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Obligation may be inclu<strong>de</strong>d as a DeliverableObligation only if the rights referred to in (A) and (B)of the preceding paragraph have not be<strong>en</strong> exerc<strong>is</strong>ed (orsuch exerc<strong>is</strong>e has be<strong>en</strong> effectively rescin<strong>de</strong>d) on orbefore the Delivery Date.(b) “Assignable Loan” means a Loan that <strong>is</strong> capable ofbeing assigned or novated to, at a minimum,commercial banks or financial institutions(irrespective of their jur<strong>is</strong>diction of organ<strong>is</strong>ation) thatare not th<strong>en</strong> a l<strong>en</strong><strong>de</strong>r or a member of the rele<strong>van</strong>tl<strong>en</strong>ding syndicate, without the cons<strong>en</strong>t of the rele<strong>van</strong>tRefer<strong>en</strong>ce Entity or the guarantor, if any, of such Loan(or the cons<strong>en</strong>t of the applicable borrower if aRefer<strong>en</strong>ce Entity <strong>is</strong> guaranteeing such Loan) or anyag<strong>en</strong>t;(c) “Cons<strong>en</strong>t Required Loan” means a Loan that <strong>is</strong>capable of being assigned or novated with the cons<strong>en</strong>tof the rele<strong>van</strong>t Refer<strong>en</strong>ce Entity or the guarantor, ifany, of such Loan (or the cons<strong>en</strong>t of the rele<strong>van</strong>tborrower if a Refer<strong>en</strong>ce Entity <strong>is</strong> guaranteeing suchloan) or any ag<strong>en</strong>t;(d) “Direct Loan Participation” means a Loan in respectof which, pursuant to a participation agreem<strong>en</strong>t, theIssuer <strong>is</strong> capable of creating, or procuring the creationof, a contractual right in favour of each Notehol<strong>de</strong>rthat provi<strong>de</strong>s each Notehol<strong>de</strong>r with recourse to theparticipation seller for a specified share in anypaym<strong>en</strong>ts due un<strong>de</strong>r the rele<strong>van</strong>t Loan which arereceived by such participation seller, any suchagreem<strong>en</strong>t to be <strong>en</strong>tered into betwe<strong>en</strong> each Notehol<strong>de</strong>rand either (A) the Issuer (to the ext<strong>en</strong>t that the Issuer<strong>is</strong> th<strong>en</strong> a l<strong>en</strong><strong>de</strong>r or a member of the rele<strong>van</strong>t l<strong>en</strong>dingsyndicate), or (B) a Qualifying Participation Seller (ifany) (to the ext<strong>en</strong>t such Qualifying Participation Seller<strong>is</strong> th<strong>en</strong> a l<strong>en</strong><strong>de</strong>r or a member of the rele<strong>van</strong>t l<strong>en</strong>dingsyndicate);(e) “Transferable” means an obligation that <strong>is</strong> transferableto institutional investors without any contractual,statutory or regulatory restriction, provi<strong>de</strong>d that noneof the following shall be consi<strong>de</strong>red contractual,statutory or regulatory restrictions:(i)contractual, statutory or regulatory restrictionsthat provi<strong>de</strong> for eligibility for resale pursuant toRule 144A or Regulation S promulgated un<strong>de</strong>rthe United States Securities Act of 1933, asam<strong>en</strong><strong>de</strong>d (and any contractual, statutory orregulatory restrictions promulgated un<strong>de</strong>r thelaws of any jur<strong>is</strong>diction having a similar effect189
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