Benchmark Obligation definition

Benchmark Obligation means, in respect of each Reference Entity, the obligation (if any) specified as such in the Reference Registry.Reference Obligation Category: With respect to each Reference Entity of a particular ReferenceEntity Category, the Reference Obligation Category specified in Schedule B, Appendix A, in relation to corporate Reference Entities, and in Schedule B, Appendix B in relation to sovereign Reference Entities, with respect to Reference Entities of such Reference Entity Category.Reference ObligationCharacteristics: With respect to each Reference Entity of a particular Reference Entity Category, the Reference Obligation Characteristic(s) specified in Schedule B, Appendix A, in relation to corporate Reference Entities, and in Schedule B, Appendix B in relation to sovereign Reference Entities, with respect to Reference Entities of such Reference Entity Category.For the avoidance of doubt, “Assignable Loan” and “Consent Required Loan” shall not apply to Reference Obligations which are Bonds.If “Assignable Loan” and “Consent Required Loan” are specified as Reference Obligation Characteristics, the Reference Obligations may include any Loan that satisfies either one of such Reference Obligation Characteristics (and all the other applicable Reference Obligation Characteristics).

Benchmark Obligation means the benchmark obligation (if any) specified in the applicable Pricing Supplement in relation to the FX Rate.

Benchmark Obligation means the Benchmark Obligation, if any, specified in the applicable Final Terms.

Examples of Benchmark Obligation in a sentence

• If a Credit Event takes place in respect of a Reference Entity, Benchmark Obligation and/or an Obligation of a Reference Entity, then, subject to the Credit Event Notice After Restructuring provisions, the relevant Reference Entity, shall, on the Credit Event Determination Date, cease to be a Reference Entity, (other than for the purposes of calculating the relevant Portfolio Individual Loss Amount or Hedge Individual Loss Amount, as the case may be.

• Benchmark Obligation” means, with respect to the relevant Reference Entity, the Benchmark Obligation specified in the Swap Agreement or, as the case may be, the Final Terms or such Obligation as may replace such Benchmark Obligation in accordance with the provisions of Section 2.30.

• Benchmark Obligation With respect to each Reference Entity, the Reference Obligation specified in the relevant Itraxx Index for such Reference Entity.

• Benchmark Obligation: In respect of each Notional Reference Entity, the applicableobligation (if any) specified as such by the Counterparty in the Schedule to a Transaction Supplement or in the relevant Reference Portfolio Amendment Notice or any Substitute Benchmark Obligation.

• Cap on Settlement Fallback ApplicableSchedule 3 Reference Entity Annex Reference Entity Benchmark Obligation Applicable TradingStandardCredit Position China Development Bank Corporation and any SuccessorsPrimary Obligor: China Development Bank Corporation Maturity: 8 October 2014 Coupon: 4.75 per cent.

• NoPaymentSchedule 3 Reference Entity Annex Reference Entity Benchmark Obligation Applicable TradingStandard Credit PositionLloyds TSB Bank PLC and any Successors Primary Obligor: Lloyds TSB Bank PLC Maturity: 28 March 2017Coupon: 4.2 per cent.

• NoPaymentSchedule 3 Reference Entity Annex Reference Entity Benchmark Obligation Applicable TradingStandard Credit PositionSociete Generale SA and any Successors Primary Obligor: Societe Generale SAMaturity: 15 April 2021 Coupon: 5.2 per cent.

• Obligation Category(Select only one):Obligation Characteristics(Select all that apply): [ ] Payment[ ] Borrowed Money [ ] ReferenceObligations Only[X] Bond[ ] Loan[ ] Bond or Loan[X] Not Subordinated, which for the avoidance of doubt shall mean an obligation not Subordinated to the Benchmark Obligation.[ ] Specified Currency[ ] Not Sovereign Lender[X] Not Domestic Currency[X] Not Domestic Law [ ] Listed[X] Not Domestic Issuance Obligation(s): Excluded Obligations: None.

• No J.P. Morgan affiliate is under any obligation whatsoever to acquire and hold the Benchmark Obligation.

• Any information about the past performance of the Reference Entity at the time of the issuance of the Security should not be regarded as indicative of the range of, or trends in, fluctuations in the Benchmark Obligation that may occur in the future.

More Definitions of Benchmark Obligation

Benchmark Obligation means, with respect to the relevant Reference Entity, the Benchmark Obligation specified in the Annex hereto or such Obligation as may replace such Benchmark Obligation in accordance with “Replacement of Benchmark Obligation” below.

Benchmark Obligation means the Bond or Loan obligation (whether such obligation is incurred directly or as provider of a Qualifying Affiliate Guarantee or, if All Guarantees is applicable, a Qualifying Guarantee or, if the Monoline Provisions are applicable, as provider of a Qualifying Policy), if any, identified in the Portfolio List in respect of the relevant Reference Entity.

Benchmark Obligation means the obligation identified as follows:

Benchmark Obligation means, in respect of each Reference Entity, the obligation (if any) specified as such in the Reference Registry.