Examples of Seniority Level in a sentence
If the Standard Reference Obligation is removed from the SRO List, such obligation shall cease to be the Reference Obligation and the Calculation Agent will select as a substitute Reference Obligation any Deliverable Obligation with the same level of seniority as the relevant Seniority Level.
Standard Reference Obligation means the obligation of the Reference Entity with the relevant Seniority Level which is specified from time to time on the SRO List.
The Credit Event Backstop Date shall not be subject to adjustment in accordance with any Business Day Convention.”.Obligation: Seniority Level: Senior.
If an Auction Cancellation Event occurs in respect of a Seniority Level, subsections (b), (c)(ii) and (d) above shall be rescinded and have no further effect.
SUBSTITUTE REFERENCE OBLIGATIONS With respect to a Standard Reference Obligation, if the Standard Reference Obligation is removed from the SRO List, such obligation shall cease to be the Reference Obligation and the Calculation Agent will select as a substitute Reference Obligation any Deliverable Obligation with the same level of seniority as the relevant Seniority Level.
Reference Entity: Lloyds Banking Group PLC Financial Reference Entity Terms: Applicable Standard Reference Obligation: Applicable Seniority Level: Senior Level Reference Obligation: The obligation identified as follows: Primary Obligor: Lloyds Banking Group PLC Guarantor: Not Applicable Maturity: 6 July 2021Coupon: 3.10 per cent.
In addition, the Calculation Agent (i) may replace the Reference Obligation with any further Deliverable Obligation with the same level of seniority as the relevant Seniority Level from time to time and (ii) if a new obligation is placed on the SRO List in respect of the relevant Reference Entity, then the Calculation Agent may, but is not obliged to, select the new Standard Reference Obligation in respect of the Reference Entity as the Reference Obligation.
Seniority Level means, with respect to an obligation of a Reference Entity (a) "Senior Level" or "Subordinated Level" as specified in these Terms and Conditions, or (b) if no such seniority level is specified in these Terms and Conditions, "Senior Level".
The Seniority Level of the Reference Obligation (as specified in the Pricing Supplement) is also taken into account in determining the application of the “Not Subordinated” Obligation Characteristic and Deliverable Obligation Characteristic.
In addition, (i) the Calculation Agent may replace the Reference Obligation with any further Deliverable Obligation with the same level of seniority as the relevant Seniority Level from time to time and(ii) if a new obligation is placed on the SRO List in respect of the relevant Reference Entity, then the Calculation Agent may, but is not obliged to, select the new Standard Reference Obligation in respect of the Reference Entity as the Reference Obligation.