Template:Nutshell Credit Derivatives 2.5

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.