Prior Reference Obligation - Credit Derivatives Provision

2014 ISDA Credit Derivatives Definitions

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3.13(b)(i)(C) in a Nutshell™

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3.13(b)(i)(C) in all its glory

(C) “Prior Reference Obligation” means, in circumstances where there is no Reference Obligation applicable to a Credit Derivative Transaction, (I) the Reference Obligation most recently applicable thereto, if any, and otherwise, (II) the obligation specified in the related Confirmation as the Reference Obligation , if any, if such Reference Obligation was redeemed on or prior to the Trade Date and otherwise, (III) any unsubordinated Borrowed Money obligation of the Reference Entity; edit

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