Common use of Interest Rate Swap Agreement Clause in Contracts

Interest Rate Swap Agreement. (a) The Issuer shall enter into the Interest Rate Swap Agreement with the Swap Counterparty on the Closing Date. The Issuer shall deposit Net Swap Receipts into the Note Distribution Account to be included as Available Monies on the related Distribution Date. Subject to the requirements of this Section 7.12, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Interest Rate Swap Agreement is terminated due to certain “termination events” or “events of default” (each as defined in the Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this Section 7.12(a), the Issuer may not enter into any additional interest rate swap agreements.

Interest Rate Swap Agreement. (a) The Issuer shall enter into the Interest Rate Swap Agreement with the Swap Counterparty on the Closing Date. The Issuer shall deposit Net Swap Receipts into the Note Distribution Account to be included as Available Monies on the related Distribution Date. Subject to the requirements of this Section 7.12, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Interest Rate Swap Agreement is terminated due to certain any “termination eventsevent” or “events event of default” (each as defined in the Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this Section 7.12(a), the Issuer may not enter into any additional interest rate swap agreements.