Reference Obligation - Credit Derivatives Provision

2014 ISDA Credit Derivatives Definitions
A Jolly Contrarian owner’s manual™

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Section 2.5 in a Nutshell™

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Section 2.5 Reference Obligation. “Reference Obligation” means any Standard Reference Obligation unless: (a) “Standard Reference Obligation” does not apply, in which case it will be any Non-Standard Reference Obligation; or (b) “Standard Reference Obligation” applies but there is there is no Standard Reference Obligation and a Non-Standard Reference Obligation is specified, in which case it will be the Non-Standard Reference Obligation until the first publication date of the Standard Reference Obligation, and thereafter the Standard Reference Obligation, as long as the published Standard Reference Obligation would have been an eligible Substitute Reference Obligation. view template

Full text of Section 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. view template