Swaption forming part of a Swaption Straddle will be either an Underlying Payer
Swap or an Underlying Receiver Swap) to become effective in accordance with the provisions of Article ... Swaption forming part of a Swaption Straddle will
be either an Underlying Payer Swap or an Underlying Receiver Swap), the terms of which are identified
in the related Confirmation ... Underlying Payer Swap. "Underlying Payer Swap" means, in respect of a Swaption
Straddle, a Swap Transaction in respect of which Buyer is the Fixed Rate Payer.
(c) Underlying Receiver Swap
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388303.pdf
Expiration
Date Buyer may exercise either the Swaption in respect of the Underlying Payer Swap or the Swaption in
respect of the Underlying Receiver Swap. If, on the Expiration Date ... than the Expiration Date, Buyer exercises
either the Swaption in respect of the Underlying Payer Swap or the Swaption in respect of the Underlying
Receiver Swap, Buyer may exercise
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388302.pdf