Reference Obligation Removal Sample Clauses
The Reference Obligation Removal clause defines the process and conditions under which a specified reference obligation can be removed from a financial contract, such as a credit derivative. Typically, this clause outlines the criteria for removal, such as the occurrence of certain events affecting the reference obligation (e.g., default, restructuring, or redemption), and may specify the procedure for notifying parties and substituting a new reference obligation if applicable. Its core practical function is to ensure that the contract remains relevant and enforceable by allowing for the adjustment or replacement of reference obligations that no longer meet the agreed criteria, thereby managing risk and maintaining the integrity of the agreement.
Reference Obligation Removal. A Transaction may be terminated in whole by either party (or in part by Counterparty) in accordance with this Clause 3 by the giving of notice (an “Accelerated Termination Notice”) to the other party (each such termination, an “Accelerated Termination”).
Reference Obligation Removal. Counterparty shall be entitled to terminate any Transaction or any portion thereof by giving a notice (an "Accelerated Termination Notice") that is effective no more than 30 days, and no less than seven Business Days, prior to the proposed Pricing Date (each such termination, an "Accelerated Termination"). The Accelerated Termination Notice shall specify (1) the Reference Obligation that is the subject of such Accelerated Termination, (2) the Reference Amount of the Transaction (or portion thereof) to be terminated (which will be the Reference Amount of the Terminated Obligation) and (3) the proposed Pricing Date.