Interest Rate Swaps. The Servicer may obtain Interest Rate Swaps in a form approved by the Servicer to be entered into by the Trustee not in its personal capacity but solely for the benefit of the Investor Certificateholders; provided that the sum of the Swap Notional Amounts for such Interest Rate Swaps shall not exceed the Class A and Class B Invested Amount for this Series and the Swap Rate shall not exceed the maximum Swap Rate set forth in the Series Term Sheet. Pursuant to the terms of the Interest Rate Swap, the Trustee is to receive payment from the Swap Counterparty prior to 10:00 a.m. Chicago time on any Distribution Date of the amount of any Swap Counterparty Payment to be paid by the Swap Counterparty on such Distribution Date. If the Trustee does not receive such payment by 10:00 a.m. Chicago time on such Distribution Date, the Trustee shall attempt to determine from the Swap Counterparty the reasons therefore and whether such payment is to be made by the Swap Counterparty on such Distribution Date. If the Interest Rate Swap has not been terminated and the Trustee has not received any Swap Counterparty Payment due on the related Distribution Date prior to 4:00 p.m. Chicago time on such Distribution Date, (i) the Trustee shall notify the Servicer of such fact prior to 4:15 p.m. Chicago time on such Distribution Date, and (ii) the Trustee shall revise the Investors Monthly Certificateholders Statement required by Section 15 hereof to reflect that the Swap Counterparty Payment was not received by the Trustee for such Distribution Date.
Interest Rate Swaps. If the Borrowers wish to enter into any interest rate swaps in respect of the Loan or any part thereof, they must do so with the Swap Bank under the Master Agreement.
Interest Rate Swaps. The Borrower shall obtain and maintain interest rate swaps agreements (each, a “Swap Agreement”) with a Swap Counterparty in respect of the outstanding principal amount of the outstanding Loans from time to time, mutually agreed upon by each of the Administrative Agent and the Borrower acting reasonably and in good faith, at the Borrower’s sole expense, which shall be satisfactory in form and substance to the Administrative Agent.
Interest Rate Swaps. GWB utilizes NAB as a counterparty for interest rate swap transactions for the purposes of hedging the GWB loan portfolio. Service Duration Cost/ Month NAB London Branch will continue to act as a counterparty to GWB on interest rate swap transactions GWB seeks to complete, provided that NAB’s decision to act as counterparty to any particular interest rate swap transaction shall be made consistent with NAB’s prior practice together with such modifications as NAB shall make regarding participation in such transactions from time to time. One-year anniversary of the Less Than Majority Holder Date N/A1 Provide the interest rate swap services identified in, and on the terms and conditions set forth in, that certain Services Agreement between NAB and Great Western Bank attached as Schedule 1 to this Exhibit A (the “Swap Services Agreement”). To avoid doubt, this will include booking, confirmation, maintenance and settlement of interest rate swap transactions on behalf of GWB; preparation, execution, management and maintenance of such transactions; and anything which the Parties agree constitutes transaction processing for the purposes of this Agreement. Maturity of all outstanding swaps between NAB, on one hand, and GWB and any of its Subsidiaries, on the other hand N/A Attn: Attn:
Interest Rate Swaps. Subject to Section 9.17, Borrowers shall have the right to enter into fixed rate interest rate swaps with any Lender or any other financial institution.
Interest Rate Swaps. The Issuer and the Swap Counterparties shall have executed and delivered the Interest Rate Swaps, which shall be in full force and effect, and the Collateral Agent shall have received a fully executed counterpart thereof. No Additional Termination Event (as defined in the applicable Interest Rate Swaps) shall have occurred and be continuing.
Interest Rate Swaps. On each Determination Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement as to the amount to be withdrawn and paid pursuant to Section 2.4 from the Series 2005-4 Accrued Interest Account to the extent funds are anticipated to be available from Interest Collections allocable to the Series 2005-4 Notes and the Series 2005-4 Interest Rate Swap Proceeds processed from but not including the preceding Distribution Date through the succeeding Distribution Date in respect of (w) first, an amount equal to the Series 2005-4 Monthly Interest for the Series 2005-4 Interest Period ending on the day preceding the related Distribution Date, (x) second, an amount equal to all Fixed Rate Payments for the next succeeding Distribution Date, (y) third, an amount equal to the amount of any unpaid Series 2005-4 Shortfall as of the preceding Distribution Date (together with any accrued interest on such Series 2005-4 Shortfall) and (z) fourth, an amount equal to the Surety Provider Fee for such Series 2005-4 Interest Period plus any Surety Provider Reimbursement Amounts then due and owing. On the following Distribution Date, the Trustee shall withdraw the amounts described in the first sentence of this Section 2.3(a) from the Series 2005-4 Accrued Interest Account and deposit such amounts in the Series 2005-4 Distribution Account.
