Common use of Moratorium Clause in Contracts

Moratorium. (a) Notwithstanding any other provision of this Deed (but, for the avoidance of doubt, without limiting clause 2.8), if: (i) the terms of any Debt Security are varied or supplemented (whether by agreement between the Principal Debtor and a Creditor, by agreement between the Principal Debtor and the trustee for that Debt Security, by Court order, or otherwise); or (ii) any other arrangement is entered into by the Principal Debtor which in substance is equivalent to a variation or supplement to the terms of a Debt Security issued by the Principal Debtor, in each case under the terms of, or in contemplation of entry by the Principal Debtor into, a compromise or arrangement with any creditors of the Principal Debtor (including (without limitation) any moratorium or debt rescheduling) (any such variation, supplement or arrangement being a “Variation”), the Crown may (in its sole and unfettered discretion) elect to limit its liability under the Crown Guarantee to any Creditor in respect of any Indebtedness (to avoid doubt, including interest) arising under that Debt Security on any date to the amount which the Crown reasonably determines (a Determination) is equivalent in value to the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made (and, upon such an election being made, the Crown’s liability under the Crown Guarantee to that Creditor in respect of that Indebtedness (to avoid doubt, including interest) shall be so limited). (b) For the purposes of any Determination, the Crown shall be entitled to assume that: (i) default in payment by the Principal Xxxxxx (had the Variation not been made) would have occurred on the earlier of the actual date of a default in payment following the Variation and the originally scheduled date for repayment of the Debt Security; (ii) a Notice of Claim requiring payment in full would have been submitted by the relevant Creditor no later than 180 days following that default; and (iii) the “value” of the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made is equal to that amount, except where:

Moratorium. (a) Notwithstanding any other provision of this Deed (but, for the avoidance of doubt, without limiting clause 2.82.6), if: (i) the terms of any Debt Security are varied or supplemented (whether by agreement between the Principal Debtor and a Creditor, by agreement between the Principal Debtor and the trustee for that Debt Security, by Court order, or otherwise); or (ii) any other arrangement is entered into by the Principal Debtor which in substance is equivalent to a variation or supplement to the terms of a Debt Security issued by the Principal Debtor, in each case under the terms of, or in contemplation of entry by the Principal Debtor into, a compromise or arrangement with any creditors of the Principal Debtor (including (without limitation) any moratorium or debt rescheduling) (any such variation, supplement or arrangement being a “Variation”), the Crown may (in its sole and unfettered discretion) elect to limit its liability under the Crown Guarantee to any Creditor in respect of any Indebtedness (to avoid doubt, including interest) arising under that Debt Security on any date to the amount which the Crown reasonably determines (a Determination) is equivalent in value to the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made (and, upon such an election being made, the Crown’s liability under the Crown Guarantee to that Creditor in respect of that Indebtedness (to avoid doubt, including interest) shall be so limited). (b) For the purposes of any Determination, the Crown shall be entitled to assume that: (i) default in payment by the Principal Xxxxxx (had the Variation not been made) would have occurred on the earlier of the actual date of a default in payment following the Variation and the originally scheduled date for repayment of the Debt Security; (iii) a Notice of Claim requiring payment in full would have been submitted by the relevant Creditor no later than 180 days following that default; and (iiiii) the “value” of the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made is equal to that amount, except where:

Moratorium. (a) Notwithstanding any other provision of this Deed (but, for the avoidance of doubt, without limiting clause 2.82.6), if: (i) the terms of any Debt Security are varied or supplemented (whether by agreement between the Principal Debtor and a Creditor, by agreement between the Principal Debtor and the trustee for that Debt Security, by Court order, or otherwise); or (ii) any other arrangement is entered into by the Principal Debtor which in substance is equivalent to a variation or supplement to the terms of a Debt Security issued by the Principal Debtor, in each case under the terms of, or in contemplation of entry by the Principal Debtor into, a compromise or arrangement with any creditors of the Principal Debtor (including (without limitation) any moratorium or debt rescheduling) (any such variation, supplement or arrangement being a “Variation”), the Crown may (in its sole and unfettered discretion) elect to limit its liability under the Crown Guarantee to any Creditor in respect of any Indebtedness (to avoid doubt, including interest) arising under that Debt Security on any date to the amount which the Crown reasonably determines (a Determination) is equivalent in value to the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made (and, upon such an election being made, the Crown’s liability under the Crown Guarantee to that Creditor in respect of that Indebtedness (to avoid doubt, including interest) shall be so limited). (b) For the purposes of any Determination, the Crown shall be entitled to assume that: (i) default in payment by the Principal Xxxxxx (had the Variation not been made) would have occurred on the earlier of the actual date of a default in payment following the Variation and the originally scheduled date for repayment of the Debt Security; (ii) a Notice of Claim requiring payment in full would have been submitted by the relevant Creditor no later than 180 days following that default; and (iii) the “value” of the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made is equal to that amount, except where:

Moratorium. (a) Notwithstanding any other provision of this Deed (but, for the avoidance of doubt, without limiting clause 2.8), if: (i) the terms of any Debt Security are varied or supplemented (whether by agreement between the Principal Debtor and a Creditor, by agreement between the Principal Debtor and the trustee for that Debt Security, by Court order, or otherwise); or (ii) any other arrangement is entered into by the Principal Debtor which in substance is equivalent to a variation or supplement to the terms of a Debt Security issued by the Principal Debtor, in each case under the terms of, or in contemplation of entry by the Principal Debtor into, a compromise or arrangement with any creditors of the Principal Debtor (including (without limitation) any moratorium or debt rescheduling) (any such variation, supplement or arrangement being a “Variation”), the Crown may (in its sole and unfettered discretion) elect to limit its liability under the Crown Guarantee to any Creditor in respect of any Indebtedness (to avoid doubt, including interest) arising under that Debt Security on any date to the amount which the Crown reasonably determines (a Determination) is equivalent in value to the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made (and, upon such an election being made, the Crown’s liability under the Crown Guarantee to that Creditor in respect of that Indebtedness (to avoid doubt, including interest) shall be so limited). (b) For the purposes of any Determination, the Crown shall be entitled to assume that: (i) default in payment by the Principal Xxxxxx (had the Variation not been made) would have occurred on the earlier of the actual date of a default in payment following the Variation and the originally scheduled date for repayment of the Debt Security; (iii) a Notice of Claim requiring payment in full would have been submitted by the relevant Creditor no later than 180 days following that default; and (iiiii) the “value” of the amount for which the Crown would have been liable under the Crown Guarantee to that Creditor in respect of that Indebtedness on that date had the Variation not been made is equal to that amount, except where: