Template:2014 ISDA Credit Derivatives Definitions 3.1

Section 3.1 Obligation. “Obligation” means:

(a) any obligation of the Reference Entity (either directly or as provider of a Relevant Guarantee) determined pursuant to the method described in Section 3.13 ( Method for Determining Obligations); and

(b) the Reference Obligation,

in each case, unless it is an Excluded Obligation.