Replacement Reference Entity definition

Replacement Reference Entity means any entity selected by the Calculation Agent acting in a commercially reasonable manner, which is incorporated in the same geographical area, has the same Transaction Type as the Legacy Reference Entity and which is of a similar or better credit quality than the Legacy Reference Entity, as measured by Standard & Poor's Ratings Services and/or by Moody's Investors Service Ltd., at the date of the relevant Succession Date provided that in selecting any Replacement Reference Entity, the Calculation Agent is under no obligation to the Holders, the Issuer or any other person and, provided that the Successor selected meetsthe criteria specified above, is entitled, and indeed will endeavour, to select the least credit- worthy of the Successors. In making any selection, the Calculation Agent will not be liable to account to the Holders, the Issuer or any other person for any profit or other benefit to it or any of its affiliates which may result directly or indirectly from any such selection.

Replacement Reference Entity means, with respect to a Surviving Reference Entity, an Eligible Reference Entity selected by the Issuer in its sole and absolute discretion and notified as soon as reasonably practicable to the Noteholders in accordance with Condition 13.

Replacement Reference Entity means an entity identified by the Calculation Agent:

Examples of Replacement Reference Entity in a sentence

• Buyer shall determine the Entity Type of each Replacement Reference Entity in good faith and in a commercially reasonable manner so that the Entity Type so determined shall be consistent with Buyer’s reasonable determination of prevailing market practice and is one of the Transaction Types specified in the Matrix.

• There can be no assurance that such factors will not adversely affect any Reference Entity’s creditworthiness and/ or performance and, in turn, the performance of the Notes.In addition, the Portfolio Manager, on behalf of the Issuer, shall instruct the CDS Counterparty from time to time pursuant to the terms of the Portfolio Management Agreement, to replace any Reference Entity within the Reference Portfolio with a Replacement Reference Entity.

• Any Reference Entity for which “US HY” is specified below (determined by reference to Domicile in Annex A) and each Replacement Reference Entity identified as such shall be a “North American High Yield Reference Entity”.

• Any Reference Entity for which “EE SOV” is specified below (determined by reference to Domicile in Annex A) and each Replacement Reference Entity identified as such shall be an “Emerging European Sovereign Reference Entity”.

• Any Reference Entity for which “AUS” is specified below (determined by reference to Domicile in Annex A) and each Replacement Reference Entity identified as such shall be an “Australian and New Zealand Reference Entity.” Any Reference Entity for which “ASIA” is specified below (determined by reference to Domicile in Annex A) and each Replacement Reference Entity identified as such shall be an “Asian Reference Entity”.

More Definitions of Replacement Reference Entity

Replacement Reference Entity means a Reference Entity that is to be added to the Portfolio or in respect of which the Reference Entity Notional Amount is to be increased pursuant to a Trade Assessment Request.

Replacement Reference Entity means a Reference Entity (a) that is to be included in the Reference Portfolio if, prior to such Substitution, the Replacement Reference Entity is not in the Reference Portfolio or (b) if such Replacement Reference Entity is in the Reference Portfolio prior to such Substitution, the Reference Entity Notional Amount in respect of which shall be deemed to be increased by the Reference Entity Notional Amount as detailed in the Substitution Notice or, as the case may be, the Alternative Quotation Notice. 8. Terms relating to Credit Fixed Deposits

Replacement Reference Entity means, in respect of a Substitution Request, each entity that the Portfolio Manager proposes to (a) add to the Portfolio or (b) if the relevant entity is already in the Portfolio, increase the Reference Entity Notional Amount in respect of the relevant entity, in each case on or following the date of the PMA.

Replacement Reference Entity means a Reference Entity that is to be added to the Portfolio in accordance with this Schedule B.

Replacement Reference Entity means an entity that is to be added to the Reference Portfolio pursuant to the terms of this Schedule 3.

Replacement Reference Entity means any alternative Reference Entity which replaces any Reference Entity or the Reference Notional Amount applicable to which is proposed to be increased.

Replacement Reference Entity means each Reference Entity added or proposed to be added to the Portfolio pursuant to a Substitution;