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| Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br> | | Any or all of the following definitions and provisions may be incorporated into a document by wording in the document indicating that, or the extent to which, the document is subject to the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “'''{{cddprov|Definitions}}'''”). All definitions and provisions so incorporated in a document will be applicable to that document unless otherwise provided in that document, and all terms defined in the Definitions and used in any definition or provision that is incorporated by reference in a document will have the respective meanings set forth in the Definitions unless otherwise provided in that document. The definitions of currencies shall have the meanings given to those terms in the 2006 ISDA Definitions. Any term used in a document will, when combined with the name of a party, have meaning in respect of the named party only.<br> |
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| ==Article 2 Terms Relating To The {{cddprov|Reference Entity}} And The {{cddprov|Reference Obligation}}==
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| '''Section {{cddprov|2.1}} {{cddprov|Reference Entity}}'''. “'''{{cddprov|Reference Entity}}'''” means the entity specified as such in the related Confirmation. Any {{cddprov|Successor}} to the {{cddprov|Reference Entity}} either (a) identified by the {{cddprov|Calculation Agent}} pursuant to Section {{cddprov|2.2}} (Provisions for Determining a {{cddprov|Successor}}) on or following the Trade Date, or (b) identified pursuant to a {{cddprov|DC Resolution}} in respect of a {{cddprov|Successor Resolution Request Date}} and publicly announced by the {{cddprov|DC Secretary}} on or following the {{cddprov|Trade Date}} shall, in each case, with effect from the {{cddprov|Succession Date}}, be the {{cddprov|Reference Entity}} for the relevant {{cddprov|Credit Derivative Transaction}} or a New {{cddprov|Credit Derivative Transaction}} (as determined pursuant to such Section {{cddprov|2.2}} (Provisions for Determining a {{cddprov|Successor}})).<br>
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| '''Section {{cddprov|2.2}} Provisions for Determining a Successor'''.<br>
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| :(a) “'''{{cddprov|Successor}}'''” means, subject to Section {{cddprov|2.2}}(c), the entity or entities, if any, determined as follows:<br>
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| ::(i) subject to Section {{cddprov|2.2}}(a)(vii), if one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to seventy-five per cent or more of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, that entity will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br>
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| ::(ii) if only one entity succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent (but less than seventy-five per cent) of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entity that succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}};<br>
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| ::(iii) if more than one entity each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and not more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, the entities that succeed to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} will each be a {{cddprov|Successor}} for a New {{cddprov|Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2}}(n);<br>
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| ::(iv) if one or more entities each succeeds, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, and more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} remain with the {{cddprov|Reference Entity}}, each such entity and the {{cddprov|Reference Entity}} will each be a {{cddprov|Successor}} for a New {{cddprov|Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2}}(n);<br>
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| ::(v) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} continues to exist, there will be no {{cddprov|Successor}} and the {{cddprov|Reference Entity}} and the {{cddprov|Credit Derivative Transaction}} will not be changed in any way as a result of such succession;<br>
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| ::(vi) if one or more entities succeed, either directly or as a provider of a {{cddprov|Relevant Guarantee}}, to a portion of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} , but no entity succeeds to more than twenty-five per cent of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}} and the {{cddprov|Reference Entity}} ceases to exist, the entity which succeeds to the greatest percentage of {{cddprov|Relevant Obligations}} will be the {{cddprov|Successor}} (provided that if two or more entities succeed to an equal percentage of {{cddprov|Relevant Obligations}}, each such entity will be a {{cddprov|Successor}} for a New {{cddprov|Credit Derivative Transaction}} determined in accordance with Section {{cddprov|2.2}}(n)); and<br>