Interest Rate Swaps. The Borrowers may not enter into any interest hedging arrangements without the prior written consent of the Lender.
Interest Rate Swaps. A swap is a contractual agreement between two parties to exchange, or “swap,” future payment streams based on differences in the returns to different securities or changes in the price of some underlying item. Interest rate swaps constitute the most common type of swap agreement. In an interest rate swap, the parties to the agreement, termed the swap counterparties, agree to exchange payments 2000 1400 1200 Billions of Dollars 1000 800 600 400 200 0 Year-End 1985 1986 1987 1988 1989 1990 1991 Source: Market Survey Highlights, Year End 1991, International Swap Dealers Association, Inc. indexed to two different interest rates. Total payments are determined by the specified notional principal amount of the swap, which is never actually ex- changed. Financial intermediaries, such as banks, pension funds, and insurance companies, as well as nonfinancial firms use interest rate swaps to effectively change the maturity of outstanding debt or that of an interest-bearing asset.1 Swaps grew out of parallel loan agreements in which firms exchanged loans denominated in different currencies. Although some swaps were arranged in the late 1970s, the first widely publicized swap took place in 1981 when IBM and the World Bank agreed to exchange interest payments on debt de- nominated in different currencies, an arrangement known as a currency swap. The first interest rate swap was a 1982 agreement in which the Student Loan Marketing Association (Xxxxxx Xxx) swapped the interest payments on an issue of intermediate-term, fixed-rate debt for floating-rate payments indexed to the three-month Treasury bill yield. The interest rate swap market has grown rapidly since then. Figure 1 displays the year-end total notional principal of U.S. dollar 1 See Wall and Xxxxxxx (1988) for a more comprehensive survey of market participants. interest rate swaps outstanding from 1985 to 1991. Based on market survey data published by the International Swap Dealers Association (ISDA), U.S. dollar in- terest rate swaps comprise about one-half of all interest rate swaps outstanding: the notional principal amount of U.S. dollar interest rate swaps outstanding as of the end of 1991 was just over $1.5 trillion, compared to almost $3.1 trillion for all interest rate swaps. Early interest rate swaps were brokered transactions in which financial in- termediaries with customers interested in entering into a swap would seek counterparties for the transaction among their other customers. The intermedi- ary...
Interest Rate Swaps. (A) Within 30 days following the Closing Date, Party B shall cause MX Holdings to cause its counterparties under those certain interest rate swaps set forth on Exhibit 12(a)(xix) (the “RBS Novated Transactions”) to novate their positions under such transactions to The Royal Bank of Scotland plc. Concurrently with each such novation, The Royal Bank of Scotland plc and each such third party shall enter into back-to-back offsetting interest rate swaps having the same notional quantities, fixed and floating prices, and remain tenors with respect to each RBS Novated Transaction and otherwise on terms satisfactory to The Royal Bank of Scotland plc in its sole discretion (each such back-to-back hedge, an “RBS Sleeve Transaction”). The parties agree that, prior to the novation of the RBS Novated Transactions pursuant to this Part 12(a)(xix) and notwithstanding any provision herein to the contrary, MX Holdings shall have the right to reduce the aggregate notional amount of the RBS Novated Transactions by liquidating a portion of such RBS Novated Transactions or by entering into off-setting interest rate swaps with the counterparties to such transactions; provided, however, that in no event shall MX Holdings reduce the aggregate notional amount of such RBS Novated Transactions to an amount less than $60,000,000 without Party A’s prior written approval. To the extent that Party B enters into off-setting interest rate swaps with third parties pursuant to this Part 12(a)(xix), Exhibit 12(a)(xix) shall be amended to include such off-setting swaps.
(B) Concurrently with the novations of the RBS Novated Transactions and only to the extent the aggregate notional amount of the RBS Novated Transactions exceeds $60,000,000, Party B shall reduce the notional amount of the RBS Novated Transactions to $60,000,000 by liquidating a portion of such RBS Novated Transactions or by entering into off-setting interest rate swaps with The Royal Bank of Scotland plc.
(C) If, at any time following the novation of the RBS Novated Transactions, the outstanding amount of the obligations hedged by the RBS Novated Transactions (the “Hedged Obligations”) is reduced, Party B shall promptly reduce the notional amount of the RBS Novated Transactions to an amount equal to the then outstanding amount of Hedged Obligations, through a transaction with The Royal Bank of Scotland plc, and shall provide Party A with prompt notice of such reduction.
