Template:2014 ISDA Credit Derivatives Definitions 2.12

Section 2.12 Reference Obligation Only Trade. “Reference Obligation Only Trade” means a Credit Derivative Transaction in respect of which (a) “Reference Obligation Only” is specified as the Obligation Category and the Deliverable Obligation Category in the related Confirmation and (b) “Standard Reference Obligation” is specified as not applicable in the related Confirmation. If the event set out in Section 2.11(a)(i) (Substitution Event ) occurs with respect to the Reference Obligation in a Reference Obligation Only Trade, the Substitution Event Date shall be the Termination Date.
Notwithstanding Section 2.10 (Substitute Reference Obligation) (i) no Substitute Reference Obligation shall be determined in respect of a Reference Obligation Only Trade and (ii) if the events set out in Sections 2.11(a)(ii) or (iii) (Substitution Event ) occur with respect to the Reference Obligation in a Reference Obligation Only Trade, such Reference Obligation shall continue to be the Reference Obligation .