Template:2014 ISDA Credit Derivatives Definitions 2.8: Difference between revisions
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'''Section {{cddprov|2.8}} | '''Section {{cddprov|2.8}} {{cddprov|Original Non-Standard Reference Obligation}}'''. “'''{{cddprov|Original Non-Standard Reference Obligation}}'''” means the obligation of the {{cddprov|Reference Entity}} (either directly or as provider of a guarantee) which is specified as the {{cddprov|Reference Obligation}} in the related {{cddprov|Confirmation}} (if any is so specified) provided that if an obligation is not an obligation of the {{cddprov|Reference Entity}}, such obligation will not constitute a valid Original {{cddprov|Non-Standard Reference Obligation}} for purposes of the {{cddprov|Credit Derivative Transaction}} (other than for the purposes of determining the {{cddprov|Seniority Level}} and for the “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Obligation Characteristic}} or “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Deliverable Obligation Characteristic}}) unless (a) the parties express their intention to amend or override this provision in writing in the related {{cddprov|Confirmation}} by referring directly to Section {{cddprov|2.8}}, or (b) the {{cddprov|Credit Derivative Transaction}} is a {{cddprov|Reference Obligation Only}} Trade.<br> | ||
Latest revision as of 18:59, 23 April 2023
Section 2.8 Original Non-Standard Reference Obligation. “Original Non-Standard Reference Obligation” means the obligation of the Reference Entity (either directly or as provider of a guarantee) which is specified as the Reference Obligation in the related Confirmation (if any is so specified) provided that if an obligation is not an obligation of the Reference Entity, such obligation will not constitute a valid Original Non-Standard Reference Obligation for purposes of the Credit Derivative Transaction (other than for the purposes of determining the Seniority Level and for the “Not Subordinated” Obligation Characteristic or “Not Subordinated” Deliverable Obligation Characteristic) unless (a) the parties express their intention to amend or override this provision in writing in the related Confirmation by referring directly to Section 2.8, or (b) the Credit Derivative Transaction is a Reference Obligation Only Trade.