Defaulted Swap Termination Payment definition

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the defaulting party or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

Defaulted Swap Termination Payment. Any payment required to be made by the Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of an event of default under the Swap Agreement with respect to which the Swap Counterparty is the defaulting party or a termination event (including a Downgrade Termination Event) under that agreement (other than illegality or a tax event) with respect to which the Swap Counterparty is the sole Affected Party (as defined in the Swap Agreement).

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the Defaulting Party (as defined in the Interest Rate Swap Agreement) or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

Examples of Defaulted Swap Termination Payment in a sentence

• Basis Risk Payment: For any Distribution Date, an amount equal to the lesser of (i) the aggregate of the Basis Risk CarryForward Amounts for such Distribution Date and (ii) the Class X Distributable Amount (prior to any reduction for (x) amounts paid from the Excess Reserve Fund Account to pay any Basis Risk CarryForward Amount or (y) any Defaulted Swap Termination Payment).

• Defaulted Swap Termination Payment means any amount payable by the Issuer to a Basis Swap Counterparty upon termination of a Basis Swap Transaction in respect of which such Basis Swap Counterparty was the "Defaulting Party" or, in the case of a "Termination Event", sole "Affected Party" other than as result of Illegality, a Tax Event or a Tax Event Upon Merger (as such terms are defined in the applicable Basis Swap Agreement), including any due and unpaid scheduled amounts thereunder.

• To the extent that any Replacement Swap Provider Payment is made to an account other than the Swap Account, then, notwithstanding anything to the contrary contained in this Agreement, any Senior Defaulted Swap Termination Payment shall be paid to the Swap Provider immediately upon receipt of such Replacement Swap Provider Payment, regardless of whether the date of receipt thereof is a Distribution Date and without regard to anything to the contrary contained in this Agreement.

• Any Senior Defaulted Swap Termination Payment shall be made from the Swap Account to the Swap Provider immediately upon receipt of such payment, regardless of whether the date of receipt thereof is a Distribution Date.

• Moreover, if, in respect of an Early Redemption Event, (1) a Defaulted Swap Termination Payment is due to the Swap Counterparty and (2) a Morgan Stanley Affiliate is a bidder in respect of the sale of Underlying Assets, the bid of such Morgan Stanley Affiliate shall not exceed the par amount of the Underlying Assets.

More Definitions of Defaulted Swap Termination Payment

Defaulted Swap Termination Payment. Not Applicable.

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of an Event of Default (as defined in the Swap Agreement) with respect to which the Swap Counterparty is the defaulting party or a Termination Event (as defined in the Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Swap Agreement)) with respect to which the Swap Counterparty is the sole Affected Party (as defined in the Swap Agreement).

Defaulted Swap Termination Payment. Any termination payment required to be made by the Issuing Entity to the Swap Provider pursuant to the Swap Agreement as a result of an “Event of Default” with respect to which the Swap Provider is the “Defaulting Party” or a “Termination Event” (other than “Illegality” or “Tax Event”) (each as defined in the Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party” or a “Swap Disclosure Event” (as defined in the Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party.”

Defaulted Swap Termination Payment. Any termination payment required to be made by the trust to the Swap Provider pursuant to the Swap Agreement as a result of an “Event of Default” with respect to which the Swap Provider is the “Defaulting Party” or a “Termination Event” (other than “Illegality,” “Tax Event” or “Tax Event Upon Merger”) (each as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party” or with respect to a termination resulting from a Downgrade Terminating Event.

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be made by the Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of a Swap Event of Default with respect to which the Swap Counterparty is the defaulting party or a Termination Event under the Swap Agreement (other than illegality, a tax event or a tax event upon merger of the Swap Counterparty) with respect to which the Swap Counterparty is the sole affected party or with respect to an Additional Termination Event pursuant to Section 5(n)(iii)(II) of the Schedule to the Swap Agreement.

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust out of the Group I Available Funds to the Group I Swap Provider pursuant to the Group I Interest Rate Swap Agreement as a result of an "Event of Default" (as defined in the Group I Interest Rate Swap Agreement) with respect to which the Group I Swap Provider is the defaulting party or a Termination Event (as defined in the Group I Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Group I Interest Rate Swap Agreement )) with respect to which the Group I Swap Provider is the sole Affected Party (as defined in the Group I Interest Rate Swap Agreement).

Defaulted Swap Termination Payment. A Swap Termination Payment with respect to which the Swap Provider is the defaulting party under the Interest Rate Swap Agreement (other than illegality, a tax event or a tax event upon merger of the Swap Provider).