Interest Rate Swap Agreements. (a) The Issuing Entity shall on or prior to the Closing Date enter into the Interest Rate Swap Agreements with the applicable Counterparties for the benefit of the Noteholders and Certificateholders, such that the aggregate notional amount under the Interest Rate Swap Agreements shall, at any time, be equal to the Outstanding Amount of the Class A-4b 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) Each Interest Rate Swap Agreement shall be in substantially the same form approved by the Issuer.
(c) The Servicer (so long as the Servicer is NH Credit), when required under any Interest Rate Swap Agreement, shall cause the Issuing Entity to enter into a replacement Interest Rate Swap Agreement.]
Interest Rate Swap Agreements. (a) [The Issuing Entity shall on or prior to the Closing Date enter into the Interest Rate Swap Agreements with the Counterparties for the benefit of the Noteholders and Certificateholders, in form and substance reasonably acceptable by the Issuing Entity, the Counterparties and the Indenture Trustee, such that the aggregate notional amount under the Form of Sale and Servicing Agreement Interest Rate Swap Agreements shall, at any time, be equal to the Outstanding Amount of the Class 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 Servicer, when required under any Interest Rate Swap Agreement, shall cause the Issuing Entity to enter into a replacement Interest Rate Swap Agreement.]
Interest Rate Swap Agreements. Agent shall have reviewed the terms and conditions of the Swap Agreements and the other agreements, instruments and documents relating thereto, shall be satisfied with all such terms and conditions and shall have confirmed that the Credit Parties are in compliance therewith, both before and after giving effect to this Agreement, the transactions contemplated hereby and the Related Transactions and the transactions contemplated thereby.
Interest Rate Swap Agreements. If the Borrower makes any prepayment pursuant to Clause 9.2, it shall be obliged to pay to the Initial Bank as counterparty to the Interest Rate Swap Agreement (or the Initial Bank shall pay to the Agent for account of the Borrower) the amount of any loss (or, as the case may be, profit) incurred or made by the Initial Bank as a result of a total or partial early termination of the Interest Rate Swap Agreement made to ensure that the notional principal amount of the Interest Rate Swap Agreement matches the reduced amount of the Loan.
Interest Rate Swap Agreements. (a) The Issuer shall on or prior to the Closing Date enter into the Interest Rate Swap Agreements with the Counterparties for the benefit of the Noteholders and Certificateholders, such that the aggregate notional amount under the Interest Rate Swap Agreements shall, at any time, be equal to the Outstanding Amount of the Class A-2 and Class A-3 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) Each 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, when required under any Interest Rate Swap Agreement, shall cause the Issuer to enter into a replacement Interest Rate Swap Agreement.
Interest Rate Swap Agreements. Borrower and the Consolidated Partnership will not enter into any interest rate swap, collar, hedge or other similar agreements with respect to the Loan.”
2.6 Section 6.12 of the Loan Agreement shall be amended and restated in its entirety to provide as follows:
Interest Rate Swap Agreements. (a) Borrower shall pay interest on the principal amount of each Prime Rate Advance at the Prime Rate (but in no event higher than the Maximum Lawful Rate), payable in arrears on the last Business Day of each calendar month. Borrower shall pay interest on the principal amount of each LIBOR Advance at the applicable LIBOR Rate (but in no event higher than the Maximum Lawful Rate), payable in arrears on each LIBOR Interest Payment Date. During the continuance of an Event of Default, each Advance and all other amounts due and owing under the Loan Documents shall bear interest at a per annum rate equal to two percent (2.00%) per annum plus the Loan Rate (the “Default Rate”) (but in no event higher than the Maximum Lawful Rate), payable on demand.
(b) Borrower shall have the right to enter into a Swap Agreement (in the form of the ISDA® 2002 Master Agreement [or any subsequent revised or successor form thereto]) in order to minimize the impact of interest rate fluctuations over the term of such Advances; provided, however, that (i) any such Swap Agreements shall be based upon a LIBOR Rate; (ii) any such Swap Agreements must be exercisable by either Borrower or a Bank on the Maturity Date of such Advances and (iii) nothing contained in this Agreement shall be construed to require Borrower to enter into Swap Agreement with a Bank.
Interest Rate Swap Agreements. Borrower and the Consolidated Partnership will not enter into any interest rate swap, collar hedge or other similar agreements with respect to the Loan or any other Indebtedness.
Interest Rate Swap Agreements. Seller covenants and agrees to terminate all interest rate swap agreements to which the Company is a party at or prior to Closing.
Interest Rate Swap Agreements. Prior to the Closing, the Companies shall terminate the SWAP Agreements.
