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Deliverable Obligation Characteristics after such Restructuring.“Specified Number”“Substitute ReferenceObligation”means the number of Public Source(s) specified in the relevant Final Terms,or, if no number is specified in the relevant Final Terms, two.means one or more obligations of the Reference Entity (either directly or asprovider of a Qualifying Affiliate Guarantee or, if All Guarantees isspecified as applicable in the relevant Final Terms, as provider of anyQualifying Guarantee) that will replace one or more Reference Obligations,identified by the Calculation Agent in accordance with the followingprocedures:(i)In the event that:(A)(B)a Reference Obligation is redeemed in whole; orin the opinion of the Calculation Agent (A) the aggregateamounts due under any Reference Obligation have beenmaterially reduced by redemption or otherwise (other thandue to any scheduled redemption, amortisation orprepayments), (B) any Reference Obligation is anUnderlying Obligation with a Qualifying Guarantee of aReference Entity and, other than due to the existence oroccurrence of a Credit Event, the Qualifying Guarantee isno longer a valid and binding obligation of such ReferenceEntity enforceable in accordance with its terms or (C) forany other reason, other than due to the existence oroccurrence of a Credit Event, any Reference Obligation isno longer an obligation of a Reference Entity, theCalculation Agent shall identify one or more Obligationsto replace such Reference Obligation.(ii)(iii)Any Substitute Reference Obligation or Substitute ReferenceObligations shall be an Obligation that (1) ranks pari passu (or, ifno such Obligation exists, then, at the Issuer’s option, anObligation that ranks senior) in priority of payment with suchReference Obligation (with the ranking in priority of payment ofsuch Reference Obligation being determined as of the later of (A)the Trade Date and (B) the date on which such ReferenceObligation was issued or incurred and not reflecting any change tosuch ranking in priority of payment after such later date), (2)preserves the economic equivalent, as closely as practicable asdetermined by the Calculation Agent of the delivery and paymentobligations of the Issuer and (3) is an obligation of a ReferenceEntity (either directly or as provider of a Qualifying AffiliateGuarantee or, if All Guarantees is specified as applicable in therelevant Final Terms, as provider of any Qualifying Guarantee).The Substitute Reference Obligation or Substitute ReferenceObligations identified by the Calculation Agent shall, withoutfurther action, replace such Reference Obligation or ReferenceObligations.If more than one specific Reference Obligation is identified as a209