Examples of Swap Termination Event in a sentence
Until it has received express written notice to the contrary, the Trustee may assume that no Swap Termination Event has occurred.
On the Note Transfer Date preceding each Payment Date from and after the occurrence and during the continuance of a Swap Termination Event, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Payment Date pursuant to subsection 4.08(c).
If the Trustee receives notice of a Swap Termination Event from either the Issuer or the relevant Swap Counterparty, the Trustee shall be entitled to rely on such notice without further investigation.
US $ amount to pay principal on the Class A Notes is obtained through Swap Agreement or by conversion of CDN $ by the Administrative Agent if a Swap Termination Event has occurred, and deposited to the Class A Note Liquidation Account.
On the Note Transfer Date preceding each Payment Date from and after the occurrence and during the continuance of a Swap Termination Event, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of (x) the Class B Monthly Interest for such Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Payment Date pursuant to Section 4.08(c).