|Repudiation/Moratorium Evaluation Date}} must occur by the {{cddprov|Scheduled Termination Date}}.<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 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>