Class A Net Swap Payment definition

Class A Net Swap Payment means, with respect to any Payment Date, any net amount payable by the Issuer under the Class A Swap as a result of LIBOR being less than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Payments do not include early termination payments or payment of breakage or other miscellaneous costs.

Class A Net Swap Payment means, with respect to any Payment Date, any net amount payable by the Issuer under the Class A Swap as a result of LIBOR being less than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Payments do not include early termination payments or payment of breakage or other miscellaneous costs.]

Class A Net Swap Payment means, for any Distribution Date, the net amount payable by the Trust to the Hedge Counterparty pursuant to the Class A Swap on that Distribution Date as a result of LIBOR being less than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Payments do not include Hedge Termination Fees or payment of breakage or other miscellaneous costs.

Examples of Class A Net Swap Payment in a sentence

• On any Distribution Date when there shall be a Class A Net Swap Payment, such Class A Net Swap Payment shall be paid as provided in subsection 4.4(a)(i).

• On any Payment Date when there shall be a Class A Net Swap Payment, the Issuer shall pay such Class A Net Swap Payment subject to the priority of payments set forth in Section 4.4(a)(iii).

• If the Class A Available Funds, the Class M Available Funds or the Class B Available Funds are insufficient to pay the Class A Net Swap Payment, the Class M Net Swap Payment and the Class B Net Swap Payment, respectively, the Class A Net Swap Payment, the Class M Net Swap Payment, and the Class B Net Swap Payment will be paid from the Excess Spread and Shared Excess Finance Charge Collections, as provided in Sections 4.11(a), 4.11(c), 4.11(e) and 4.14(b).

• On any Distribution Date when the Class A Net Swap Payment, the Class M Net Swap Payment or the Class B Net Swap Payment is greater than zero, the Trustee shall pay such Class A Net Swap Payment, Class M Net Swap Payment or Class B Net Swap Payment from the Class A Available Funds, the Class M Available Funds and the Class B Available Funds, respectively, as provided in Sections 4.9(a), 4.9(b) and 4.9(c).

• In addition, in accordance with the terms of the Class A Interest Rate Swap, the Trustee on behalf of the Trust shall pay to the Class A Swap Counterparty the Class A Net Swap Payment, if any, with respect to the Class A Interest Rate Swap for such Transfer Date, plus the amount of any Class A Net Swap Payment due but not paid on any previous Transfer Date, from amounts applied pursuant to subsection 4.09(a)(ii).

• On any Distribution Date when there shall be a Class A Net Swap Payment, such Class A Net Swap Payment shall be paid as provided in SUBSECTION 4.4(a)(i).

More Definitions of Class A Net Swap Payment

Class A Net Swap Payment means, with respect to any Distribution Date, any net amount payable by the Issuer under the Class A Swap as a result of LIBOR being less than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Payments do not include early termination payments or payment of breakage or other miscellaneous costs.]

Class A Net Swap Payment means, for any Transfer Date, ------------------------ the amount by which the Class A Fixed Amount for such date exceeds the Class A Floating Amount for such date.

Class A Net Swap Payment means, with respect to any Distribution Date, the sum of any Class A-1 Net Swap Payment, plus any Class A-2 Net Swap Payment.

Class A Net Swap Payment means, to the extent the following calculation is positive, an amount equal to (i) one twelfth of the product of (A) the Class A Notional Amount and (B) the Class A Swap Rate minus (ii) the product of (A) a fraction, the numerator of which is the actual number of days from and including the prior Distribution Date to but excluding the related Distribution Date (or, with respect to the first Deposit Date, the actual number of days from the date of issuance of the Class A Notes to but excluding the first Distribution Date) and the denominator of which is 360, (B) the Class A Notional Amount and (C) One-Month LIBOR with respect to the related Distribution Date. If the result of the above calculation is either zero or a negative number, then for purposes of this Agreement, the Class A Net Swap Payment shall be deemed to be zero.

Class A Net Swap Payment means, with respect to any Distribution Date, the net amount due the Swap Counterparty for such Distribution Date, if any, as determined pursuant to the Class A Interest Rate Swap.