Swap Account definition

Swap Account. The account or accounts created and maintained pursuant to Section 4.09. The Swap Account must be an Eligible Account.

Swap Account. As defined in Section 4.06.

Swap Account. The account created pursuant to Section 5.07(a) of this Agreement.

Examples of Swap Account in a sentence

• For Customers with Free Swap Account, there is an Adj Roll Over Fee.

• In the event that a Swap Termination Payment due to a Swap Counterparty Trigger Event is payable to the Swap Counterparty with respect to any Distribution Date, the Trustee will deduct from Excess Cashflow the amount of such Swap Termination Payment as described under clause (6) under “— Overcollateralization Provisions — Excess Cashflow” above and remit such amount to the Swap Account maintained on behalf of the swap trust.

• With respect to each Distribution Date, following the deposits to the Swap Account described in the preceding sentence, the Trustee will make a corresponding withdrawal from the Swap Account for remittance to the Swap Contract Administrator or distribution to the holders of the Swap Certificates, as the case may be depending on whether a Net Swap Payment is due to the Swap Counterparty or from the Swap Counterparty, as described below under “— The Swap Contract”.

• On each Distribution Date on or prior to the Swap Contract Termination Date, amounts allocated to the Swap Account by the Swap Contract Administrator will be distributed as described under “— The Swap Contract” below.

• With respect to each Distribution Date, following the deposits to the Swap Account described in the preceding sentence, the Trustee will make a corresponding withdrawal from the Swap Account for remittance to the Swap Contract Administrator or distribution to the holders of the Interest-Bearing Certificates, as the case may be depending on whether a Net Swap Payment is due to the Swap Counterparty or from the Swap Counterparty, as described below under “— The Swap Contract”.

More Definitions of Swap Account

Swap Account. The separate Eligible Account created and initially maintained by the Swap Trustee pursuant to Section 4.09.

Swap Account. The separate trust account created and maintained by the Swap Administrator, and held within the Supplemental Interest Trust, pursuant to the Swap Administration Agreement. Swap Administrator: LaSalle acting as swap administrator under the Swap Administration Agreement.

Swap Account. The separate trust account created and maintained by the Trustee.

Swap Account. The separate Eligible Account created and maintained by the Supplemental Interest Trust Trustee pursuant to Section 6.01(m) in the name of the Supplemental Interest Trust Trustee for the benefit of the Supplemental Interest Trust and designated "Xxxxx Fargo Bank, N.A., as supplemental interest trust trustee, in trust for registered holders of Xxxxxxx Xxxxx Alternative Note Asset Trust, Series 2007-OAR4." Funds in the Swap Account shall be held in trust for the Supplemental Interest Trust for the uses and purposes set forth in this Agreement.

Swap Account. The sub-account of the Supplemental Interest Trust Account created pursuant to Section 4.06(a).

Swap Account. The trust account created pursuant to Section 4.06 of this Agreement consisting of the Interest Rate Swap Agreement, the Class IO Interest and the right to receive Class IO Shortfalls, subject to the obligation to pay amounts specified in Section 4.06.

Swap Account. The separate Eligible Account created and maintained by the Trustee pursuant to Section 4.04(l)(i) in the name of the Trustee for the benefit of the Trust Fund and designated "LaSalle Bank National Association, as trustee, in trust for registered holders of Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-3." Funds in the Swap Account shall be held in trust for the Trust Fund for the uses and purposes set forth in this Agreement.