Template:2014 ISDA Credit Derivatives Definitions 3.6

Section 3.6 Excluded Obligation. “Excluded Obligation” means:

(a) any obligation of the Reference Entity specified as such or of a type described in the related Confirmation;

(b) if “Financial Reference Entity Terms” is specified as applicable in the related Confirmation and the Credit Derivative Transaction is a Senior Transaction, then for purposes of determining whether a Governmental Intervention or Restructuring has occurred, any Subordinated Obligation; and

(c) if “Financial Reference Entity Terms” is specified as applicable in the related Confirmation and the Credit Derivative Transaction is a Subordinated Transaction, then for purposes of determining whether a Governmental Intervention or Restructuring has occurred, any Further Subordinated Obligation.