Substitute Reference Obligation definition

Substitute Reference Obligation means one or more obligations of a Reference Entity (either directly or as provider of a Qualifying Affiliate Guarantee or, if All Guarantees is specified as applicable, as provider of any Qualifying Guarantee) that will replace one or more Reference Obligations, identified by the Calculation Agent in accordance with the following procedures:

Substitute Reference Obligation means, with respect to a Non-Standard Reference Obligation to which a Substitution Event has occurred, the obligation that will replace the Non-Standard Reference Obligation, determined by the Calculation Agent as follows:

Substitute Reference Obligation means one or more obligations of the Reference Entity (either directly or as provider of a Qualifying Affiliate Guarantee, or, if “All Guarantees” is applicable in the relevant Pricing Supplement, Qualifying Guarantee) that will replace one or more Reference Obligations, identified by the Calculation Agent in accordance with the following procedures:

Examples of Substitute Reference Obligation in a sentence

• The Substitute Reference Obligation or Substitute Reference Obligations identified by the Calculation Agent shall, without further action, replace such Reference Obligation or Reference Obligations.

• If the event set forth in Section 2.11(a)(ii) (Substitution Event) has occurred with respect to the Non-Standard Reference Obligation and no Substitute Reference Obligation is available, the Non-Standard Reference Obligation will continue to be the Reference Obligation until the Substitute Reference Obligation is identified or, if earlier, until any of the events set forth under Sections 2.11(a)(i) or (a)(iii) (Substitution Event) occur with respect to such Non-Standard Reference Obligation.

• If more than one potential Substitute Reference Obligation is identified pursuant to the process described in Section 2.10(c), the Substitute Reference Obligation will be the potential Substitute Reference Obligation that most closely preserves the economic equivalent of the delivery and payment obligations under the Securities, as determined by the Calculation Agent (in its sole discretion).

• References in the definition of Substitute Reference Obligation to the Qualifying Guarantee and the Underlying Obligation shall be deemed to include the Qualifying Policy and the Insured Instrument, respectively.

• If more than one specific obligation is identified as a Reference Obligation, any of the events set forth under provision (a) above has occurred with respect to one or more but not all of the Reference Obligations, and the Calculation Agent determines, in its sole discretion, that no Substitute Reference Obligation is available for one or more of such Reference Obligations, each Reference Obligation for which no Substitute Reference Obligation is available shall cease to be a Reference Obligation.

More Definitions of Substitute Reference Obligation

Substitute Reference Obligation means one or more obligations of a Reference Entity (either directly or as provider of a Qualifying Guarantee) that will replace the Reference Obligation of such Reference Entity, identified by the Calculation Agent in accordance with the following procedures:

Substitute Reference Obligation means one or more obligations of a Reference Entity (either directly or as provider of a Qualifying Affiliate Guarantee or, if All Guarantees is specified as applicable to such Reference Entity, as provider of any Qualifying Guarantee) that will replace one or more Reference Obligations identified by the relevant Credit Derivatives Determinations Committee. If the relevant Credit Derivatives Determinations Committee has not identified a Substitute Reference Obligation, the Calculation Agent, in its sole and absolute discretion, will identify a Substitute Reference Obligation in accordance with the following provisions.

Substitute Reference Obligation means one or more obligations of the Reference Entity (either directly or as provider of a Qualifying Affiliate Guarantee or, if All Guarantees is specified in the Final Terms as applicable in relation to a Reference Entity, as provider of any Qualifying Guarantee) that will replace one or more Reference Obligations, identified by the Calculation Agent in accordance with the following procedures:

Substitute Reference Obligation means an Obligation that replaces a Reference Obligation pursuant to “Description of the Notes – Substitute Reference Obligations” herein.

Substitute Reference Obligation means any T-Bond Obligation of the Reference Entity that satisfies the Not Subordinated Deliverable Obligation Characteristic, as selected by the Calculation Agent in its sole and absolute discretion. (K) The following definitions shall be added to paragraph 20 of the Credit Terms (2014 ISDA Credit Derivatives Definitions Version) (Definitions):

Substitute Reference Obligation means one or more obligations of a Reference Entity (either directly or as provider of any Qualifying Guarantee) that will replace one or more Reference Obligations, identified by the Calculation Agent in accordance with the following procedures:

Substitute Reference Obligation means one or more direct obligations of the Reference Entity that will replace one or more Reference Obligations, identified by the Calculation Agent in accordance with the following procedures: In the event that (i) a Reference Obligation is redeemed in whole or (ii) in the opinion of the Calculation Agent (A) the aggregate amounts due under any Reference Obligation have been materially reduced by redemption or otherwise (other than due to any scheduled redemption, amortization or prepayments), (B) for any other reason, other than due to the existence or occurrence of a Credit Event, any Reference Obligation is no longer an obligation of a Reference Entity, (C) the Reference Obligation did not (at the time the Credit Derivative Transaction was entered into) satisfy the requirements set out in Section 2.3 (Reference Obligation) [or (D) the Reference Obligation (after the time the Credit Derivative Transaction was entered into) no longer satisfies the requirements set out in Section 2.3 (Reference Obligation)], the Calculation Agent shall (after consultation with the parties) identify one or more Obligations to replace such Reference Obligation. Any Substitute Reference Obligation or Substitute Reference Obligations shall be an Obligation that (i) satisfies the requirements set out in Section 2.3 (Reference Obligation); (ii) ranks pari passu in priority of payment with the ranking in priority of payment of each of the Substitute Reference Obligation and such Reference Obligation (with the ranking in priority of payment of such Reference Obligation being determined as of the date as of which such Reference Obligation was issued or incurred and not reflecting any change to such ranking in priority of payment after such date); (iii) preserves the economic equivalent, as closely as practicable as determined by the Calculation Agent in consultation with the parties, of the delivery and payment obligations of the parties to the Credit Derivative Transaction and (iv) is a direct obligation of the relevant Reference Entity. The Substitute Reference Obligation or Substitute Reference Obligations identified by the Calculation Agent shall, without further action, replace such Reference Obligation or Reference Obligations.