Common use of Recognition of U.S. Special Resolution Regimes Clause in Contracts

Recognition of U.S. Special Resolution Regimes. (a) In the event that any Dealer that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Dealer of this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause 2, and any interest and obligation in or under this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause 2, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause 2, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that any Dealer that is a Covered Entity or a Covered Affiliate of such Dealer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Dealer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. (c) For purposes hereof, the following terms have the following meanings:

Recognition of U.S. Special Resolution Regimes. (a) In the event that any Dealer that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution RegimeRegime (as defined below), the transfer from such Dealer of this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause Section 2, and any interest and obligation in or under this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause Section 2, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and any agreement for the issue and purchase of Covered Bonds as referred to in clause Section 2, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that any Dealer that is a Covered Entity or a Covered Affiliate (as defined below) of such Dealer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Dealer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. (c) For purposes hereof, the following terms have the following meanings: