Substitution Trigger Event Clause Samples

Substitution Trigger Event. (i) If one Reference Obligation is identified as a Reference Obligation in relation to a Credit Derivative Transaction and a Substitution Trigger Event has occurred with respect to such Reference Obligation, the Calculation Agent shall (after consultation with the parties) attempt to identify one Obligation to replace such Reference Obligation until the earliest to occur of (i) 10 Business Days following the date of the relevant Substitution Trigger Event and (ii) the Extension Date (the earliest such date being the "Substitution Deadline"). (ii) In the event that the Substitution Deadline is the Extension Date, the parties’ obligations to each other under the Credit Derivative Transaction shall cease as of the end of the day on the Extension Date (determined by reference to Indian Standard Time). (iii) In the event that the Substitution Deadline is not the Extension Date and a Substitute Reference Obligation has not been identified on or prior to the Substitution Deadline: the Business Day immediately following the Substitution Deadline will be an Early Termination Date in respect of which the Credit Derivative Transaction will be the only Terminated Transaction; and