Template:2014 ISDA Credit Derivatives Definitions 2.5

Section 2.5 Reference Obligation. “Reference Obligation” means the Standard Reference Obligation, if any, unless:

(a) “Standard Reference Obligation” is specified as not applicable in the related Confirmation, in which case the Reference Obligation will be the Non-Standard Reference Obligation, if any; or

(b)

(i) “Standard Reference Obligation” is specified as applicable in the related Confirmation (or no election is specified in the related Confirmation),

(ii) there is no Standard Reference Obligation and

(iii) a Non-Standard Reference Obligation is specified in the related Confirmation, in which case the Reference Obligation will be

(A) the Non-Standard Reference Obligation to but excluding the first date of publication of the Standard Reference Obligation and

(B) the Standard Reference Obligation from such date onwards, provided that the Standard Reference Obligation that is published would have been eligible to be selected as a Substitute Reference Obligation.