Common use of Special Resolution Regime Clause in Contracts

Special Resolution Regime. In the event that the Initial Purchaser becomes subject to a proceeding under a U.S. special resolution regime, the transfer of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) from the Initial Purchaser will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if the Agreement (and any interest and obligation in or under, and any property securing, the Agreement) were governed by the laws of the United States or a state of the United States. In the event that the Initial Purchaser becomes subject to a proceeding under a U.S. special resolution regime, default rights with respect to this Agreement that may be exercised against the Initial Purchaser are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if the Agreement were governed by the laws of the United States or a state of the United States.

Special Resolution Regime. a. In the event that the Initial Purchaser Custodian becomes subject to a proceeding under a U.S. special resolution regime, the transfer of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) from the Initial Purchaser Custodian will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if the this Agreement (and any interest and obligation in or under, and any property securing, the this Agreement) were governed by the laws of the United States or a state of the United States. ; and b. In the event that the Initial Purchaser Custodian or any of its affiliates becomes subject to a proceeding under a U.S. special resolution regime, default rights with respect to this Agreement that may be exercised against the Initial Purchaser Custodian are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if the this Agreement were governed by the laws of the United States or a state State of the United States.