On the Termination Date a Transaction terminates but that does not mean it winks out of existence entirely, in the sense that all existing and future rights and obligations under that Transaction cease to exist. Instead, it is the final day on which new payment obligations (such as coupon payments) arise in respect of the Swap Transaction: a coupon payable the day after the termination date is just not payable under the swap. this isn’t any great surprise, of course. But existing rights and obligations under a Transaction continue to exist, and - for example, and subject to limitations and claims and so on, if, a year after the termination date, it becomes clear that a payment date fell under it — this seems odd, but might arise as the result of a dispute subsequently resolved by litigation, or retrospective legislation — then this amount would still be payable.