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| ::(vii) in respect of a {{cddprov|Reference Entity}} which is not a Sovereign, if one entity assumes all of the obligations (including at least one Relevant Obligation) of the {{cddprov|Reference Entity}}, and at the time of the determination either (A) the {{cddprov|Reference Entity}} has ceased to exist, or (B) the {{cddprov|Reference Entity}} is in the process of being dissolved (howsoever described) and the {{cddprov|Reference Entity}} has not issued or incurred any {{cddprov|Borrowed Money}} obligation at any time since the legally effective date of the assumption, such entity (the “'''{{cddprov|Universal Successor}}'''”) will be the sole {{cddprov|Successor}} for the entire {{cddprov|Credit Derivative Transaction}}.<br>
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| :(b) The {{cddprov|Calculation Agent}} will be responsible for determining, as soon as reasonably practicable after delivery of a {{cddprov|Successor Notice}} and with effect from the {{cddprov|Succession Date}}, any {{cddprov|Successor}} or {{cddprov|Successor}}s under Section {{cddprov|2.2}}(a); provided that the {{cddprov|Calculation Agent}} will not make such determination if, at the time of determination, the {{cddprov|DC Secretary}} has publicly announced that the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} that there is no {{cddprov|Successor}} based on the relevant succession to {{cddprov|Relevant Obligations}}. The {{cddprov|Calculation Agent}} will make all calculations and determinations required to be made under Section {{cddprov|2.2}} on the basis of Eligible Information and will notify the parties of any such calculation or determination as soon as practicable. In calculating the percentages used to determine whether an entity qualifies as a {{cddprov|Successor}} under Section {{cddprov|2.2}}(a), if there is a {{cddprov|Steps Plan}}, the {{cddprov|Calculation Agent}} shall consider all related successions in respect of such {{cddprov|Steps Plan}} in aggregate as if forming part of a single succession.<br>
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| :(c) An entity may only be a {{cddprov|Successor}} if:<br>
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| ::(i) either (A) the related {{cddprov|Succession Date}} occurs on or after the {{cddprov|Successor Backstop Date}}, or (B) such entity is a {{cddprov|Universal Successor}} in respect of which the {{cddprov|Succession Date}} occurred on or after January 1, 2014;<br>
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| ::(ii) the {{cddprov|Reference Entity}} had at least one Relevant Obligation outstanding immediately prior to the {{cddprov|Succession Date}} and such entity succeeds to all or part of at least one Relevant Obligation of the {{cddprov|Reference Entity}}; and<br>
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| ::(iii) where the {{cddprov|Reference Entity}} is a Sovereign, such entity succeeded to the {{cddprov|Relevant Obligations}} by way of a {{cddprov|Sovereign Succession Event}}.<br>
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| :(d) For purposes of Section {{cddprov|2.2}}, “'''{{cddprov|succeed}}'''” means, with respect to the {{cddprov|Reference Entity}} and its {{cddprov|Relevant Obligations}}, that an entity other than the {{cddprov|Reference Entity}} (i) assumes or becomes liable for such {{cddprov|Relevant Obligations}} whether by operation of law or pursuant to any agreement (including, with respect to a {{cddprov|Reference Entity}} that is a Sovereign, any protocol, treaty, convention, accord, concord, entente, pact or other agreement), or (ii) issues Bonds or incurs Loans (the “'''{{cddprov|Exchange Bonds or Loans}}'''”) that are exchanged for {{cddprov|Relevant Obligations}}, and in either case the {{cddprov|Reference Entity}} is not thereafter a direct obligor or a provider of a {{cddprov|Relevant Guarantee}} with respect to such {{cddprov|Relevant Obligations}} or such Exchange Bonds or Loans, as applicable. For purposes of Section {{cddprov|2.2}}, “'''{{cddprov|succeeded}}'''” and “'''{{cddprov|succession}}'''” shall be construed accordingly.<br>
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| :(e) “'''{{cddprov|Sovereign Succession Event}}'''” means, with respect to a {{cddprov|Reference Entity}} that is a Sovereign, an annexation, unification, secession, partition, dissolution, consolidation, reconstitution or other similar event.<br>
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| :(f) “'''{{cddprov|Relevant Obligations}}'''” means the Obligations of the {{cddprov|Reference Entity}} which fall within the {{cddprov|Obligation Category}} “'''{{cddprov|Bond or Loan}}'''” and which are outstanding immediately prior to the {{cddprov|Succession Date}} (or, if there is a {{cddprov|Steps Plan}}, immediately prior to the legally effective date of the first succession), provided that:<br>
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| ::(i) any Bonds or Loans outstanding between the {{cddprov|Reference Entity}} and any of its Affiliates, or held by the {{cddprov|Reference Entity}}, shall be excluded;<br>
