It All Depends On What The Meaning Of 'Participate' Is

The latest Clinton spin on Michigan:

The pledge reads, in part, "I shall not campaign or participate (emphasis added) in any state which schedules a presidential election primary or caucus before Feb. 5, 2008, except for the states of Iowa, Nevada, New Hampshire and South Carolina..."

Today, Clinton's memo argues "Let's remember that the point of the early state pledge was to protect the role of the four states that held early nominating contests. Well the contests in those states were protected and the people in Iowa, South Carolina, New Hampshire and Nevada got a chance to vote... Senator Clinton signed the pledge and kept it... Senator Obama decided to go further and made a voluntary decision to remove his name from the Michigan ballot."

So the issue would seem to be, what does the word "participate" actually mean?