Swap Counterparty Trigger Event definition

Swap Counterparty Trigger Event. A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

Swap Counterparty Trigger Event. A Swap Termination Payment that is triggered upon (i) an "Event of Default" under the Swap Contract with respect to which the Swap Counterparty is the sole "Defaulting Party" (as defined in the Swap Contract) or (ii) a "Termination Event" or "Additional Termination Event" under the Swap Contract with respect to which the Swap Counterparty is the sole "Affected Party" (as defined in the Swap Contract).

Swap Counterparty Trigger Event. With respect to any Distribution Date, (i) an Event of Default under the Swap Agreement with respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination Event (other than Illegality or Tax Event) under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party, or (iii) an additional termination event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party. Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement. Swap Termination Payment: Upon the occurrence of an Early Termination Date, the payment to be made by the Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust to the Swap Counterparty from payments from the Supplemental Interest Trust, or by the Swap Counterparty to the Supplemental Interest Trust Trustee for payment to the Supplemental Interest Trust, as applicable, pursuant to the terms of the Swap Agreement.

Examples of Swap Counterparty Trigger Event in a sentence

• Any Swap Termination Payment triggered by a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement will be subordinated to distributions to the Holders of the Class A Certificates and Class M Certificates and shall be paid as set forth under Section 4.02.

• On each Distribution Date, such amounts will be remitted by the Trustee to the Swap Account for payment to the Swap Counterparty, first to make any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date, and second to make any Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date.

• Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Counterparty Trigger Event) payable by the Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement shall be excluded from the Available Distribution Amount and paid to the Swap Counterparty prior to any distributions to the Certificateholders.

• A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

• Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Counterparty Trigger Event) payable by the Trust Fund to the Swap Counterparty pursuant to the Swap Agreement shall be excluded from the Available Distribution Amount and payable to the Swap Counterparty prior to any distributions to the Certificateholders.

More Definitions of Swap Counterparty Trigger Event

Swap Counterparty Trigger Event. With respect to any Distribution Date, (i) an Event of Default under the Swap Agreement with respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination Event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party, or (iii) an additional termination event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party. Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement.

Swap Counterparty Trigger Event. With respect to any Distribution Date, (i) an Event of Default under the Swap Agreement with respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination Event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party, or (iii) an additional termination event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party. Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement. Swap Termination Payment: Upon the occurrence of an Early Termination Date, the payment to be made by the Trustee on behalf of the Trust to the Swap Counterparty from payments from the Trust Fund, or by the Swap Counterparty to the Trustee for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

Swap Counterparty Trigger Event. Either (i) an “Event of Default” under the ISDA Master Agreement with respect to which the Swap Counterparty is the sole “Defaulting Party” (as defined in the ISDA Master Agreement) or (ii) a “Termination Event” (other than an Illegality or a Tax Event (as such terms are defined in the ISDA Master Agreement)) or “Additional Termination Event” under the ISDA Master Agreement with respect to which the Swap Counterparty is the sole “Affected Party” (as defined in the ISDA Master Agreement).

Swap Counterparty Trigger Event. With respect to any Distribution Date, (i) an Event of Default under the Swap Agreement with respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination Event under the Swap Agreement (other than due to Illegality or Tax Event) with respect to which the Swap Counterparty is the sole Affected Party, or (iii) an Additional Termination Event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party (“Event of Default,” “Defaulting Party,” “Termination Event,” "Illegality," "Tax Event," “Additional Termination Event” and “Affected Party” each as defined in the Swap Agreement).

Swap Counterparty Trigger Event. With respect to the Certificate Swap Contract or the Subordinated Certificate Swap Contract, as applicable, either (i) an "Event of Default" under the Swap ISDA Master Agreement with respect to which the Swap Counterparty is the sole "Defaulting Party" (as defined in the Swap ISDA Master Agreement) or (ii) a "Termination Event" (other than an Illegality or a Tax Event (as such terms are defined in the Swap ISDA Master Agreement)) or "Additional Termination Event" under the Swap ISDA Master Agreement with respect to which the Swap Counterparty is the sole "Affected Party" (as defined in the Swap ISDA Master Agreement).

Swap Counterparty Trigger Event. With respect to any Distribution Date, (i) an Event of Default under the Swap Agreement with respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination Event (other than Illegality or Tax Event) under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party, or (iii) an additional termination event under the Swap Agreement with respect to which the Swap Counterparty is the sole Affected Party. Swap LIBOR: LIBOR as determined pursuant to the Swap Agreement; provided that with respect to the Distribution Date in March 2007 and for federal income tax purposes only, Swap LIBOR shall be deemed to be equal to 5.300%. For purposes of REMIC I only, the number of days in the swap calculation period for the fixed swap payment shall be 27 for the Distribution Date in March 2007.

Swap Counterparty Trigger Event means an event of default under the ISDA Master Agreement with respect to which the Swap Counterparty is the sole defaulting party or a termination event under the ISDA Master Agreement (other than illegality or a tax event) with respect to which the Swap Counterparty is the sole affected party.