Template:2014 ISDA Credit Derivatives Definitions 2.17

Section 2.17 Seniority Level. “Seniority Level” means, with respect to an obligation of the Reference Entity,

(a) “Senior Level” or “Subordinated Level” as specified in the related Confirmation, or

(b) if no such Seniority Level is specified in the related Confirmation, “Senior Level” if the Original Non-Standard Reference Obligation is a Senior Obligation or “Subordinated Level” if the Original Non-Standard Reference Obligation is a Subordinated Obligation, failing which

(c) “Senior Level”.