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| ::(ii) if there is a {{cddprov|Steps Plan}}, the {{cddprov|Calculation Agent}} shall, for purposes of the determination required to be made under Section {{cddprov|2.2}}(a), make the appropriate adjustments required to take account of any Obligations of the {{cddprov|Reference Entity}} which fall within the {{cddprov|Obligation Category}} “'''{{cddprov|Bond or Loan}}'''” that are issued, incurred, redeemed, repurchased or cancelled from and including the legally effective date of the first succession to and including the {{cddprov|Succession Date}};<br>
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| ::(iii) if “'''{{cddprov|Financial Reference Entity Terms}}'''” is specified as applicable in the related {{cddprov|Confirmation}} and the {{cddprov|Credit Derivative Transaction}} is a Senior Transaction, the {{cddprov|Relevant Obligations}} shall only include the Senior Obligations of the {{cddprov|Reference Entity}} which fall within the {{cddprov|Obligation Category}} “'''{{cddprov|Bond or Loan}}'''”; and<br>
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| ::(iv) if “'''{{cddprov|Financial Reference Entity Terms}}'''” is specified as applicable in the related Confirmation, and the {{cddprov|Credit Derivative Transaction}} is a Subordinated Transaction, {{cddprov|Relevant Obligations}} shall exclude Senior Obligations and any Further Subordinated Obligations of the {{cddprov|Reference Entity}} which fall within the {{cddprov|Obligation Category}} “'''{{cddprov|Bond or Loan}}'''”, provided that if no such {{cddprov|Relevant Obligations}} exist, “'''{{cddprov|Relevant Obligations}}'''” shall have the same meaning as it would if the {{cddprov|Credit Derivative Transaction}} were a Senior Transaction.<br>
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| :(g) In the case of an exchange offer, the determination required pursuant to Section {{cddprov|2.2}}(a) shall be made on the basis of the outstanding principal balance of {{cddprov|Relevant Obligations}} exchanged and not on the basis of the outstanding principal balance of the Exchange Bonds or Loans. <br>
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| :(h) If two or more entities (each, a “'''{{cddprov|Joint Potential Successor}}'''”) jointly succeed to a Relevant Obligation (the “'''{{cddprov|Joint Relevant Obligation}}'''”) either directly or as a provider of a {{cddprov|Relevant Guarantee}}, then (i) if the {{cddprov|Joint Relevant Obligation}} was a direct obligation of the {{cddprov|Reference Entity}}, it shall be treated as having been succeeded to by the {{cddprov|Joint Potential Successor}} (or {{cddprov|Joint Potential Successor}}s, in equal parts) which succeeded to such {{cddprov|Joint Relevant Obligation}} as direct obligor or obligors, or (ii) if the {{cddprov|Joint Relevant Obligation}} was a {{cddprov|Relevant Guarantee}}, it shall be treated as having been succeeded to by the {{cddprov|Joint Potential Successor}} (or {{cddprov|Joint Potential Successor}}s, in equal parts) which succeeded to such {{cddprov|Joint Relevant Obligation}} as guarantor or guarantors, if any, or otherwise by each {{cddprov|Joint Potential Successor}} in equal parts.<br>
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| :(i) “'''{{cddprov|Steps Plan}}'''” means a plan evidenced by Eligible Information contemplating that there will be a series of successions to some or all of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}, by one or more entities.<br>
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| :(j) “'''{{cddprov|Succession Date}}'''” means the legally effective date of an event in which one or more entities succeed to some or all of the {{cddprov|Relevant Obligations}} of the {{cddprov|Reference Entity}}; provided that if at such time, there is a {{cddprov|Steps Plan}}, the {{cddprov|Succession Date}} will be the legally effective date of the final succession in respect of such {{cddprov|Steps Plan}}, or if earlier (i) the date on which a determination pursuant to Section {{cddprov|2.2}}(a) would not be affected by any further related successions in respect of such {{cddprov|Steps Plan}}, or (ii) the occurrence of an {{cddprov|Event Determination Date}}in respect of the {{cddprov|Reference Entity}} or any entity which would constitute a {{cddprov|Successor}}.<br>
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| :(k) “'''{{cddprov|Successor Backstop Date}}'''” means for purposes of any {{cddprov|Successor}} determination determined by {{cddprov|DC Resolution}}, the date that is ninety calendar days prior to the {{cddprov|Successor Resolution Request Date}} otherwise, the date that is ninety calendar days prior to the earlier of (i) the date on which the {{cddprov|Successor Notice}} is effective and (ii) in circumstances where (A) a {{cddprov|Successor Resolution Request Date}} has occurred, (B) the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} not to make a {{cddprov|Successor}} determination and (C) the {{cddprov|Successor Notice}} is delivered by one party to the other party not more than fourteen calendar days after the day on which the {{cddprov|DC Secretary}} publicly announces that the relevant {{cddprov|Credit Derivatives Determinations Committee}} has {{cddprov|Resolved}} not to make a {{cddprov|Successor}} determination, the {{cddprov|Successor Resolution Request Date}}. The {{cddprov|Successor Backstop Date}} shall not be subject to adjustment in accordance with any {{cddprov|Business Day Convention}}. <br>
