The old East London meaning for this word is "shit" "crap" "bad "not good"
1: Ahhh bruv you're fucking swag at this game!
2: the party was swag bruv
Basically the same as "hold her down" to have her back, protect her, be there for her etc..
When I find that girl, I'll lock her down, I swear that girl, will be the only one for me.
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