Swap Break Amount definition
Swap Break Amount means, as of any date on which Break Amount may be payable under the Operative Documents in respect of a Junior Note which is a Fixed Rate Note and for any Holder’s related Hedging Transaction, the amount a Swap Counterparty would require in accordance with market practice on the basis of the “Close-out Amount” (as defined in the Swap Form) approach to have paid to such Swap Counterparty on such date by such Holder (such amount to be expressed as a positive number), or the amount such Swap Counterparty would be willing to pay in accordance with market practice on the basis of “Close-out Amount” to such Holder on such date (such amount to be expressed as a negative number), in either case, to terminate such Hedging Transaction on such date with respect to, and to the extent of, such Holder’s then outstanding principal amount of all of the Junior Notes held by such Holder relating to Fixed Rate Notes that are subject to prepayment or purchase (or the entire Commitment), but excluding any unpaid amounts under such Hedging Transaction due to or payable by such Swap Counterparty prior to such date in respect of interest payments received by such Holder); provided that where a Holder has not entered into a Hedging Transaction, such amount shall be calculated on the basis of a deemed fixed-for-floating interest rate swap on market terms that meets the definition of Hedging Transaction for a notional amount equal to the outstanding principal amount of the Junior Notes which are Fixed Rate Notes of such Holder (taking into account any required amortization of such Fixed Rate Notes).
Swap Break Amount as of any date of determination, the lesser of (a negative number always being less than a positive number and a more negative number always being less than another negative number that is closer to zero):
Swap Break Amount as of any date (the “Swap Termination Date”) and for any Lender: (1) in the case of any amount required to be paid to the Swap Counterparty, the amount the Swap Counterparty will in good faith require in accordance with market practice on the basis of Market Quotation (as defined in the 1992 ISDA Master Agreement referred to in the definition of Swap Transaction) to have paid to it on such date by such Lender (such amount to be expressed as a positive number), or (2) in the case of any amount to be paid by the Swap Counterparty, the amount the Swap Counterparty pays in accordance with market practice on the basis of Market Quotation (as so defined) to such Lender on such date (such amount to be expressed as a negative number), in either case, to terminate the applicable Swap Transaction on such date with respect to, and to the extent of, the then outstanding principal amount of all of the relevant Equipment Notes.
Examples of Swap Break Amount in a sentence
A certificate setting forth and explaining in reasonable detail the amount of such Swap Break Amount submitted to the Borrower by the affected Lender shall be conclusive and binding for all purposes, except in case of manifest error.
I/We understand that the fee for this service is 1% of the value of the relevant investments each year, subject to a minimum of £3,000.
A certificate setting forth and explaining in reasonable detail the amount of LIBOR Breakage, if any, and Swap Break Amount, if any, submitted to the Borrower by the affected Lender shall be conclusive and binding for all purposes, except in case of manifest error.
On the date of any prepayment of such Tranche A Loan Certificates, the Borrower may request that each Tranche A Loan Participant advise the Security Trustee and the Borrower by 11:00 a.m., New York time, on such date of the Swap Break Amount applicable to such event.
On the date of any prepayment of such Tranche B Loan Certificates, the Borrower may request that each Tranche B Loan Participant advise the Security Trustee and the Borrower by 11:00 a.m., New York time, on such date of the Swap Break Amount applicable to such event.
More Definitions of Swap Break Amount
Swap Break Amount means, as of any date, the cost to (expressed as a positive number) or gain for (expressed as a negative number) a Lender in connection with the full or partial unwinding, liquidation or termination of such Lender’s Swap Transaction (whether or not the relevant Fixed Rate Period has commenced) calculated in accordance with market practice and, if requested by the Borrower, as evidenced by the Swap Bank termination confirmation; provided that if any Lender enters into a Swap Transaction with such Lender’s internal trading desk, such amount shall not exceed the cost or gain that would have resulted had such Lender entered into such Swap Transaction with a third party counterparty, as evidenced by quotes provided to the Borrower by such Lender from at least two independent third party brokers.
