Net Swap Receipt. With respect to any Distribution Date, any net payment (other than a Swap Termination Payment) made by the Swap Provider to the Trust on the related Floating Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement).
Net Swap Receipt means, with respect to any Swap Counterparty on any Payment Date, the net amount, if any, then payable by such Swap Counterparty to the Issuer, excluding any Swap Termination Payments.
Net Swap Receipt 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 Interest Rate Swap Counterparty to the Trust under the Class Interest Rate Swap on such Interest Payment Date and (ii) the amount owed by the Trust to the Interest Rate Swap Counterparty under the Class Interest Rate Swap on such Interest Payment Date, and (y) on any Distribution Date following an early termination of the Class Interest Rate Swap, the amount of any termination payment paid by the Interest Rate Swap Counterparty on or prior to such Distribution Date and after the previous Distribution Date.
Examples of Net Swap Receipt in a sentence
Pursuant to the terms of the Interest Rate Swap, the Swap Counterparty shall pay to the Trustee, on behalf of the Issuer, on each Payment Date, the Net Swap Receipt, if any, plus the amount of any Net Swap Receipt due but not paid with respect to any previous Payment Date.
More Definitions of Net Swap Receipt
Net Swap Receipt 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 Interest Rate Swap Counterparty to the Trust under the Class Interest Rate Swap on such Distribution Date and (ii) the amount owed by the Trust to the Interest Rate Swap Counterparty under the Class Interest Rate Swap on such Distribution Date.
Net Swap Receipt means, for any Transfer Date, (a) if the netting provisions of subsection 2(c)(ii) of the Interest Rate Swap apply, the amount by which the Fixed Amount for such date exceeds the Floating Amount for such date, and (b) otherwise, an amount equal to the Fixed Amount for such date.
Net Swap Receipt. With respect to the second Business Day prior to any Calculation Period End Date, the amount received by the Trust under the Swap Agreement from the Swap Counterparty in excess of the amount paid by the Trust to the Swap Counterparty, as calculated by the Swap Counterparty and reported to the Trust Administrator.
Net Swap Receipt means, for any Transfer Date, (a)
Net Swap Receipt means, with respect to any Swap Counterparty on any Distribution Date, the net amount, if any, then payable by such Swap Counterparty to the Issuer, excluding any Swap Termination Payments.
Net Swap Receipt. With respect to any Distribution Date, any net payment (other than a Swap Termination Payment) made by the Swap Provider to the Trust on the related Floating Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement), or any amount withdrawn from the reserve account referred to in the third full paragraph of Section 4.06 that is required under that paragraph be treated as a Net Swap Receipt for purposes of determining the distributions from the Supplemental Interest Trust.
Net Swap Receipt means, for any Payment Date, the amount, if any, by which the Floating Amount for such date exceeds the Fixed Amount for such date.