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| :(l) “'''{{cddprov|Successor Resolution Request Date}}'''” means, with respect to a notice to the {{cddprov|DC Secretary}} requesting that a {{cddprov|Credit Derivatives Determinations Committee}} be convened to {{cddprov|Resolve}} one or more Successors to the {{cddprov|Reference Entity}}, the date, as publicly announced by the DC Secretary, that the relevant {{cddprov|Credit Derivatives Determinations Committee}} {{cddprov|Resolves}} to be the date on which such notice is effective.<br>
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| :(m) “'''{{cddprov|Successor Notice}}'''” means an irrevocable notice from a party to a {{cddprov|Credit Derivative Transaction}} to the other party and the {{cddprov|Calculation Agent}} that describes a succession ( or, in relation to a {{cddprov|Reference Entity}} that is a {{cddprov|Sovereign}}, a {{cddprov|Sovereign Succession Event}}) in respect of which a {{cddprov|Succession Date}} has occurred and pursuant to which one or more Successors to the {{cddprov|Reference Entity}} can be determined. A {{cddprov|Successor Notice}} must contain a description in reasonable detail of the facts relevant to the determination to be made pursuant to Section {{cddprov|2.2}}(a) .<br>
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| :(n) Where, pursuant to Section {{cddprov|2.2}}(a)(iii), (iv) or (vi), more than one Successor has been identified, the relevant {{cddprov|Credit Derivative Transaction}} will be divided, with effect from the {{cddprov|Succession Date}}, into the same number of {{cddprov|New Credit Derivative Transaction}}s (the “'''{{cddprov|New Credit Derivative Transactions}}'''”) as there are Successors, with the following terms:<br>
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| ::(i) each Successor will be the {{cddprov|Reference Entity}} for the purposes of one of the {{cddprov|New Credit Derivative Transaction}}s;<br>
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| ::(ii) in respect of each {{cddprov|New Credit Derivative Transaction}}, the {{cddprov|Fixed Rate Payer Calculation Amount}}, if any, and the {{cddprov|Floating Rate Payer Calculation Amount}} will be the {{cddprov|Fixed Rate Payer Calculation Amount}} and the {{cddprov|Floating Rate Payer Calculation Amount}}, as applicable, of the original {{cddprov|Credit Derivative Transaction}} divided by the number of Successors; and<br>
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| ::(iii) all other terms and conditions of the original {{cddprov|Credit Derivative Transaction}} will be replicated in each New {{cddprov|Credit Derivative Transaction}} except that the {{cddprov|Calculation Agent}} (in consultation with the parties) shall make such modifications as it determines are required in order to preserve the economic effects of the original {{cddprov|Credit Derivative Transaction}} in the {{cddprov|New Credit Derivative Transaction}}s (considered in aggregate).<br>
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| '''Section {{cddprov|2.3}} Eligible Information'''. “'''{{cddprov|Eligible Information}}'''” means information which is publicly available or which can be made public without violating any law, agreement, understanding or other restriction regarding the confidentiality of such information.<br>
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| '''Section {{cddprov|2.4}} Sovereign'''. “'''{{cddprov|Sovereign}}'''” means any state, political subdivision or government, or any agency, instrumentality, ministry, department or other authority acting in a governmental capacity (including, without limiting the foregoing, the central bank) thereof.<br>
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| '''Section {{cddprov|2.5}} {{cddprov|Reference Obligation}}'''. “'''{{cddprov|Reference Obligation}}'''” means the {{cddprov|Standard Reference Obligation}}, if any, unless:<br>
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| :(a) “'''{{cddprov|Standard Reference Obligation}}'''” is specified as not applicable in the related Confirmation, in which case the {{cddprov|Reference Obligation}} will be the {{cddprov|Non-Standard Reference Obligation}}, if any; or<br>
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| :(b) <br>
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| ::(i) “'''{{cddprov|Standard Reference Obligation}}'''” is specified as applicable in the related {{cddprov|Confirmation}} (or no election is specified in the related Confirmation), <br>
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| ::(ii) there is no {{cddprov|Standard Reference Obligation}} and <br>
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| ::(iii) a {{cddprov|Non-Standard Reference Obligation}} is specified in the related Confirmation, in which case the {{cddprov|Reference Obligation}} will be <br>
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| :::(A) the {{cddprov|Non-Standard Reference Obligation}} to but excluding the first date of publication of the {{cddprov|Standard Reference Obligation}} and <br>
