Credit Event Settlement Sample Clauses

Credit Event Settlement. If an Event Determination Date occurs on or prior to the later of: (a) the Scheduled Termination Date and (b) the Extension Date (and is not otherwise deemed not to have occurred) with respect to the Reference Entity, the following provisions shall apply: (i) on or after the Event Determination Date and on demand of Buyer, Seller shall take reasonable efforts to deliver and/or pay the Charged Assets (together with the Cash Account Balance, if any), or to procure that the Charged Assets (together with the Cash Account Balance, if any) are delivered and/or paid, to or to the order of Buyer on or prior to the Auction Settlement Date or the Cash Settlement Date (as the case may be) (free and clear of all charges, liens and other encumbrances but together with the benefit of all rights and entitlements attaching thereto at any time after the date of delivery). Any stamp duty or other tax, levy or duty and any other costs and expenses payable in respect of the delivery of the Charged Assets shall be the responsibility of, and payable by, Buyer and such delivery shall be subject to payment of the same by ▇▇▇▇▇; (ii) if, despite the reasonable efforts of Seller, any of such Charged Assets have not been delivered to Buyer by the Auction Settlement Date or the Cash Settlement Date (as the case may be) or the Calculation Agent determines in its sole discretion that it is not practicable to deliver all or part of the Charged Assets to Buyer, whether by reason of any transfer restriction on the securities in question or the nature or status of Buyer or for any other reason, Seller shall be obliged to use its reasonable endeavours to procure such delivery as soon as practicable thereafter; (iii) on the Auction Settlement Date or the Cash Settlement Date (as the case may be), provided that the Charged Assets (and the Cash Account Balance, if any) have been delivered and/or paid to Buyer, Buyer shall pay to Seller an amount equal to the Adjusted Notional Amount; and (iv) following satisfaction of Buyer’s and Seller’s respective payment and delivery obligations pursuant to sub-paragraphs (i) and (iii) above, the Auction Settlement Date or the Cash Settlement Date (as the case may be) shall be the Termination Date and no further amounts shall be paid by either Buyer or Seller.