Valuation Obligation definition

Valuation Obligation means, subject to clause (5) below:

Valuation Obligation means each obligation selected for valuation by the Calculation Agent on or prior to the Valuation Date for the purposes of settlement of the Notes, being obligations which are capable of being Deliverable Obligations of the relevant Reference Entity on the date of selection.

Valuation Obligation means, subject to Condition 7(n):

Examples of Valuation Obligation in a sentence

• 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.

• If more than one of "Assignable Loan", "Consent Required Loan" and "Direct Loan Participation" are specified as Valuation Obligation Characteristics in the Standard, the Valuation Obligations may include any Loan that satisfies any one of such Valuation Obligation Characteristics specified and need not satisfy all such Valuation Obligation Characteristics.

• For purposes of the application of the Valuation Obligation Characteristic "Maximum Maturity", remaining maturity shall be determined on the basis of the terms of the Valuation Obligation in effect at the time of making such determination and, in the case of a Valuation Obligation that is due and payable, the remaining maturity shall be zero.

• 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.

• If "Subordinated European Insurance Terms" is specified as being applicable in the Standard, if an obligation would otherwise satisfy the "Maximum Maturity" Valuation Obligation Characteristic, the existence of any Solvency Capital Provisions in such obligation shall not cause it to fail to satisfy such Valuation Obligation Characteristic.

More Definitions of Valuation Obligation

Valuation Obligation means, in respect of a Reference Entity, notwithstanding anything to the contrary in the Credit Security Conditions, one or more obligations of such Reference Entity (either directly or as provider of a Relevant Guarantee) which is capable of being specified in a Notice of Physical Settlement (or in any NOPS Amendment Notice, as applicable) if Physical Settlement were the applicable Settlement Method and/or any Asset in the related Asset Packagein respect of a Prior Deliverable Obligation or Package Observable Bond, in each case, as selected by the Issuer in its sole and absolute discretion on or prior to the applicable Valuation Date, provided that, for such purpose:

Valuation Obligation means an obligation of the relevant Reference Entity that satisfies the criteria for the Valuation Obligation as set forth in Schedule B of the Credit Confirmation.

Valuation Obligation means at the choice of the Issuer a Bond or Loan of the Reference Entity that on the Recovery Valuation Date meets the following criteria:

Valuation Obligation means (i) any Reference Obligation and (ii) any obligations of a Reference Entity which (a) is described by the Valuation Obligation Category and (b) having the Valuation Obligation Characteristics specified herein.

Valuation Obligation means in respect of a Reference Entity, notwithstanding anything to the contrary in this Credit Linked Derivatives Annex, one or more obligations of such Reference Entity (either directly or as provider of a Qualifying Guarantee or, as the case may be, Qualifying Affiliate Guarantee), which would constitute a “Deliverable Obligation” if Physical Settlement were the applicable Settlement Method as selected by the Calculation Agent in its sole and absolute discretion on the applicable Valuation Date, provided that, for such purpose:

Valuation Obligation means the Reference Obligation, except if the Calculation Agent determines in a commercially reasonable manner that the value of the Reference Obligation is materially different to the value of the Reference Entity’s other Obligations, or if the Reference Obligation no longer exists (including if it is redeemed) or if the aggregate amounts due under the Reference Obligation have been materially reduced by redemption or otherwise, then the Valuation Obligation shall be determined by the Buyer as an Obligation, subject to Section 2.15 of the 2003 ISDA Credit Derivatives Definitions, of the Reference Entity described by the Obligation Category: Bond and having the Obligation Characteristics: Specified Currency: USD, and notified by the Buyer to the Seller on or prior to the Valuation Date except if no such Bond exists, the Buyer may choose any other Obligation of the Reference Entity described by the Obligation Category: Bond in its sole discretion. If no such Bond exists, the Buyer may choose any other Obligation of the Reference Entity its sole discretion. For the avoidance of doubt, the “Credit Default Swap” constitutes part of the “Hedging Positions”

Valuation Obligation means, if Cash Settlement applies, (i) the Reference Obligation and/or (ii) any obligations of a Reference Entity which is described by the Valuation Obligation Category and having the Valuation Obligation Characteristics specified herein.