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| :::(B) the {{cddprov|Standard Reference Obligation}} from such date onwards, provided that the {{cddprov|Standard Reference Obligation}} that is published would have been eligible to be selected as a {{cddprov|Substitute Reference Obligation}}.<br>
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| '''Section {{cddprov|2.6}} {{cddprov|Standard Reference Obligation}}'''. “'''{{cddprov|Standard Reference Obligation}}'''” means the obligation of the {{cddprov|Reference Entity}} with the relevant {{cddprov|Seniority Level}} which is specified from time to time on the SRO List.<br>
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| '''Section {{cddprov|2.7}} Non'''-{{cddprov|Standard Reference Obligation}}. “'''{{cddprov||Non-Standard Reference Obligation}}'''” means the Original {{cddprov|Non-Standard Reference Obligation}} or if a {{cddprov|Substitute Reference Obligation}} has been determined, the {{cddprov|Substitute Reference Obligation}}.<br>
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| '''Section {{cddprov|2.8}} Original Non'''-{{cddprov|Standard Reference Obligation}}. “'''{{cddprov|Original {{cddprov|Non-Standard Reference Obligation}}'''” means the obligation of the {{cddprov|Reference Entity}} (either directly or as provider of a guarantee) which is specified as the {{cddprov|Reference Obligation}} in the related {{cddprov|Confirmation}} (if any is so specified) provided that if an obligation is not an obligation of the {{cddprov|Reference Entity}}, such obligation will not constitute a valid Original {{cddprov|Non-Standard Reference Obligation}} for purposes of the {{cddprov|Credit Derivative Transaction}} (other than for the purposes of determining the {{cddprov|Seniority Level}} and for the “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Obligation Characteristic}} or “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Deliverable Obligation Characteristic}}) unless (a) the parties express their intention to amend or override this provision in writing in the related {{cddprov|Confirmation}} by referring directly to Section {{cddprov|2.8}}, or (b) the {{cddprov|Credit Derivative Transaction}} is a {{cddprov|Reference Obligation Only}} Trade.<br>
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| '''Section {{cddprov|2.9}} No {{cddprov|Standard Reference Obligation}}'''. If the {{cddprov|Standard Reference Obligation}} is removed from the SRO List, such obligation shall cease to be the {{cddprov|Reference Obligation}} (other than for purposes of the “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Obligation Characteristic}} or “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Deliverable Obligation Characteristic}}) and there shall be no {{cddprov|Reference Obligation}} unless and until such obligation is subsequently replaced on the SRO List, in which case, the new {{cddprov|Standard Reference Obligation}} in respect of the {{cddprov|Reference Entity}} shall constitute the {{cddprov|Reference Obligation}}.<br>
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| '''Section {{cddprov|2.10}} {{cddprov|Substitute Reference Obligation}}'''. “'''{{cddprov|Substitute Reference Obligation}}'''” means , with respect to a {{cddprov|Non-Standard Reference Obligation}} to which a {{cddprov|Substitution Event}} has occurred, the obligation that will replace the {{cddprov|Non-Standard Reference Obligation}}, determined by the {{cddprov|Calculation Agent}} as follows:<br>
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| :(a) The {{cddprov|Calculation Agent}} shall (after consultation with the parties) identify the {{cddprov|Substitute Reference Obligation}} in accordance with Sections {{cddprov|2.10}}(c), (d) and (e) to replace the {{cddprov|Non-Standard Reference Obligation}}; provided that the {{cddprov|Calculation Agent}} will not identify an obligation as the {{cddprov|Substitute Reference Obligation}} if, at the time of the determination, such obligation has already been rejected as the {{cddprov|Substitute Reference Obligation}} by the relevant {{cddprov|Credit Derivatives Determinations Committee}} and such obligation has not changed materially since the date of the relevant {{cddprov|DC Resolution}}.<br>
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| :(b) If any of the events set forth under Sections {{cddprov|2.11}}(a)(i) or (iii) ({{cddprov|Substitution Event}} ) have occurred with respect to the {{cddprov|Non-Standard Reference Obligation}}, the {{cddprov|Non-Standard Reference Obligation}} will cease to be the {{cddprov|Reference Obligation}} (other than for purposes of the “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Obligation Characteristic}} or “'''{{cddprov|Not Subordinated}}'''” {{cddprov|Deliverable Obligation Characteristic}} and Section {{cddprov|2.10}}(c)(ii)). If the event set forth in Section {{cddprov|2.11}}(a)(ii) ({{cddprov|Substitution Event}} ) has occurred with respect to the {{cddprov|Non-Standard Reference Obligation}} and no {{cddprov|Substitute Reference Obligation}} is available, the {{cddprov|Non-Standard Reference Obligation}} will continue to be the {{cddprov|Reference Obligation}} until the {{cddprov|Substitute Reference Obligation}} is identified or, if earlier, until any of the events set forth under Sections {{cddprov|2.11}}(a)(i) or (a)(iii) ({{cddprov|Substitution Event}} ) occur with respect to such {{cddprov|Non-Standard Reference Obligation}}.<br>
