Defaulted Swap Termination Payment definition

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the defaulting party or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

Defaulted Swap Termination Payment. Any payment required to be made by the Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of an event of default under the Swap Agreement with respect to which the Swap Counterparty is the defaulting party or a termination event (including a Downgrade Termination Event) under that agreement (other than illegality or a tax event) with respect to which the Swap Counterparty is the sole Affected Party (as defined in the Swap Agreement).

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the Defaulting Party (as defined in the Interest Rate Swap Agreement) or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

Examples of Defaulted Swap Termination Payment in a sentence

• To the extent that any Replacement Swap Provider Payment is made to an account other than the Swap Account, then, notwithstanding anything to the contrary contained in this Agreement, any Senior Defaulted Swap Termination Payment shall be paid to the Swap Provider immediately upon receipt of such Replacement Swap Provider Payment, regardless of whether the date of receipt thereof is a Distribution Date and without regard to anything to the contrary contained in this Agreement.

• Any Senior Defaulted Swap Termination Payment shall be made from the Swap Account to the Swap Provider immediately upon receipt of such payment, regardless of whether the date of receipt thereof is a Distribution Date.

• For federal income tax purposes, Net Swap Payment Amounts and Swap Termination Payments payable to the Swap Provider shall be deemed to be paid to the Supplemental Interest Trust first, by the Holder of the Class X Certificates and second, other than any Defaulted Swap Termination Payment, from the Upper-Tier REMIC by the Holders of the applicable Class or Classes of LIBOR Certificates as and to the extent provided in Section 8.14.

• To the extent that any Replacement Swap Counterparty Payment is made to an account other than the Swap Account, then, notwithstanding anything to the contrary contained in this Agreement, any Senior Defaulted Swap Termination Payment shall be paid to the Swap Counterparty immediately upon receipt of such Replacement Swap Counterparty Payment, regardless of whether the date of receipt thereof is a Distribution Date and without regard to anything to the contrary contained in this Agreement.

• Any Senior Defaulted Swap Termination Payment shall be made from the Swap Account to the Swap Counterparty immediately upon receipt of such payment, regardless of whether the date of receipt thereof is a Distribution Date.

More Definitions of Defaulted Swap Termination Payment

Defaulted Swap Termination Payment. Any termination payment required to be made by the trust to the Swap Provider pursuant to the Swap Agreement as a result of an “Event of Default” with respect to which the Swap Provider is the “Defaulting Party” or a “Termination Event” (other than “Illegality” or “Tax Event”) (each as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party” or with respect to a termination resulting from a Downgrade Terminating Event.

Defaulted Swap Termination Payment. Not Applicable.

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of an Event of Default (as defined in the Swap Agreement) with respect to which the Swap Counterparty is the defaulting party or a Termination Event (as defined in the Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Swap Agreement)) with respect to which the Swap Counterparty is the sole Affected Party (as defined in the Swap Agreement).

Defaulted Swap Termination Payment. Any termination payment required to be made by the Issuing Entity to the Swap Provider pursuant to the Swap Agreement as a result of an “Event of Default” with respect to which the Swap Provider is the “Defaulting Party” or a “Termination Event” (other than “Illegality” or “Tax Event”) (each as defined in the Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party” or a “Swap Disclosure Event” (as defined in the Swap Agreement) with respect to which the Swap Provider is the sole “Affected Party.”

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be made by the Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of a Swap Event of Default with respect to which the Swap Counterparty is the defaulting party or a Termination Event under the Swap Agreement (other than illegality, a tax event or a tax event upon merger of the Swap Counterparty) with respect to which the Swap Counterparty is the sole affected party or with respect to an Additional Termination Event pursuant to Section 5(n)(iii)(II) of the Schedule to the Swap Agreement.

Defaulted Swap Termination Payment. Any Swap Termination Payment required to be paid by the Trust out of the Group I Available Funds to the Group I Swap Provider pursuant to the Group I Interest Rate Swap Agreement as a result of an "Event of Default" (as defined in the Group I Interest Rate Swap Agreement) with respect to which the Group I Swap Provider is the defaulting party or a Termination Event (as defined in the Group I Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Group I Interest Rate Swap Agreement )) with respect to which the Group I Swap Provider is the sole Affected Party (as defined in the Group I Interest Rate Swap Agreement).

Defaulted Swap Termination Payment. A Swap Termination Payment with respect to which the Swap Provider is the defaulting party under the Interest Rate Swap Agreement (other than illegality, a tax event or a tax event upon merger of the Swap Provider).