s 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 Ear

Payer. ARTICLE 15 PHYSICAL SETTLEMENT OF SWAPTIONS Section 15.1. Physical Settlement. In respect of each Exercise Date under a Swaption to which Physical Settlement is applicable, subject to any other applicable provisions, the Underlying Swap Transaction (which in the case of a Swaption forming part of a Swapti

ailable for such currency, the rate determined by Seller on the basis of the par swap rates quoted by the Cash Settlement Reference Banks (which, if Physical Settlement is specified to be applicable or if institutions arc not specified in the related Confirmation, will be five leading dealers selected by Seller in