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| :(c) The {{cddprov|Substitute Reference Obligation}} shall be an obligation that on the {{cddprov|Substitution Date}}:<br>
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| ::(i) is a {{cddprov|Borrowed Money}} obligation of the {{cddprov|Reference Entity}} (either directly or as provider of a guarantee);<br>
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| ::(ii) satisfies the {{cddprov|Not Subordinated}} {{cddprov|{{cddprov|Deliverable Obligation Characteristic}}}} as of the date it was issued or incurred (without reflecting any change to the priority of payment after such date) and on the {{cddprov|Substitution Date}}; and<br>
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| ::(iii) <br>
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| :::(A) if the {{cddprov|Non-Standard Reference Obligation}} was a {{cddprov| Conforming Reference Obligation}} when issued or incurred and immediately prior to the {{cddprov|Substitution Event Date}}:<br>
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| ::::(I) is a {{cddprov|Deliverable Obligation}} (other than a Loan) determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}); or if no such obligation is available,<br>
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| ::::(II) is a Loan (other than a {{cddprov|Private-side Loan}}) which constitutes a {{cddprov|Deliverable Obligation}} determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}});<br>
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| :::(B) if the {{cddprov|Non-Standard Reference Obligation}} was a Bond (or any other {{cddprov|Borrowed Money}} obligation other than a Loan) which was a {{cddprov|Non-Conforming Reference Obligation}} when issued or incurred and/or immediately prior to the {{cddprov|Substitution Event Date}}:<br>
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| ::::(I) is a {{cddprov|Non-Conforming Substitute Reference Obligation}} (other than a Loan); or if no such obligation is available,<br>
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| ::::(II) is a {{cddprov|Deliverable Obligation}} (other than a Loan) determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}); or if no such obligation is available,<br>
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| ::::(III) is a {{cddprov|Non-Conforming Substitute Reference Obligation}} which is a Loan (other than a {{cddprov|Private-side Loan}}); or if no such obligation is available,<br>
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| ::::(IV) is a Loan (other than a {{cddprov|Private-side Loan}}) which constitutes a {{cddprov|Deliverable Obligation}} determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}); or<br>
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| :::(C) if the {{cddprov|Non-Standard Reference Obligation}} was a Loan which was a {{cddprov|Non-Conforming Reference Obligation}} when incurred and/or immediately prior to the {{cddprov|Substitution Event Date}}:<br>
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| ::::(I) is a {{cddprov|Non-Conforming Substitute Reference Obligation}} which is a Loan (other than a {{cddprov|Private-side Loan}}); or if no such obligation is available,<br>
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| ::::(II) is a {{cddprov|Non-Conforming Substitute Reference Obligation}} (other than a Loan); or if no such obligation is available,<br>
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| ::::(III) is a {{cddprov|Deliverable Obligation}} (other than a Loan) determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}); or if no such obligation is available,<br>
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| ::::(IV) is a Loan (other than a {{cddprov|Private-side Loan}}) which constitutes a {{cddprov|Deliverable Obligation}} determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}).<br>
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| :(d) If more than one potential {{cddprov|Substitute Reference Obligation}} is identified pursuant to the process described in Section {{cddprov|2.10}}(c), the {{cddprov|Substitute Reference Obligation}} will be the potential {{cddprov|Substitute Reference Obligation}} that most closely preserves the economic equivalent of the delivery and payment obligations of the parties to the {{cddprov|Credit Derivative Transaction}}, as determined by the {{cddprov|Calculation Agent}} (after consultation with the parties). The {{cddprov|Calculation Agent}} will notify the parties of the {{cddprov|Substitute Reference Obligation}} as soon as reasonably practicable after it has been identified in accordance with Section {{cddprov|2.10}}(c) and the {{cddprov|Substitute Reference Obligation}} shall replace the {{cddprov|Non-Standard Reference Obligation}} immediately upon such notification. <br>
