Swap Settlement definition
Examples of Swap Settlement in a sentence
Each of the representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing, Modified Closing or Swap Settlement, as applicable.
The capitalized terms, "Effective Date", "Fixed Rate", "Floating Rate", "Floating Rate Maturity", "Net Swap Settlement Payment Dates", "Reset Dates", "Swap Amount", "Termination Date" and "Trade Date" shall each be as specified in the Swap Confirmation.
Any principal prepaid pursuant to this section shall be in addition to, and not in lieu of, all payments otherwise required to be paid under the Loan Documents at the time of such prepayment; provided, however, that Borrower will bear responsibility for the resulting Swap Settlement Payables associated with any Swap Agreements that must be terminated as a result of such prepayment.
With respect to any Swap Agreements that are not terminated as the result of such prepayment and which the Issuer elects to maintain in effect, notwithstanding the prepayment of the Note, so long as any Swap Agreements remain outstanding, the Security Documents shall remain in force and effect (and shall be promptly amended by the Issuer and the Purchaser to the extent necessary) to secure the Issuer's obligation to pay any Swap Settlement Payables associated with such Swap Agreements.
On the first Business Day of each calendar monthInterest Rate Swap Settlement Day that is not a Settlement Day, the Collection Agent shall remit out of Collections (a) first, to the Subservicer,the Collection Agent so long as the SubservicerCollection Agent is not the Originator or any Affiliate thereof, any Collection Agent Fees accrued and unpaid Subservicer Fee then dueon such date, and payable(b) second, to the Swap Counterparties, all accrued and unpaid Interest Rate Swap Payments.
Similarly, in the event of any such prepayment after which any Swap Agreement remains outstanding, the Borrower shall be entitled to receive and retain any Swap Settlement Proceeds associated with the relevant Swap Agreement, subject to the terms of any applicable Security Documents.
With respect to any Swap Agreements that need not be terminated as the result of such prepayment and which Borrower elects to maintain in effect, notwithstanding the prepayment of the Advancing Note, so long as any Swap Agreements remain outstanding, the Security Documents shall remain in force and effect (and shall be promptly amended by Borrower and Lender to the extent necessary) to secure Borrower's obligation to pay any Swap Settlement Payables associated with such Swap Agreements.
On the Swap Settlement Date, Exchange will not remit any amounts payable from Exchange to the Contracting Party until all amounts payable from the Contracting Party to Exchange have been received by Exchange.
Except as provided in this Section 2.7, upon the occurrence of and during the continuance of an Event of Default, any funds in the Borrower Sub-Account may be applied, at Lender’s option, against unpaid Obligations, and the Swap Settlement Payables on a pro rata basis, such Obligations and Swap Settlement Payables being, in such event, pari passu.
All remaining Collections shall be held by the Collection Agent in trust for the Purchasers for application on the next succeeding Interest Rate Swap Settlement Day or Settlement Day, as the case may be.