Physically Settled CLS definition
Physically Settled CLS means any Credit-Linked Security which is redeemed (or intended to be redeemed) by physical settlement upon the satisfaction of Conditions to Settlement.
Physically Settled CLS means (i) any Credit-Linked Security which is redeemed (or intended to be redeemed) by physical settlement upon the satisfaction of Conditions to Settlement and (ii) any Auction Settled CLS where Physical Settlement is the Fallback Settlement Method and a Fallback Settlement Method Event has occurred.