Template:2014 ISDA Credit Derivatives Definitions 2.8

Section 2.8 Original Non-Standard Reference Obligation. “Original Non-Standard Reference Obligation” means the obligation of the Reference Entity (either directly or as provider of a guarantee) which is specified as the Reference Obligation in the related Confirmation (if any is so specified) provided that if an obligation is not an obligation of the Reference Entity, such obligation will not constitute a valid Original Non-Standard Reference Obligation for purposes of the Credit Derivative Transaction (other than for the purposes of determining the Seniority Level and for the “Not Subordinated” Obligation Characteristic or “Not Subordinated” Deliverable Obligation Characteristic) unless (a) the parties express their intention to amend or override this provision in writing in the related Confirmation by referring directly to Section 2.8, or (b) the Credit Derivative Transaction is a Reference Obligation Only Trade.