Defaulted Reference Obligation definition

Defaulted Reference Obligation. ’ means a Reference Obligation in respect of which the Conditions to Settlement are satisfied.

Defaulted Reference Obligation means a Reference Obligation in respect of which the Conditions to Settlement Satisfaction Date has occurred and which is not a Cured Reference Obligation.

Defaulted Reference Obligation means a Reference Obligation with respect to which an Event Determination Date has occurred but which has not become a Liquidated Reference Obligation.

Examples of Defaulted Reference Obligation in a sentence

• In such circumstances the notional total return swap will be valued instead of the Defaulted Reference Obligation and all references below to the Defaulted Reference Obligation shall be deemed to be references to such notional total return swap.

• In such circumstances, the Calculation Agent may make such consequential modifications to these valuation provisions as determined necessary by it, in its sole and absolute discretion, in order to reflect, in a commercially reasonable manner, the valuation of a notional total return swap rather than the Defaulted Reference Obligation.

• Moody’s Recovery Rate “Moody’s Recovery Rate” means, with respect to a Defaulted Reference Obligation, the relevant figure (expressed as a percentage) determined by the Calculation Agent in accordance with Moody’s methodology in effect from time to time using the table set out in Schedule 1 hereto.

• If a Final Price is determined which is equal to or higher than the Adjusted Recovery Rate (provided, however, that during the Final Valuation Period, the Adjusted Recovery Rate shall be deemed to be zero), such Final Price will be valid and the valuation process described below shall end, and the Defaulted Reference Obligation shall thereupon be sold to the relevant Dealer or Dealers at such Final Price.

• Potential Failure to Pay Credit Event If, on the Credit Protection Term End Date, there exists any Potential Defaulted Reference Obligation, the Swap Counterparty may deliver to the Issuer (with a copy to the Calculation Agent, the Administrator and the Note Trustee), on or before the Credit Protection Term End Date, a Potential Failure to Pay Extension Notice in respect of such Reference Obligation.

More Definitions of Defaulted Reference Obligation

Defaulted Reference Obligation means a Reference Obligation in respect of which an Event Determination Date has occurred. For the avoidance of doubt, such Reference Obligation will cease to be a Defaulted Reference Obligation after the occurrence of the Valuation Date relating to such Event Determination Date.

Defaulted Reference Obligation means an obligation which was a Reference Obligation in respect of which an Event Determination Date has occurred;

Defaulted Reference Obligation means a Reference Obligation in respect of which one of the following events has occurred, as determined by the Calculation Agent in good faith and in a commercially reasonable manner (each such event, a “Default Event”):

Defaulted Reference Obligation means a Reference Obligation in respect of which the Conditions to Settlement have been satisfied and which is not a Cured Reference Obligation, provided that, in respect of CLE Method RO, such Reference Obligation will cease to be a Defaulted Reference Obligation (and will automatically remain a Reference Obligation) following the calculation of the Final Loss Amount and, in respect of a Credit Event that is a Verifiable Credit Event:

Defaulted Reference Obligation means a Reference Obligation with respect to which an Event Determination Date (as defined in the Credit Default Swap) has occurred but which has not become a Liquidated Reference Obligation. Each Defaulted Reference Obligation will relate to the First Loss Threshold Accrual Period in which the Event Determination Date occurred with respect thereto; provided, with respect to any Impaired Reference Obligation that becomes a Defaulted Reference Obligation, that such Defaulted Reference Obligation shall relate to the final First Loss Threshold Accrual Period. The “Guarantee Undrawn Amount” means, with respect to each Impaired Reference Obligation or Defaulted Reference Obligation, on any date of determination, the lesser of (a) the aggregate amount remaining undrawn under Guarantees that remains capable of being drawn (and of giving rise to an Guarantee Reimbursement Obligation comprising such Impaired Reference Obligation or Defaulted Reference Obligation, as applicable) on or after such date of determination notwithstanding the occurrence of a Potential Failure to Pay or a Credit Event, as applicable, in relation to such Reference Obligation, in accordance with the terms of such Guarantees and (b) the greater of (i) (x) the Reference Obligation Notional Amount thereof on the date on which the relevant Potential Failure to Pay arose (in the case of the Impaired Reference Obligation) or the Event Determination Date (in the case of a Defaulted Reference Obligation) minus (y) the Impaired Notional Amount thereof or the Defaulted Notional Amount thereof, as applicable, and (ii) zero. A “Guarantee” is, with respect to any Reference Entity, a letter of credit, bank guarantee or other instrument providing for credit enhancement in favor of (or capable of being drawn by) a party other than such Reference Entity. For the avoidance of doubt, a letter of credit, guarantee or similar sublimit under a loan facility will be considered a Guarantee for purposes of this definition. A “Guarantee Reimbursement Obligation” is an obligation owed by a Reference Entity to reimburse or indemnify the relevant DBAG Group Entity arising out of a drawing under a Guarantee.

Defaulted Reference Obligation means any Reference Obligation in respect of which the CDS Counterparty has delivered a notice of the occurrence of a Credit Event in accordance with the terms of the CDS Agreement.

Defaulted Reference Obligation means a Reference Obligation in respect of which a Credit Event has occurred and a Credit Event Notice been delivered to the Trustee, but in respect of which no Verification Notice has yet been published by the Trustee.