Net Swap Payments definition

Net Swap Payments means, for any Payment Date, collectively, the Class A Net Swap Payment, the Class B Net Swap Payment and the Class C Net Swap Payment for such Payment Date.

Net Swap Payments or “Net Swap Payment” means the Class A-4b Net Swap Payment.]

Net Swap Payments means, for any Payment Date, the net amount payable by the Trust pursuant to the Interest Rate Swap Agreements, excluding any Swap Termination Payments.]

Examples of Net Swap Payments in a sentence

• Any interest payments received in respect of the Mortgage Loans in a Loan Group or Loan Groups in excess of the amount that is needed to pay interest on the related Certificates and the issuing entity’s expenses related to that Loan Group (including any Net Swap Payments that may be payable to the Swap Counterparty) will be used to reduce the total Certificate Principal Balance of the Certificates, until the required level of overcollateralization has been maintained or restored.

• Net Swap Payments and Net Swap Receipts do not include any termination payments payable by either the swap counterparty or the trust pursuant to the interest rate swap.

• The reserve account is established to assist with the subsequent distribution of interest on the certificates and Net Swap Payments, if any, during the Controlled Accumulation Period and on the first transfer date for the Rapid Accumulation Period or the Rapid Amortization Period.

• The "PRINCIPAL DISTRIBUTION AMOUNT" for each distribution date will equal the sum of (i) the Basic Principal Distribution Amount for that distribution date and (ii) the Extra Principal Distribution Amount for that distribution date minus the excess of (i) the sum of the Net Swap Payments payable to the Supplemental Interest Trust by the Swap Provider over (ii) the sum of the Group I Interest Remittance Amount and the Group II Interest Remittance Amount for such distribution date.

• On each Distribution Date to and including the Distribution Date in March 2011, Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Provider Trigger Event) payable by the Supplemental Interest Trust to the Swap Provider pursuant to the Swap Agreement for such Distribution Date shall be remitted to the Supplemental Interest Trustee for deposit into the Supplemental Interest Trust.

More Definitions of Net Swap Payments

Net Swap Payments. A net payment (a) by the Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust, to the Swap Counterparty, to the extent that the Supplement Interest Trust Payment exceeds the Swap Counterparty Payment for such Swap Payment Date, or (b) by the Swap Counterparty to the Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust, to the extent that the Swap Counterparty Payment payable to the Supplemental Interest Trust exceeds the Supplement Interest Trust Payment for such Swap Payment Date.

Net Swap Payments means, with respect to any Distribution Date, collectively, the Class A Net Swap Payment, the Class B Net Swap Payment and the Class C Net Swap Payment for such Distribution Date.

Net Swap Payments means, with respect to any Distribution Date, collectively, the Class A Net Swap Payment, the Class M Net Swap Payment, the Class B Net Swap Payment and the Class C Net Swap Payment for such Distribution Date.

Net Swap Payments has the meaning specified in the Sale and Servicing Agreement.

Net Swap Payments means, for any interest rate swap transaction, the net amount with respect to regularly scheduled payments, if any, owed by the issuer to the swap counterparty on any payment date, including prior unpaid Net Swap Payments and any interest accrued thereon under that interest rate swap transaction. "Net Swap Payments" do not include Swap Termination Payments.

Net Swap Payments. With respect to each Payment Date, the excess, if any, of (a) the monthly payments by the Seller to the Swap Counterparty under the Swap Documents and any interest accrued thereon over (b) the monthly payments by the Swap Counterparty to the Seller under the Swap Documents and any interest accrued thereon.

Net Swap Payments means all payments received or payable pursuant to any Hedge Transaction that is an interest rate swap, but excluding Hedge Breakage and amounts constituting variation margin or other collateral required to be posted to a Counterparty Hedge Maintenance Account by the related Hedge Counterparty under such Hedge Transaction.