Swap Default definition

Swap Default. Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

Swap Default. The effective designation of an Early Termination Date in respect of the Swap Agreement following the occurrence of a Swap Event of Default, a Termination Event with respect to the Swap Agreement or an Additional Termination Event with respect to the Swap Agreement.

Swap Default. An Event of Default under the Interest Rate Swap Agreement.

Examples of Swap Default 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.

• More particularly, where an event of default occurs under the Swap Agreement in circumstances where the Swap Counterparty is the defaulting party, the notification of such event of default by the Issuer to the Trustee would be deemed to declare the occurrence of a swap default event (a "Swap Default Event").

• Where an event of default occurs under the Swap Agreement in circumstances where the Swap Counterparty is the Defaulting Party, following notification of such event of default by the Issuer to the Trustee (a "Swap Default Event"), the Trustee shall promptly instruct the Issuer to deliver a notice under Section 6(a) of the Swap Agreement designating an Early Termination Date.

• Any such Swap Default, other default or event of termination, and the consequent change to a fixed Pass-Through Rate shall not constitute a default under this Agreement.

• Where, amongst other events, a Swap Default Event has occurred, an Early Termination Date shall be designated.

More Definitions of Swap Default

Swap Default. Any failure on the part of the Swap Counterparty to (i) make a required payment under the Swap Contract or (ii) either post acceptable collateral or find an acceptable replacement Swap Counterparty after a Rating Agency Trigger Event has occurred as required by Part 1, paragraph (k) of the Schedule to the Master Agreement in the Swap Contract.

Swap Default. The occurrence of an "Event of Default" (as defined in the Swap Agreement) under the Swap Agreement.

Swap Default. Such events of default under, and as set forth in, the Swap Agreement.

Swap Default means, with respect to each Class of Swap Floating Rate Certificates, the occurrence of any one or more of the following events or circumstances with respect to the Swap Corresponding Agreement: (i) the Swap Counterparty fails to make a payment to the Trust required under the Swap Corresponding Agreement (which failure continues unremedied for one Business Day following notice), (ii) the exercise of the related Swap Counterparty’s option to terminate such Swap Corresponding Agreement following a Swap Net Payment Shortfall under such Swap Corresponding Agreement, or (iii) the occurrence of any early termination date as designated under such Swap Corresponding Agreement.

Swap Default. An Event of Default under the Group I Swap Agreement.

Swap Default. The occurrence of an “Event of Default” (as defined in the Swap Agreement) under the Swap Agreement.

Swap Default. Either the Class A-2SFL Swap Default or the Class A-JFL Swap Default, individually or collectively, as the context may require.