Floating Swap Payment definition

Floating Swap Payment. With respect to any Distribution Date, a floating amount equal to the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Floating Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement) to but excluding the current Floating Rate Payer Payment (or, for the first Floating Rate Payer Payment Date, the actual number of days elapsed from the Closing Date to but excluding the first Floating Rate Payer Payment Date), and the denominator of which is 360.

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Floating Swap Payment. With respect to any Distribution Date, a floating amount equal to the product of (i) one-month LIBOR (as determined pursuant to the Interest Rate Swap Agreement for such Distribution Date), (ii) the related Base Calculation Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Distribution Date to but excluding the current Distribution Date (or, for the first Distribution Date, the actual number of days elapsed from the Closing Date to but excluding the first Distribution Date), and the denominator of which is 360.

Floating Swap Payment. With respect to any Distribution Date on or prior to the Distribution Date in January 2010, an amount equal to the product of (x) Swap LIBOR, (y) the Swap Agreement Notional Balance for that Distribution Date and (z) a fraction, the numerator of which is equal to the number of days in the related calculation period as provided in the Swap Agreement and the denominator of which is 360.

Examples of Floating Swap Payment in a sentence

• If by 3:00 p.m. New York City time on any Class A-2FL Swap Payment Date the Trustee has not received any Class A-2FL Net Floating Swap Payment payable by the Class A-2FL Swap Counterparty on such date, the Trustee shall, consistent with the Class A-2FL Swap Agreement, in order to, among other things, cause the commencement of the applicable grace period, promptly notify the Class A-2FL Swap Counterparty that the Trustee has not received such Class A-2FL Net Floating Swap Payment.

• As to any Distribution Date in the case of payments to be made by (a) the External Trust to the Swap Counterparty, the excess, if any, of, (i) the Fixed Swap Payment over (ii) the Floating Swap Payment and (b) the Swap Counterparty to the External Trust, the excess, if any, of (i) the Floating Swap Payment over (ii) the Fixed Swap Payment.

• In the event the Trustee (or the Paying Agent on behalf of the Trust) fails to receive any Floating Swap Payment payable by the Swap Counterparty on the Business Day prior to the related Distribution Date, the Trustee (or Paying Agent) shall provide the Swap Counterparty with notice of such non-payment no later than 5:00 p.m. New York City time on such date.

• If by 3:00 p.m. New York City time on any Class A-4FL Swap Payment Date the Trustee has not received any Class A-4FL Net Floating Swap Payment payable by the Class A-4FL Swap Counterparty on such date, the Trustee shall, consistent with the Class A-4FL Swap Agreement, in order to, among other things, cause the commencement of the applicable grace period, promptly notify the Class A-4FL Swap Counterparty that the Trustee has not received such Class A-4FL Net Floating Swap Payment.

• No party hereunder shall be required to make any Advance of the Class A-SFL Floating Swap Payment.

More Definitions of Floating Swap Payment

Floating Swap Payment. With respect to any Distribution Date, a floating amount equal to the product of (i) LIBOR (as determined pursuant to the Swap Agreement for such Distribution Date), (ii) the related swap balance (as set forth on Schedule 3 attached hereto) and (iii) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Distribution Date to but excluding the current Distribution Date (or, for the first Distribution Date, the actual number of days elapsed from and including the Closing Date to but excluding the first Distribution Date), and the denominator of which is 360.

Floating Swap Payment. With respect to any Payment Date, a floating amount equal to the product of (i) Swap LIBOR, (ii) the Notional Amount (as defined in the Interest Rate Swap Agreement) for that Payment Date, and (iii) a fraction, the numerator of which is the actual number of days in the related calculation period and the denominator of which is 360.

Floating Swap Payment. With respect to any Distribution Date, a floating amount equal to the product of (i) Swap LIBOR, (ii) the lesser of (a) the product of (I) the aggregate Certificate Principal Balance of the outstanding Class A and Mezzanine Certificates immediately prior to such Distribution Date and (II) 1/250 and (b) the related Notional Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Floating Rate Payer Period End Date (as defined in the Interest Rate Swap Agreement) to but excluding the current Floating Rate Payer Period End Date (or, for the first Distribution Date, the actual number of days elapsed from the Closing Date to but excluding the first Floating Rate Payer Period End Date), and the denominator of which is 360.

Floating Swap Payment. With respect to any Distribution Date, an amount equal to the product of (i) Swap LIBOR, (ii) the related Notional Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Floating Rate Payer Period End Date (as defined in the Interest Rate Swap Agreement) to but excluding the current Floating Rate Payer Period End Date (or, for the first Distribution Date, the actual number of days elapsed from the Closing Date to but excluding the first Floating Rate Payer Period End Date), and the denominator of which is 360.

Floating Swap Payment. With respect to any Floating Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement), an amount equal to the floating amount calculated in accordance with the related Interest Rate Swap Agreement.

Floating Swap Payment. With respect to any Distribution Date, the Floating Amount required to be paid to the Trust by the Swap Counterparty under the Swap Contract.

Floating Swap Payment. With respect to any Distribution Date, a floating amount equal to the product of (i) LIBOR (as determined pursuant to the Group I Swap Agreement for such Distribution Date), (ii) the related Swap Notional Amount (as set forth on Schedule V attached hereto), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Distribution Date to but excluding the current Distribution Date (or, for the first Distribution Date, the actual number of days elapsed from and including the Closing Date to but excluding the first Distribution Date), and the denominator of which is 360. Form 8-K Disclosure Information: As defined in Section 10.12(c)(i). ▇▇▇▇▇▇▇ Mac: ▇▇▇▇▇▇▇ Mac, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.