Swap Floating Rate definition
Examples of Swap Floating Rate in a sentence
If the Certificate Administrator fails to receive such Swap Floating Payment by 11:00 a.m. New York City time on the related Distribution Date following such notice of non-payment, then on such Distribution Date a Swap Default shall occur under such Swap Agreement and a Swap Class Distribution Conversion shall occur with respect to the Class of Swap Floating Rate Certificates for which such Swap Agreement is the Swap Corresponding Agreement under this Agreement and under such Swap Agreement.
At all times, the Class A-3FL Certificates shall represent ownership of the Class A-3FL Percentage Interest in the Class A-3FL REMIC III Regular Interest and the entire ownership interest in the Swap Floating Rate Account Class A-3FL and the Swap Agreement Class A-3FL.
If the costs attributable to entering into such a replacement Swap Agreement would exceed the amount of any Swap Termination Payments under such Swap Agreement, a replacement of such Swap Agreement shall not be entered into and any such proceeds shall instead be distributed, pro rata, to the holders of the Class of Swap Floating Rate Certificates for which such Swap Agreement is the Swap Corresponding Agreement, in each case on the immediately succeeding Distribution Date.
The Class A-3FL Certificates represent ownership of (i) the Class A-3FL Percentage Interest in the Class A-3FL REMIC III Regular Interest, (ii) the Swap Floating Rate Account Class A-3FL and (iii) the Swap Agreement Class A-3FL.
Such notice shall also include the written consent of the Swap Counterparty under the Swap Corresponding Agreement for the relevant Class of Exchangeable Swap Floating Rate Certificates and the written agreement of such Swap Counterparty and the Certificateholder or Certificate Owner required pursuant to Section 3.11(a)(ii).
The Certificate Administrator shall promptly notify the Depositor upon any change (or written notification to the Certificate Administrator that such change is imminent) in the payment terms of a Class of Swap Floating Rate Certificates, including as a result of a related Swap Class Distribution Conversion, the termination of such a Swap Class Distribution Conversion, a Swap Default under the Swap Corresponding Agreement or the cure of such a Swap Default.
Simultaneous with the delivery to the Certificateholders, the Certificate Administrator shall (1) make available to any Swap Counterparty the Distribution Date Statement and (2) make available or deliver to any Swap Counterparty copies of any other reports or notices delivered to the Holders of the related Class of Swap Floating Rate Certificates as and to the extent required by the related Swap Agreement.
A Swap Class Distribution Conversion, if any, for each Class of Swap Floating Rate Certificates shall become permanent following the determination by the holders of at least 25% by Certificate Balance of such Class not to enter into a replacement of the Swap Corresponding Agreement and distribution of any related Swap Termination Payments to the Holders of such Class.