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purposes of this definition of “Deliverable Obligation”, the term“Deliverable Obligation” may be defined as each obligation ofeach Reference Entity described by the Deliverable ObligationCategory specified in the relevant Final Terms, and, subject to(B)(3) below, having each of the Deliverable ObligationCharacteristics, if any, specified in the relevant Final Terms, ineach case, as of the date on which the Notice of PhysicalSettlement is deemed given. The following terms shall have thefollowing meanings:(1) “Deliverable Obligation Category” means one of Payment,Borrowed Money, Reference Obligations Only, Bond,Loan, or Bond or Loan (each as defined in the definition of“Obligation Category” below, except that, for the purposeof determining Deliverable Obligations, the definition of“Reference Obligations Only” shall be amended to statethat no Deliverable Obligation Characteristics shall beapplicable to Reference Obligations Only).(2) “Deliverable Obligation Characteristics” means any one ormore of Not Subordinated, Specified Currency, NotSovereign Lender, Not Domestic Currency, Not DomesticLaw, Listed, Not Domestic Issuance (each as defined in thedefinition of “Obligation” below), Not Contingent,Assignable Loan, Consent Required Loan, Direct LoanParticipation, Transferable, Maximum Maturity,Accelerated or Matured and Not Bearer where:(a) “Not Contingent” means any obligation having as ofthe Delivery Date and all times thereafter anOutstanding Principal Balance or, in the case ofobligations that are not Borrowed Money, a Due andPayable Amount, that pursuant to the terms of suchobligation may not be reduced as a result of theoccurrence or non-occurrence of an event orcircumstance (other than payment). A ConvertibleObligation, an Exchangeable Obligation and anAccreting Obligation shall constitute DeliverableObligations that are Not Contingent if suchDeliverable Obligation otherwise meets therequirements of the preceding sentence so long as, inthe case of a Convertible Obligation or anExchangeable Obligation, the right (A) to convert orexchange such obligation or (B) to require the issuerto purchase or redeem such obligation (if the issuerhas exercised or may exercise the right to pay thepurchase or redemption price, in whole or in part, inEquity Securities) has not been exercised (or suchexercise has been effectively rescinded) on or beforethe Delivery Date.If a Reference Obligation is a Convertible Obligationor an Exchangeable Obligation, then such Reference188