Common use of Interest Rate Swap Clause in Contracts

Interest Rate Swap. The Issuer will not enter into any Interest Rate Swap after the Closing Date unless (i) as of the date that such Interest Rate Swap is entered into, the related Swap Counterparty has the Swap Required Ratings and (ii) such Interest Rate Swap provides that, if the related Swap Counterparty fails to have the Swap Required Ratings, such Swap Counterparty will take the actions that are specified in the Interest Rate Swap entered into by the Issuer on the Closing Date. Promptly following the termination of any Interest Rate Swap due to an Event of Default or Termination Event (as each such term is defined in such Interest Rate Swap), the Issuer will use reasonable efforts to enter into a replacement Interest Rate Swap on terms similar to those of such terminated Interest Rate Swap with an eligible Swap counterparty unless the Indenture Trustee sells the Collateral pursuant to Section 5.6(a)(iv).