Qualified one-time payment Clause Samples

Qualified one-time payment. A qualified one-time payment is a single cash payment that is intended to com- pensate the other party or parties for all or part of the basis difference be- tween the discontinued IBOR identified in paragraph (h)(1)(i), (ii), or (iii) of this section and the interest rate benchmark to which the qualified rate refers. (i) [Reserved] (j) Modifications excluded from the defi- nition of covered modification. A modi- fication or portion of a modification described in any of paragraphs (j)(1) through (5) of this section is excluded from the definition of covered modi- fication in paragraph (h)(1) of this sec- tion and therefore is a noncovered modification. (1) The terms of the contract are modified to change the amount or ▇▇▇- ing of contractual cash flows and that change is intended to induce one or more parties to perform any act nec- ▇▇▇▇▇▇ to consent to a modification to the contract described in paragraph (h)(1)(i), (ii), or (iii) of this section. See paragraph (j)(6)(iii) of this section (Example 3). (2) The terms of the contract are modified to change the amount or ▇▇▇- ing of contractual cash flows and that change is intended to compensate one or more parties for a modification to the contract not described in para- graph (h)(1)(i), (ii), or (iii) of this sec- tion. See paragraph (j)(6)(v) of this sec- tion (Example 5). (3) The terms of the contract are modified to change the amount or ▇▇▇- ing of contractual cash flows and that change is either a concession granted to a party to the contract because that party is experiencing financial dif- ficulty or a concession secured by a party to the contract to account for the credit deterioration of another party to the contract. See paragraph (j)(6)(vi) of this section (Example 6). (4) The terms of the contract are modified to change the amount or ▇▇▇- ing of contractual cash flows and that change is intended to compensate one or more parties for a change in rights or obligations that are not derived from the contract being modified. See paragraph (j)(6)(vii) of this section (Example 7). If each contract in a given portfolio of contracts has the same par- ties, those parties modify more than one contract in the portfolio (each such contract is a modified portfolio contract), and those modifications provide for a single, aggregate qualified one-time payment with respect to all modified portfolio contracts, then the portion of the qualified one-time payment allo- cable to any one modified portfolio contract is ...