Underlying Obligation definition

Underlying Obligation means, with respect to a guarantee, the obligation which is the subject of the guarantee.

Underlying Obligation means any Obligation of the Underlying Obligor from Borrowed Money for which the Reference Entity is acting as provider of a Qualifying Guarantee.

Underlying Obligation has the meaning given in paragraph 6.3 of Part B of Schedule 2.2 (Performance Measures and Monitoring);

Examples of Underlying Obligation in a sentence

• For purposes of the application of the Obligation Characteristics or the Deliverable Obligation Characteristics to an Underlying Obligation, references to the Reference Entity shall be deemed to refer to the Underlying Obligor.

• For purposes of the application of the Obligation Characteristics or the Valuation Obligation Characteristics to an Underlying Obligation, references to the Reference Entity shall be deemed to refer to the Underlying Obligor.

• The Issuer and each Holder shall each be deemed to represent to the other on each Trade Date that, in connection with a Reference Entity, neither the other person nor any of the other person's Affiliates have made any representation whatsoever with respect to the Reference Entity, the Reference Obligation, any Obligation, any Valuation Obligation, any Underlying Obligor or any Underlying Obligation on which it is relying or is entitled to rely.

• In the case of a Guarantee and an Underlying Obligation, references to the Reference Entity in Section 4.7(a) shall be deemed to refer to the Underlying Obligor and the reference to the Reference Entity in Section 4.7(b) shall continue to refer to the Reference Entity.

• For the purposes of the application of the Obligation Characteristics or the Reference Obligation Characteristics to an Underlying Obligation or Insured Instrument, as the case may be, references to the Reference Entity shall be deemed to refer to the Underlying Obligor or Insured Obligor, as the case may be.

More Definitions of Underlying Obligation

Underlying Obligation has the meaning set forth in Section 5.7(b).

Underlying Obligation means the obligations of any Underlying Obligor with respect to an Underlying Transaction.

Underlying Obligation means, with respect to a Qualifying Guarantee, the obligation that the applicable Reference Entity is guaranteeing.

Underlying Obligation means assets or obligations that have credit derivatives as a credit risk protection

Underlying Obligation. Nothing herein shall modify any term of the Guaranty unless specifically provided herein. Governing Law: New York. Please evidence your acceptance of the terms of this letter by executing below, and return a duplicate original of this letter, together with copies of all underlying documents which create an obligation of Genuity that is guaranteed by the Guaranty, to GTE at the address set forth below. GTE Corporation By: ____________________________ Title:____________________________ Notices to be delivered to: ___________________________ ___________________________ ___________________________ Accepted this ____ day of _________, 2000 Genuity Inc. By: _____________________________ Title:____________________________ Notices to be delivered to: ___________________________ ___________________________

Underlying Obligation means, with respect to an Underlying Obligor, the Charged Assets, any Identical Assets, any obligation of such Underlying Obligor (whether present or future, contingent or otherwise, as principal or surety or otherwise) for the payment or repayment of borrowed money (which term shall include, without limitation, deposits and reimbursement obligations arising from drawings pursuant to letters of credit) and any Equivalent Obligations.

Underlying Obligation means the obligations of the related Pledgor to the Seller with respect to an Affiliate Transfer.