Swap Break Amount means, as of any date on which Break Amount may be payable under the Operative Documents in respect of a Fixed Rate Loan or a Tranche B Loan and for any Holder’s related Hedging Transaction, the amount a Swap Counterparty would require in accordance with market practice on the basis of the “Close-out Amount” (as defined in the Swap Form) approach to have paid to such Swap Counterparty on such date by such Holder (such amount to be expressed as a positive number), or the amount such Swap Counterparty would be willing to pay in accordance with market practice on the basis of “Close-out Amount” to such Holder on such date (such amount to be expressed as a negative number), in either case, to terminate such Hedging Transaction on such date with respect to, and to the extent of, such Holder’s then outstanding principal amount of all of the Loan Certificates held by such Holder relating to Fixed Rate Loans or a Tranche B Loan that are subject to prepayment or purchase (or the entire Commitment), but excluding any unpaid amounts under such Hedging Transaction due to or payable by such Swap Counterparty prior to such date in respect of interest payments received by such Holder); provided that where a Holder has not entered into a Hedging Transaction, such amount shall be calculated on the basis of a deemed fixed-for-floating interest rate swap on market terms that meets the definition of Hedging Transaction for a notional amount equal to the outstanding principal amount of the Fixed Rate Loans or a Tranche B Loan of such Holder (taking into account any required amortization of such Fixed Rate Loans or a Tranche B Loan).
Swap Break Amount means, as of any date of determination thereof, ----------------- and for any Series A Certificate, the lesser of:
Swap Break Amount means, as of any date (the "Swap Termination Date") on which Break Amount may be payable under the Operative Documents and for any Lender (a negative number always being less than a positive number and a more negative number always being less than another negative number that is closer to zero) the amount such Lender (as floating rate payor) will require in accordance with market practice to have paid to it on such date (such amount to be expressed as a positive number), or the amount such Lender (as floating rate payor) is willing to pay in accordance with market practice on such date (such amount to be expressed as a negative number), in either case, to terminate the Notional Swap Transaction on such date with respect to, and to the extent of, the then outstanding principal amount of the Loan subject to prepayment or purchase. The term "Lender" as used in this definition means either a Lender in its own right or a Lender acting through a swap agent.
Swap Break Amount means, with respect to any deemed termination or partial termination of a Notional Swap and as of any date of determination thereof, an amount calculated in relation to that Notional Swap then deemed to be in effect in accordance with the Close-out Amount (as defined in the Swap Form). For the purposes hereof, the Lender will be the Determining Party (as defined in the Swap Form).
Swap Break Amount means, as to any Lender of a Fixed Rate Loan as of any date of determination, the amount the Swap Counterparty would require in accordance with market practice on the basis of the “Market Quotation” (as defined in the Swap Form) approach to have paid to it on such date by such Lender (such amount to be expressed as a positive number), or the amount the Swap Counterparty is willing to pay in accordance with market practice on the basis of “Market Quotation” to such Lender on such date (such amount to be expressed as a negative number), in either case, to terminate such Swap Transaction on such date with respect to, and to the extent of, such Lender’s then outstanding principal amount of such Fixed Rate Loan subject to repayment, prepayment, acceleration, default or purchase (but excluding any unpaid amounts under such Swap Transaction due to the Swap Counterparty prior to such date in respect of interest payments received by such Lenders) and assuming such Lender shall have used all efforts to obtain a commercially reasonable amount. The term “Lender” as used in this definition means either a Lender in its own right or a Lender acting through a swap agent.
Swap Break Amount means, as to any Lender of a Fixed Rate Loan as of any date of determination, the amount the Swap Counterparty would require in accordance with market practice on the basis of the “Market Quotation” (as defined in the Swap Form) approach to have paid to it on such date by such Lender (such amount to be expressed as a positive number), or the amount the Swap Counterparty is willing to pay in accordance with market practice on the basis of “Market Quotation” to such Lender on such date (such amount to be expressed as a negative 2 Note: 2.00% for A320 aircraft and 2.10% for A321 aircraft. 1000301987v14 number), in either case, to terminate such Swap Transaction on such date with respect to, and to the extent of, such Lender’s then outstanding principal amount of such Fixed Rate Loan subject to repayment, prepayment, acceleration, default or purchase (but excluding any unpaid amounts under such Swap Transaction due to the Swap Counterparty prior to such date in respect of interest payments received by such Lenders) and assuming such Lender shall have used all efforts to obtain a commercially reasonable amount. The term “Lender” as used in this definition means either a Lender in its own right or a Lender acting through a swap agent.