FUNDING SWAP definition
FUNDING SWAP means the amended and restated swap documented on the Second Issuer Closing Date and amended on the Third Issuer Closing Date under the Funding Swap Agreement which enables Funding to hedge against the possible variance between the fixed rates of interest payable on the Fixed Rate Loans and a LIBOR based rate for three-month sterling deposits, the possible variance between the rates of interest payable on the Tracker Loans and a LIBOR based rate for three-month sterling deposits and the possible variance between the SVR payable on the Variable Rate Loans and a LIBOR based rate for three-month sterling deposits;
FUNDING SWAP means, in respect of a BRL-Linked Tranche, a notional swap transaction between the Bank and an Eligible Swap Counterparty under which: