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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]]'' | ::(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> | ::(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 | :(b) “'''{{cddprov|Repudiation/Moratorium Evaluation Date}}'''” means, if a {{cddprov|Potential Repudiation/Moratorium}} occurs by the {{cddprov|Scheduled Termination Date}}: | ||
:(c) “'''{{cddprov|Potential Repudiation/Moratorium}}'''” means | ::(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 | ||
:(d) The “'''{{cddprov|Repudiation/Moratorium Extension Condition}}'''” is satisfied (i) | ::(ii) if they do not include {{cddprov|Bond}}s, 60 days after the {{cddprov|Potential Repudiation/Moratorium}} date; <br> | ||
:(e) “'''{{cddprov|Repudiation/Moratorium Extension Notice}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} | :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 an event described in Section {{cddprov|4.6}}(a)(i).<br> | |||
:(d) The “'''{{cddprov|Repudiation/Moratorium Extension Condition}}'''” is satisfied if: | |||
::(i) the {{cddprov|DC Secretary}} publicly announces, following a valid request received no later than fourteen calendar days after the {{cddprov|Scheduled Termination Date}}, that the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that a {{cddprov|Potential Repudiation/Moratorium}} occurred to an {{cddprov|Obligation}} of the {{cddprov|Reference Entity}} on or before the {{cddprov|Scheduled Termination Date}}, or | |||
::(ii) the {{cddprov|Notifying Party}} delivers a {{cddprov|Repudiation/Moratorium Extension Notice}} and, if required, a {{cddprov|Notice of Publicly Available Information}} each effective no later than fourteen calendar days after the {{cddprov|Scheduled Termination Date}}. | |||
:In all cases, the {{cddprov|Repudiation/Moratorium Extension Condition}} will be not be satisfied to the extent that, the {{cddprov|DC Secretary}} publicly announces that the {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that either (A) the event is not a {{cddprov|Potential Repudiation/Moratorium}}, or (B) it is, but it happened after the {{cddprov|Scheduled Termination Date}} .<br> | |||
:(e) “'''{{cddprov|Repudiation/Moratorium Extension Notice}}'''” means an irrevocable notice from the {{cddprov|Notifying Party}} describing a {{cddprov|Potential Repudiation/Moratorium}} that occurred by the {{cddprov|Scheduled Termination Date}} containing a reasonably detailed description of the {{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> |