Common use of Termination of the Interest Rate Swap Agreement Clause in Contracts

Termination of the Interest Rate Swap Agreement. If on or prior to the repayment in full of the final Tranche of the Covered Bonds then outstanding, the Interest Rate Swap Agreement is terminated other than as a result of an Event of Default (as used in the relevant Interest Rate Swap Agreement) where the Guarantor is the Defaulting Party (as used in the relevant Interest Rate 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 one or more new swaps with one or more third party swap provider(s) and the Bond Trustee, to hedge the risks being hedged under the terms of the Interest Rate 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 Interest Rate Swap Provider for such purpose in accordance with Article 6 (Priorities of Payment) of the Guarantor Agreement.

Termination of the Interest Rate Swap Agreement. If on or prior to the repayment in full of the final Tranche of the Covered Bonds then outstanding, the Interest Rate Swap Agreement is terminated other than as a result of an Event of Default (as used in the relevant Interest Rate Swap Agreement) where the Guarantor LP is the Defaulting Party (as used in the relevant Interest Rate Swap Agreement)) or the delivery of a Guarantor LP Acceleration Notice to the Guarantor LP of which the Cash Manager has received notice, then the Cash Manager (on behalf of the GuarantorGuarantor LP) shall enter into one or more new swaps with one or more third party swap provider(s) and the Bond Trustee, to hedge the risks being hedged under the terms of the Interest Rate Swap Agreement; provided that at any time that if and for so long as the Liquidation GP is the managing general partner of the Guarantor is Independently Controlled and Governed, LP the Cash Manager shall not enter into any such swap without the prior written consent of the Guarantor shall have the discretion to refrain from hedging such risksLP. The Cash Manager shall may apply any termination payment received in respect of the foregoing termination from the Interest Rate Swap Provider for such purpose in accordance with Article 6 (Priorities of Payment) of the Guarantor LP Agreement.

Termination of the Interest Rate Swap Agreement. If on or prior to the repayment in full of the final Tranche of the Covered Bonds then outstanding, the Interest Rate Swap Agreement is terminated (other than as a result of an Event of Default (as used in the relevant Interest Rate Swap Agreement) where the Guarantor is the Defaulting Party (as used in the relevant Interest Rate 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 one or more new swaps with one or more third party swap provider(s) and the Bond Trustee, to hedge the risks being hedged under the terms of the Interest Rate 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 Interest Rate Swap Provider for such purpose in accordance with Article 6 (Priorities of Payment) of the Guarantor Agreement.

Termination of the Interest Rate Swap Agreement. If on or prior to the repayment in full of the final Tranche of the Covered Bonds then outstandingoutstanding or on or prior to the delivery of a Guarantor Acceleration Notice to the Guarantor of which the Cash Manager has received notice, the Interest Rate Swap Agreement is terminated (other than as a result of an Event of Default (as used in the relevant Interest Rate Swap Agreement) where the Guarantor is the Defaulting Party (as used defined in the relevant Interest Rate 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 one or more new swaps with one or more third party swap provider(s) and the Bond Trustee, to hedge the risks being hedged under the terms of the Interest Rate 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 Interest Rate Swap Provider for such purpose in accordance with Article 6 (Priorities of Payment) of the Guarantor Limited Partnership Agreement.