Examples of Multiple Holder Obligation in a sentence
Unless " Multiple Holder Obligation" is specified as not applicable to any Reference Entity in the Standard, then, notwithstanding anything to the contrary in Section 4.7 (Restructuring), the occurrence of, agreement to or announcement of any of the events described in Sections 4.7(a)(i) to (v) (Restructuring) shall not be a Restructuring unless the Obligation in respect of any such events is a Multiple Holder Obligation.
For purposes of Sections 4.7(a), 4.7(b) and 4.10 ( Multiple Holder Obligation), the term Obligation shall be deemed to include Underlying Obligations for which the Reference Entity is acting as provider of a Guarantee.
If Multiple Holder Obligation is specified as applicable despite anything to the contrary in the provisions of the definition of Restructuring, the occurrence of, agreement to, or announcement of, any of the events described in (a)(i) to (v) of the definition of Restructuring shall not be a Restructuring if the Obligation in respect of any such events is not a Multiple Holder Obligation.
Multiple Holder Obligation means an Obligation that (i) at the time the Credit Event Notice is delivered, is held by more than three holders that are not affiliates of each other and (ii) with respect to which a percentage of holders (determined pursuant to the terms of the Obligation as in effect on the date of such event) at least equal to sixty-six-and-two-thirds is required to consent to the event which would otherwise constitute a 'Restructuring' Credit Event.
Any Obligation that is a Bond shall be deemed to satisfy the requirement of sub-section (ii) of this definition of Multiple Holder Obligation.