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| :(e) If a {{cddprov|Substitution Event}} has occurred with respect to the {{cddprov|Non-Standard Reference Obligation}} and the {{cddprov|Calculation Agent}} determines (after consultation with the parties) that no {{cddprov|Substitute Reference Obligation}} is available for the {{cddprov|Non-Standard Reference Obligation}}, then, subject to Section {{cddprov|2.10}}(a) and notwithstanding the fact that the {{cddprov|Non-Standard Reference Obligation}} may have ceased to be the {{cddprov|Reference Obligation}} in accordance with Section {{cddprov|2.10}}(b), the {{cddprov|Calculation Agent}} shall continue to attempt to identify the {{cddprov|Substitute Reference Obligation}}.<br>
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| '''Section {{cddprov|2.11}} {{cddprov|Substitution Event}} '''.<br>
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| :(a) “'''{{cddprov|Substitution Event}}'''” means, with respect to the {{cddprov|Non-Standard Reference Obligation}}:<br>
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| ::(i) the {{cddprov|Non-Standard Reference Obligation}} is redeemed in whole;<br>
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| ::(ii) the aggregate amounts due under the {{cddprov|Non-Standard Reference Obligation}} have been reduced by redemption or otherwise below USD 10,000,000 (or its equivalent in the relevant {{cddprov|Obligation Currency}}, as determined by the Calculation Agent); or<br>
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| ::(iii) for any reason, other than due to the existence or occurrence of a {{cddprov|Credit Event}}, the {{cddprov|Non-Standard Reference Obligation}} is no longer an obligation of the {{cddprov|Reference Entity}} (either directly or as provider of a guarantee).<br>
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| :(b) For purposes of identification of the {{cddprov|Non-Standard Reference Obligation}}, any change in the {{cddprov|Non-Standard Reference Obligation}}’s CUSIP or ISIN number or other similar identifier will not, in and of itself, constitute a {{cddprov|Substitution Event}} .<br>
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| :(c) If an event described in Sections {{cddprov|2.11}}(a)(i) or (ii) has occurred on or prior to the Trade Date, then a {{cddprov|Substitution Event}} shall be deemed to have occurred pursuant to Sections {{cddprov|2.11}}(a)(i) or (ii), as the case may be, on the Trade Date.<br>
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| '''Section {{cddprov|2.12}} {{cddprov|Reference Obligation Only}} Trade'''. “'''{{cddprov|Reference Obligation Only Trade}}'''” means a {{cddprov|Credit Derivative Transaction}} in respect of which (a) “'''{{cddprov|Reference Obligation Only}}'''” is specified as the {{cddprov|Obligation Category}} and the Deliverable {{cddprov|Obligation Category}} in the related {{cddprov|Confirmation}} and (b) “'''{{cddprov|Standard Reference Obligation}}'''” is specified as not applicable in the related Confirmation. If the event set out in Section {{cddprov|2.11}}(a)(i) ({{cddprov|Substitution Event}} ) occurs with respect to the {{cddprov|Reference Obligation}} in a {{cddprov|Reference Obligation Only}} Trade, the {{cddprov|Substitution Event Date}} shall be the Termination Date.<br>
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| Notwithstanding Section {{cddprov|2.10}} ({{cddprov|Substitute Reference Obligation}}) (i) no {{cddprov|Substitute Reference Obligation}} shall be determined in respect of a {{cddprov|Reference Obligation Only}} Trade and (ii) if the events set out in Sections {{cddprov|2.11}}(a)(ii) or (iii) ({{cddprov|Substitution Event}} ) occur with respect to the {{cddprov|Reference Obligation}} in a {{cddprov|Reference Obligation Only}} Trade, such {{cddprov|Reference Obligation}} shall continue to be the {{cddprov|Reference Obligation}} .<br>
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| '''Section {{cddprov|2.13}} {{cddprov|Conforming Reference Obligation}}'''. “'''{{cddprov|Conforming Reference Obligation}}'''” means a {{cddprov|Reference Obligation}} which is a {{cddprov|Deliverable Obligation}} determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}).<br>
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| '''Section {{cddprov|2.14}} Non'''-{{cddprov|Conforming Reference Obligation}}. “'''{{cddprov|Non-{{cddprov|Conforming Reference Obligation}}}}'''” means a {{cddprov|Reference Obligation}} which is not a {{cddprov|Conforming Reference Obligation}}.<br>
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| '''Section {{cddprov|2.15}} Non-Conforming {{cddprov|Substitute Reference Obligation}}'''. “'''{{cddprov|{{cddprov|Non-Conforming Substitute Reference Obligation}} '''” means an obligation which would be a {{cddprov|Deliverable Obligation}} determined in accordance with Section {{cddprov|3.2}}(a) ({{cddprov|Deliverable Obligation}}) on the {{cddprov|Substitution Date}} but for one or more of the same reasons which resulted in the {{cddprov|Reference Obligation}} constituting a {{cddprov|Non-Conforming Reference Obligation}} on the date it was issued or incurred and/or immediately prior to the {{cddprov|Substitution Event Date}} (as applicable).<br>
