Class B Swap definition

Class B Swap means an interest rate swap agreement between the Trust and the Class B Counterparty substantially in the form of Exhibit C-2 to this Indenture Supplement, or such other form as shall have satisfied the Rating Agency Condition.

Class B Swap means an interest rate swap agreement between the Trust and the Class B Counterparty substantially in the form of Exhibit C-2 to this Indenture Supplement, or such other form as shall have satisfied the Rating Agency Condition.]

Class B Swap means any Interest Rate Swap Agreement relating to the Class B Certificates.

Examples of Class B Swap in a sentence

• Partial or early termination or other additional amount owed to Class A Swap CounterpartyN/Ab. Partial or early termination or other additional amount owed to Class B Swap CounterpartyN/Ac. Partial or early termination or other additional amount owed to Class C Swap CounterpartyN/Axii.

• The aggregate notional amount under the Class B Swap shall, at any time, be equal to the Class B Note Principal Balance at such time.

• The Issuer has limited resources available to meet its obligations The ability of the Issuer to meet its obligations in full to pay principal and interest on the Notes will be dependent on the receipt by it of (i) funds under the Loans, (ii) payments under the Class A Swap Agreement and the Class B Swap Agreement and(iii) interest in respect of the balance standing to the credit of the Issuer Accounts.

• The Issuer has been advised that the contractual rights of the Class A Swap Counterparty and the Class B Swap Counterparty respectively under English law are not secured by an English law but a Belgian law governed security interest and there is no certainty that the Belgian law governed Pledge Agreement would be recognised under English law or any other law.

• If the floating rate payable by the Class A Swap Counterparty or the Class B Swap Counterparty under an interest rate swap is less than the fixed rate payable by the Issuer, the Issuer will be obliged to make payments to the relevant Swap Counterparty.

• If the floating rate payable by the Class A Swap Counterparty and the Class B Swap Counterparty under respectively the Class A Swap Agreement and the Class B Swap Agreement is substantially greater than the fixed rate payable by the Issuer, the Issuer will be more dependent on receiving payments from the Class A Swap Counterparty and the Class B Swap Counterparty in order to make interest payments on respectively the Class A Notes and Class B Notes.

• Given that the Class B Notes are unrated, the Class B Swap Counterparty will not be subject to any rating triggers.

• In particular, you should read Section 4.2.8 in relation to the risk that the Class A Swap Counterparty or the Class B Swap Counterparty will not perform its obligations owed to the Issuer under the Class A Swap Agreement or the Class B Swap Agreement.

• The amounts payable to the Class A Swap Counterparty and the Class B Swap Counterparty are ranked higher in priority than payments on the Class A Notes and Class B Notes respectively, except on Quarterly Payment Dates when such amount will rank pari passu with interest payable on Class A Notes and Class B Notes respectively.

• The Class B Swap Ratio on each Monthly Calculation Date will be equal to one (1) less the Class A Swap Ratio.

More Definitions of Class B Swap

Class B Swap means an interest rate swap agreement between the Trust and the Class B Counterparty substantially in the form of EXHIBIT E-2 to this Indenture Supplement, or such other form as shall have satisfied the Rating Agency Condition.

Class B Swap means the swap agreement entered into between the Issuer and the Swap Counterparty with respect to the Class B Notes in order to hedge the fixed-floating rate exposure arising from Interest Payments being calculated at a fixed interest rate while Class B Coupon Payments are calculated at six-month EURIBOR plus a margin.

Class B Swap means an interest rate swap agreement with respect to the Class B Notes between the Issuer and the Class B Counterparty substantially in the form of Exhibit B-2 to this Issuance Supplement, or such other form as shall have satisfied the Rating Agency Condition.