Common use of Reference Obligation Clause in Contracts

Reference Obligation. Reference Obligation" means each obligation specified as such or of a type described in the related Confirmation (if any are so specified or described) and any Substitute Reference Obligation provided that each such obligation (at the time that a Credit Derivative Transaction is entered into and as determined by Buyer) and any Substitute Reference Obligation (at the time that such Substitute Reference Obligation is identified): must be: a Bond that is denominated in INR; a direct obligation of the Reference Entity; in dematerialised format; and any one or more of the following: Listed; and/or

Reference Obligation. Reference Obligation" means each obligation specified as such or of a type described in the related Confirmation (if any are so specified or described) and any Substitute Reference Obligation provided that each such obligation (at the time that a Credit Derivative Transaction is entered into and as determined by Buyerinto) and any Substitute Reference Obligation Obligation: ([at the time that such Substitute Reference Obligation is identified]): must be: a Bond that is denominated in INR; a direct obligation [Reference Obligation – pls advise what consequence should follow if the specified Reference Obligation does not satisfy any of of the Reference Entity; in dematerialised format; and any one or more of the following: Listed; and/orconditions below.]