Examples of Swap Counterparty Trigger Event in a sentence
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.
On the Business Day prior to 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.
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 and Mezzanine Certificates and shall be paid as set forth under Section 4.01(a)(4)(v).
Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Counterparty Trigger Event) payable by the Trustee 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.
A Group 1 Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Group 1 Swap Counterparty is a Defaulting Party, a Termination Event (other than a Termination Event of Illegality or Tax Event) with respect to which the Group 1 Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Group 1 Swap Counterparty is the sole Affected Party has occurred.