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“Deliverable Obligation”means, subject as provided in Condition 10(c):(i)any obligation of a Reference Entity (either directly, as provider of aQualifying Affiliate Guarantee or, if All Guarantees is specified asapplicable in the relevant Final Terms, as provider of any QualifyingGuarantee) determined pursuant to the method described in “(A)Method for Determining Deliverable Obligations” below (butexcluding any Excluded Deliverable Obligation specified in therelevant Final Terms) that (i) is payable in an amount equal to itsOutstanding Principal Balance or Due and Payable Amount, asapplicable, (ii) is not subject to any counterclaim, defence (other than acounterclaim or defence based on the factors set forth in paragraphs (i)to (ii) of the definition of “Credit Event” above) or right of set off by orof a Reference Entity or, as applicable, an Underlying Obligor and (iii)in the case of a Qualifying Guarantee other than a Qualifying AffiliateGuarantee, is capable, at the date on which the Notice of PhysicalSettlement is deemed given, of immediate assertion or demand by oron behalf of the holder or holders against the Reference Entity for anamount at least equal to the Outstanding Principal Balance or Due andPayable Amount being Delivered apart from the giving of any notice ofnon-payment or similar procedural requirement, it being understoodthat acceleration of an Underlying Obligation shall not be considered aprocedural requirement;(ii) subject to the second paragraph of the definition of “Not Contingent”in “(A) Method for Determining Deliverable Obligations” below, eachReference Obligation, unless specified in the relevant Final Terms asan Excluded Deliverable Obligation;(iii) solely in relation to a Restructuring Credit Event applicable to aSovereign Reference Entity, any Sovereign Restructured DeliverableObligation (but excluding any Excluded Deliverable Obligation) that(i) is payable in an amount equal to its Outstanding Principal Balanceor Due and Payable Amount, as applicable, (ii) is not subject to anycounterclaim, defence (other than a counterclaim or defence based onthe factors set forth in paragraphs (i) to (ii) of the definition of “CreditEvent” above) or right of set-off by or of a Reference Entity or, asapplicable, an Underlying Obligor and (iii) in the case of a QualifyingGuarantee, other than a Qualifying Affiliate Guarantee, is capable, atthe date on which the Notice of Physical Settlement is deemed given,of immediate assertion or demand by or on behalf of the holder orholders against the Reference Entity for an amount at least equal to theOutstanding Principal Balance or Due and Payable Amount beingDelivered apart from the giving of any notice of non-payment orsimilar procedural requirement, it being understood that acceleration ofan Underlying Obligation shall not be considered a proceduralrequirement; and(iv) any Additional Deliverable Obligation of a Reference Entity specifiedas such in the relevant Final Terms.(A)Method for Determining Deliverable Obligations. For the187