Text extracted via OCR from the original document. May contain errors from the scanning process.
Section 11.3. Swaption Straddle. "Swaption Straddle" means a Swap Transaction that is
identified in the related Confirmation or Confirmations as a Swaption Straddle or Straddle and which
comprises two Swaptions, one in respect of an Underlying Swap Transaction that is an Underlying Payer
Swap and one in respect of an Underlying Swap Transaction that is an Underlying Receiver Swap.
ARTICLE 12
Section 12.1. Parties.
(a)
Seller. "Seller- means:
(i)
in respect of a Swaption, the party specified as such or as writer in the related
Confirmation, which party grants to Buyer, upon the exercise or deemed exercise of the Swaption
pursuant to the provisions of Article 13 of these 2006 Definitions, (A) if Cash Settlement is
applicable, the right to cause Seller to pay to Buyer the Cash Settlement Amount, if any, on the
relevant Cash Settlement Payment Date and (B) if Physical Settlement is applicable, the right to
cause the Underlying Swap Transaction to become effective;
(ii)
in respect of a Swap Transaction to which Optional Early Termination is
applicable, (A) the party specified as such or as writer in the related Confirmation or (B) if neither
party is specified as such or as writer in the related Confirmation, the Non-exercising Party,
which party grants to Buyer or the Exercising Party, as the case may be, the right, upon exercise
pursuant to the provisions of Article 13 of these 2006 Definitions, to terminate the Swap
Transaction, in whole or in part, in accordance with the provisions of Article 16 of these 2006
Definitions; and
(iii)
in respect of any other Option Transaction, the party specified as such or as
writer in the related Confirmation.
(b)
Buyer. "Buyer" means:
(i)
in respect of a Swaption, the party specified as such in the related Confirmation,
which party will, on each Premium Payment Date, pay to Seller the Premium, if any, in respect of
that Premium Payment Date;
(ii)
in respect of a Swap Transaction to which Optional Early Termination is
applicable, (A) the party specified as such in the related Confirmation or (B) if neither party is
specified as such in the related Confirmation, the Exercising Party; and
(iii)
in respect of any other Option Transaction, the party specified as such in the
related Confirmation.
(c)
Seller's Agent. "Seller's Agent" means the agent. if any, designated by Seller in a
Confirmation for purposes of receiving notice of exercise.
(d)
Exercising Party. "Exercising Party" means the party that gives notice of exercise
pursuant to the provisions of Section 13.2 (Procedure for Exercise).
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0091774
CONFIDENTIAL
SDNY GM_00237958
EFTA01388297