Covered Bond Swap Agreement Sample Clauses

Covered Bond Swap Agreement. ‌ 7.1 Computations Following the Covered Bond Swap Effective Date, the Cash Manager, in its capacity as Calculation Agent under the Covered Bond Swap Agreement, shall determine, in accordance with the terms of the Covered Bond Swap Agreement, in respect of the relevant Calculation Period, the amount of principal payments to be made with respect to the Covered Bonds and shall notify the Guarantor and the Bond Trustee of such amounts, balances and rates on the Toronto Business Day that is at least two days prior to the first Guarantor Payment Date following the relevant Calculation Period. 7.2 Termination of a Covered Bond Swap Agreement If the Covered Bond Swap Agreement is terminated in respect of any Tranche of Covered Bonds on or prior to the repayment in full of such Tranche of Covered Bonds (other than as a result of an Event of Default (as defined in the Covered Bond Swap Agreement) where the Guarantor is the Defaulting Party (as defined in the Covered Bond Swap Agreement)) or the delivery of a Guarantor Acceleration Notice to the Guarantor of which the Cash Manager has received notice, then the Cash Manager (on behalf of the Guarantor) shall enter into a new swap to hedge the risks being hedged under the terms of the Covered Bond Swap Agreement; provided that at any time that the Guarantor is Independently Controlled and Governed, the Guarantor shall have the discretion to refrain from hedging such risks. The Cash Manager shall apply any termination payment received in respect of the foregoing termination from the Covered Bond Swap Provider pursuant to the relevant Covered Bond Swap Agreement for such purpose in accordance with Article 6 (Priorities of Payment) of the Guarantor Agreement.