Net Swap Payment definition

Net Swap Payment. With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Swap Agreement by either the Swap Provider or the Swap Administrator, which net payment shall not take into account any Swap Termination Payment.

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Net Swap Payment. In the case of payments made by the Trust, the excess, if any, of (x) the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of payments made by the Swap Provider, the excess, if any, of (x) the Floating Swap Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment shall not be less than zero.

Net Swap Payment. With respect to any Distribution Date, any net payment (other than a Swap Termination Payment) payable by the Trust to the Swap Provider on the related Fixed Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement).

Examples of Net Swap Payment in a sentence

• On the Business Day of receipt of any notices, information or reports received by the Swap Contract Administrator from the Counterparty, the Swap Contract Administrator shall provide the same to the Trustee, including without limitation information regarding any Net Swap Payment or Swap Termination Payment that will be payable by the Swap Contract Administrator to the Counterparty with respect to the next Distribution Date.

• Pursuant to the terms of the Class Interest Rate Swap, the Interest Rate Swap Counterparty shall pay to the Trust the Net Swap Receipt or the Trust shall pay to the Interest Rate Swap Counterparty the Net Swap Payment, as applicable.

• In addition, in accordance with the terms of the Interest Rate Swap, the Trustee shall pay to the Swap Counterparty the Net Swap Payment, if any, for such Transfer Date, plus the amount of any Net Swap Payment due but not paid on any previous Transfer Date, from amounts applied pursuant to subsections 4.09(a)(ii).

• On each Distribution Date, such amounts will be remitted by the Trustee to the Swap Account for payment to the Swap Counterparty, first to make any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date, and second to make any Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date.

• In the event that any such Class is resecuritized in a REMIC, the obligation under the Swap Agreement to pay any such Swap Termination Payment (or any shortfall in Net Swap Payment), will be made by one or more of the REMIC Regular Interests issued by the resecuritization REMIC subsequent to such REMIC Regular Interest receiving its full payment from any such Offered Certificate.

More Definitions of Net Swap Payment

Net Swap Payment means for the Interest Rate Swap Agreement, 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 such Interest Rate Swap Agreement; provided, that “Net Swap Payments” do not include Swap Termination Payments.]

Net Swap Payment. With respect to any Distribution Date, any net payment (other than a Swap Termination Payment or Defaulted Swap Termination Payment) made by the Supplemental Interest Trust to the Swap Counterparty on the related Fixed Rate Payer Payment Date (as defined in the Swap Agreement) or made by the Swap Counterparty to the Supplemental Interest Trust on the related Floating Rate Payer Payment Date (as defined in the Swap Agreement). In each case, the Net Swap Payment shall not be less than zero.

Net Swap Payment. With respect to each Swap Payment Date, the sum of (i) net payment required to be made pursuant to the terms of the Swap Agreement, which net payment shall not take into account any Swap Termination Payment, and (ii) any unpaid amounts due on previous Swap Payment Dates and accrued interest thereon as provided in the Swap Agreement, as calculated by the Swap Counterparty and furnished to the Securities Administrator.

Net Swap Payment. With respect to any Distribution Date and payment by the Swap Contract Administrator to the Swap Counterparty, the excess, if any, of the "Fixed Amount" (as defined in the Swap Contract) with respect to such Distribution Date over the "Floating Amount" (as defined in the Swap Contract) with respect to such Distribution Date. With respect to any Distribution Date and payment by the Swap Counterparty to the Swap Contract Administrator, the excess, if any, of the "Floating Amount" (as defined in the Swap Contract) with respect to such Distribution Date over the "Fixed Amount" (as defined in the Swap Contract) with respect to such Distribution Date.

Net Swap Payment means, with respect to any Swap Counterparty on any Payment Date, the net amount, if any, then payable by the Issuer to such Swap Counterparty, excluding any Swap Termination Payments.

Net Swap Payment if applicable, shall mean, with respect to any Class that is subject to a Class Interest Rate Swap, (x) on any Interest Payment Date prior to the early termination of the Class Interest Rate Swap, the positive difference, if any, between (i) the amount owed by the Trust to the Interest Rate Swap Counterparty under the Class Interest Rate Swap on such Interest Payment Date and (ii) the amount owed by the Interest Rate Swap Counterparty to the Trust under the Class Interest Rate Swap on such Interest Payment Date, and (y) on any Distribution Date in any calendar month following the calendar month in which an early termination of the Class Interest Rate Swap occurred, the unpaid portion of any termination payment owed by the Trust to the Interest Rate Swap Counterparty in accordance with the terms of the Class Interest Rate Swap.

Net Swap Payment if applicable, shall mean, with respect to any Class that is subject to a Class Interest Rate Swap, on any Distribution Date, the positive difference, if any, between (i) the amount owed by the Trust to the Interest Rate Swap Counterparty under the Class Interest Rate Swap on such Distribution Date and (ii) the amount owed by the Interest Rate Swap Counterparty to the Trust under the Class Interest Rate Swap on such Distribution Date.