Template:2014 ISDA Credit Derivatives Definitions 2.15

Section 2.15 Non-Conforming Substitute Reference Obligation. “Non-Conforming Substitute Reference Obligation” means an obligation which would be a Deliverable Obligation determined in accordance with Section 3.2(a) (Deliverable Obligation) on the Substitution Date but for one or more of the same reasons which resulted in the Reference Obligation constituting a Non-Conforming Reference Obligation on the date it was issued or incurred and/or immediately prior to the Substitution Event Date (as applicable).