Interest Rate Swap Agreement. (a) The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of this Section 4.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or “Event of Default” (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this Section 4.8(a), the Issuer may not enter into any additional interest rate swap agreements.
(b) In the event of any early termination of any Interest Rate Swap Agreement, (i) the Indenture Trustee shall establish the Swap Termination Payment Account (the “Swap Termination Payment Account”) over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Noteholders and the Note Insurer shall have any legal or beneficial interest, (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; provided, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap Agreement; provided, further that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account.
(c) The Issuer shall promptly, following the early termination of any Initial Interest Rate Swap Agreement due to an “Event of Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination Payment Account unless (i) the Note Insurer (so long as the Note Insurer is the...
Interest Rate Swap Agreement. The parties acknowledge and agree that for the purposes of the Transaction Documents that this Agreement is an Interest Rate Swap Agreement and Party A is an Interest Rate Swap Provider.
Interest Rate Swap Agreement. The Securities Administrator is hereby authorized and directed to execute and deliver the Interest Rate Swap Agreement not in its individual capacity but solely on behalf of the Supplemental Interest Trust of the Trust and to acknowledge the provisions thereof. The Securities Administrator is directed to administer the Interest Rate Swap Agreement in accordance with the terms thereof and hereof. The Securities Administrator shall not enter into any amendment to the Interest Rate Swap Agreement other than pursuant to the terms thereof. In the event that the Swap Provider fails to make a payment as required pursuant to the Interest Rate Swap Agreement, the Securities Administrator shall make a demand for such payment from the guarantor of the Interest Rate Swap Agreement.
Interest Rate Swap Agreement. On the Closing Date, the Issuing Entity shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. The Servicer shall cause the Issuing Entity to enter into a Replacement Interest Rate Swap Agreement if required pursuant to Section 6.14(c) of the Indenture.
Interest Rate Swap Agreement. (a) The Issuing Entity shall on or prior to the Closing Date enter into the Interest Rate Swap Agreement with the Counterparty for the benefit of the Noteholders and Certificateholders, such that the aggregate notional amount under the Interest Rate Swap Agreement shall, at any time, be equal to the Outstanding Amount of the Class A-4 Notes at such time. Net Swap Receipts shall be deposited by the Indenture Trustee into the Collection Account on the day received and shall constitute part of the Total Distribution Amount. Subject to Section 5.6, on any Payment Date when there shall be a Net Swap Payment, the Indenture Trustee shall pay such Net Swap Payment from the Total Distribution Amount; and on any day when there shall be a Swap Termination Payment, the Indenture Trustee shall pay such Swap Termination Payment from the Total Distribution Amount.
(b) The Interest Rate Swap Agreement shall be in substantially the same form as the Interest Rate Swap Agreement attached hereto as Exhibit G.
(c) The Servicer (so long as the Servicer is NH Credit), when required under the Interest Rate Swap Agreement, shall cause the Issuing Entity to enter into a replacement Interest Rate Swap Agreement.
Interest Rate Swap Agreement. On each Payment Date for which the Indenture Trustee has received a payment under the Interest Rate Swap Agreement, the Indenture Trustee shall pay such amounts pursuant to the priorities provided in Section 8.
Interest Rate Swap Agreement. The Interest Rate Swap Agreement shall be in full force and effect.
Interest Rate Swap Agreement. (a) On the Closing Date, the Issuer shall execute and deliver the Interest Rate Swap Agreement.
(b) Subject to Section 11.19 hereof, the Indenture Trustee shall take all steps necessary to enforce the Issuer’s rights under the Interest Rate Swap Agreement, including receiving payments from the Swap Counterparty when due and exercising the Issuer’s rights under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement.
Interest Rate Swap Agreement. (a) The Issuer shall on or prior to the Closing Date enter into the Interest Rate Swap Agreement with the Counterparty for the benefit of the Noteholders and Certificateholders, such that the aggregate notional amount under the Interest Rate Swap Agreement shall, at any time, be equal to the Outstanding Amount of the Class A-4a Notes at such time. Net Swap Receipts shall be deposited by the Indenture Trustee into the Collection Account on the day received and shall constitute part of the Total Distribution Amount. On any Payment Date when there shall be a Net Swap Payment, the Indenture Trustee shall pay such Net Swap Payment from the Total Distribution Amount.
(b) The Interest Rate Swap Agreement shall be in substantially the same form as the Interest Rate Swap Agreement attached hereto as Exhibit G.
(c) The Servicer (so long as the Servicer is CNHCA), when required under the Interest Rate Swap Agreement, shall cause the Issuer to enter into a replacement Interest Rate Swap Agreement.
Interest Rate Swap Agreement. If the Borrowers make any prepayment pursuant to Clause 9.2, it shall be obliged to pay to the Initial Bank as counterparty to the Junior Interest Rate Swap Agreement (or the Initial Bank shall pay to the Agent for account of the Borrowers) the amount of any loss (or, as the case may be, profit) incurred or made by the Junior Initial Bank as a result of a total or partial early termination of the Junior Interest Rate Swap Agreement made to ensure that the notional principal amount of the Junior Interest Rate Swap Agreement matches the reduced amount of the Loan.