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| '''Section {{cddprov|2.16}} {{cddprov|Private-side Loan}}'''. “'''{{cddprov||Private-side Loan}}'''” means a Loan in respect of which the documentation governing its terms is not publicly available or capable of being made public without violating a law, agreement, understanding or other restriction regarding the confidentiality of such information.<br>
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| '''Section {{cddprov|2.17}} {{cddprov|Seniority Level}}'''. “'''{{cddprov|Seniority Level}}'''” means, with respect to an obligation of the {{cddprov|Reference Entity}}, (a) “'''{{cddprov|Senior Level}}'''” or “'''{{cddprov|Subordinated Level}}'''” as specified in the related Confirmation, or (b) if no such {{cddprov|Seniority Level}} is specified in the related Confirmation, “'''{{cddprov|Senior Level}}'''” if the Original {{cddprov|Non-Standard Reference Obligation}} is a Senior Obligation or “'''{{cddprov|Subordinated Level}}'''” if the Original {{cddprov|Non-Standard Reference Obligation}} is a Subordinated Obligation, failing which (c) “'''{{cddprov|Senior Level}}'''”.<br>
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| '''Section {{cddprov|2.18}} SRO List'''. “'''{{cddprov|SRO List}}'''” means the list of {{cddprov|Standard Reference Obligation}}s as published by ISDA on its website at www.isda.org from time to time (or any successor website thereto) or by a third party designated by ISDA on its website from time to time.<br>
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| '''Section {{cddprov|2.19}} {{cddprov|Substitution Date}}'''. “'''{{cddprov|Substitution Date}}'''” means, with respect to a {{cddprov|Substitute Reference Obligation}}, the date on which the {{cddprov|Calculation Agent}} notifies the parties of the {{cddprov|Substitute Reference Obligation}} that it has identified in accordance with Section {{cddprov|2.10}} ({{cddprov|Substitute Reference Obligation}}).<br>
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| '''Section {{cddprov|2.20}} {{cddprov|Substitution Event Date}}'''. “'''{{cddprov|Substitution Event Date}}'''” means, with respect to the {{cddprov|Reference Obligation}} , the date of the occurrence of the relevant {{cddprov|Substitution Event}} .<br>
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| '''Section {{cddprov|2.21}} {{cddprov|Substitute Reference Obligation}} Resolution Request Date'''. “'''{{cddprov|Substitute Reference Obligation Resolution Request Date}}'''” means, with respect to a notice to the {{cddprov|DC Secretary}} requesting that a {{cddprov|Credit Derivatives Determinations Committee}} be convened to {{cddprov|Resolve}} a {{cddprov|Substitute Reference Obligation}} to the {{cddprov|Non-Standard Reference Obligation}}, the date, as publicly announced by the DC Secretary, that the relevant {{cddprov|Credit Derivatives Determinations Committee}} {{cddprov|Resolves}} to be the date on which such notice is effective.<br>
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| '''Section {{cddprov|2.22}} Senior Transaction'''. “'''{{cddprov|Senior Transaction}}'''” means a {{cddprov|Credit Derivative Transaction}} for which (a) the {{cddprov|Reference Obligation}} or {{cddprov|Prior Reference Obligation}}, as applicable, is a Senior Obligation, or (b) there is no {{cddprov|Reference Obligation}} or {{cddprov|Prior Reference Obligation}}.<br>
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| '''Section {{cddprov|2.23}} Senior Obligation'''. “'''{{cddprov|Senior Obligation}}'''” means any obligation which is not Subordinated to any unsubordinated {{cddprov|Borrowed Money}} obligation of the {{cddprov|Reference Entity}}.<br>
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| '''Section {{cddprov|2.24}} Subordinated Transaction'''. “'''{{cddprov|Subordinated Transaction}}'''” means a {{cddprov|Credit Derivative Transaction}} for which the {{cddprov|Reference Obligation}} or {{cddprov|Prior Reference Obligation}}, as applicable, is a Subordinated Obligation.<br>
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| '''Section {{cddprov|2.25}} Subordinated Obligation'''. “'''{{cddprov|Subordinated Obligation}}'''” means any obligation which is Subordinated to any unsubordinated {{cddprov|Borrowed Money}} obligation of the {{cddprov|Reference Entity}} or which would be so Subordinated if any unsubordinated {{cddprov|Borrowed Money}} obligation of the {{cddprov|Reference Entity}} existed.<br>
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| '''Section {{cddprov|2.26}} Further Subordinated Obligation'''. “'''{{cddprov|Further Subordinated Obligation}}'''” means, if the {{cddprov|Reference Obligation}} or {{cddprov|Prior Reference Obligation}}, as applicable, is a Subordinated Obligation, any obligation which is Subordinated thereto.<br>
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| ==Article 3 Terms Relating To Obligations And {{cddprov|Deliverable Obligation}}s== | | ==Article 3 Terms Relating To Obligations And {{cddprov|Deliverable Obligation}}s== |
| '''Section {{cddprov|3.1}} Obligation'''. “'''{{cddprov|Obligation}}'''” means:<br> | | '''Section {{cddprov|3.1}} Obligation'''. “'''{{cddprov|Obligation}}'''” means:<br> |