Examples of Standard Reference Obligation in a sentence
If the Standard Reference Obligation is removed from the SRO List, such obligation shall cease to be the Reference Obligation (other than for purposes of the "Not Subordinated" Obligation Characteristic or "Not Subordinated" Valuation Obligation Characteristic) and there shall be no Reference Obligation unless and until such obligation is subsequently replaced on the SRO List, in which case, the new Standard Reference Obligation in respect of the Reference Entity shall constitute the Reference Obligation.
After performing the necessary legal review, the Credit Derivatives Determinations Committee will select a replacement Standard Reference Obligation for the relevant Reference Entity and seniority level by a majority vote.
The rules outlining the selection and replacement of the Standard Reference Obligation are contained within the SRO Rules.
Under the Credit Default Swap, where “Standard Reference Obligation” is specified as applicable in the Credit Default Swap Confirmation, the Reference Obligation will always be the Standard Reference Obligation for so long as a Standard Reference Obligation is published on the relevant SRO List.
The rules outlining the selection and replacement of a Standard Reference Obligation are contained within the Standard Reference Obligation Rules, as published by ISDA and as amended and/or supplemented from time to time in accordance with the terms thereof (the “SRO Rules”).