Substitution Characterisation Event Sample Clauses

Substitution Characterisation Event. (i) If one Reference Obligation is identified as a Reference Obligation in relation to a Credit Derivative Transaction, a Substitution Characterisation Event has occurred with respect to such Reference Obligation and the Calculation Agent determines (after consultation with the parties) that no Substitute Reference Obligation is available for that Reference Obligation, then the Calculation Agent shall continue to attempt to identify a Substitute Reference Obligation until the Extension Date. (ii) In the circumstances that either (A) "Cash Settlement" is specified as the Settlement Method in the related Confirmation (or is applicable pursuant to the Fallback Settlement Method in accordance with Section 12.1) and the Cash Settlement Amount is determined by reference to a Reference Obligation or (B) either "Auction Settlement" or "Physical Settlement" is specified as the Settlement Method in the related Confirmation (or, in the case of Physical Settlement, is applicable pursuant to the Fallback Settlement Method in accordance with Section 12.1) and, in each case, the Reference Obligation is the only Deliverable Obligation: