Excess Swap Termination Value Clause Samples
The Excess Swap Termination Value clause defines how any surplus value resulting from the early termination of a swap agreement is handled. In practice, this clause specifies the calculation and allocation of amounts that exceed the obligations owed by either party when a swap is terminated before its scheduled maturity, often due to default or other triggering events. By clearly outlining the treatment of excess amounts, the clause ensures fairness and transparency in the settlement process, preventing disputes over surplus funds and clarifying each party’s entitlements upon early termination.
Excess Swap Termination Value. 1. State net amount of all ▇▇▇▇-to-market obligations of all Swap Contracts to which a Subsidiary of the Borrower is obligated as a counterparty or a guarantor: $
Excess Swap Termination Value. 1. State net amount of all ▇▇▇▇-to-market obligations of all Swap Contracts to which a Subsidiary of the Borrower is obligated as a counterparty ora guarantor: $ (A negative number indicates a net aggregate amount owed by Subsidiaries; a positive number indicates a net aggregate amount owed to Subsidiaries)
2. Is line C.1 less than negative $150,000,000? Yes ¨ No ¨
3. If yes, calculate the Ratable Share of the amount less than negative $150,000,000:
(a) State aggregate Swap Termination Value of all Swap Obligations and Guarantee Obligations of Swap Obligations of the Non-OLP Subsidiaries: $
(b) State aggregate Swap Termination Value of all Swap Obligations and Guarantee Obligations of Swap Obligations of the Operating Partnership and the Operating Partnership Subsidiaries: $
(c) The Ratable Share of Excess Termination Value of the Non-OLP Subsidiaries ((line C.3(a) divided by line C.1) times the amount less than negative $150,000,000): $
(d) The Ratable Share of Excess Termination Value of the Operating Partnership and Operating Partnership Subsidiaries ((line C.3(b) divided by line C.1) times the amount less than negative $150,000,000): $