Common use of Swap Account Clause in Contracts

Swap Account. (a) On the Closing Date, the Indenture Trustee shall establish and maintain a separate, segregated trust account titled, “Swap Account, JPMorgan Chase Bank, N.A., as Indenture Trustee, in trust for the registered Noteholders of Newcastle Mortgage Securities Trust 2006-1, Asset-Backed Notes, Series 2006-1.” Such account shall be an Eligible Account and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Indenture Trustee held pursuant to this Agreement. Amounts therein shall be held uninvested. (b) On each Payment Date, prior to any payment to any Note, the Indenture Trustee shall deposit into the Swap Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement interest rate swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds. (c) The Indenture Trustee shall use any payment received from the Owner Trustee pursuant to Section 2.03 of the Trust Agreement to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.

Swap Account. (a) On the Closing Date, the Indenture Trustee Securities Administrator shall establish and maintain a separate, segregated trust account titled, “Swap Account, JPMorgan Chase Bank, N.A.The Bank of New York, as Indenture Trustee, in trust for the registered Noteholders of Newcastle Mortgage Securities Trust 20062007-1, Asset-Backed Notes, Series 20062007-1.” Such account shall be an Eligible Account and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Indenture Trustee Securities Administrator held pursuant to this Agreement. Amounts therein shall be held uninvested. (b) On each the Business Day prior to Payment Date, prior to any payment to any Note, the Indenture Trustee Securities Administrator shall deposit into the Swap Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement interest rate swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available FundsFunds and all amounts received by it from the Swap Provider. (c) The Indenture Trustee Securities Administrator shall use any payment received from the Owner Trustee pursuant to Section 2.03 of the Trust Agreement to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.

Swap Account. (a) On the Closing Date, the Indenture Trustee Securities Administrator shall establish and maintain a separate, segregated trust account titled, “"Swap Account, JPMorgan Chase Bank, N.A.The Bank of New York, as Indenture Trustee, in trust for the registered Noteholders of Newcastle Mortgage Securities Trust 20062007-1, Asset-Backed Notes, Series 20062007-1.” " Such account shall be an Eligible Account and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Indenture Trustee Securities Administrator held pursuant to this Agreement. Amounts therein shall be held uninvested. (b) On each the Business Day prior to Payment Date, prior to any payment to any Note, the Indenture Trustee Securities Administrator shall deposit into the Swap Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement interest rate swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available FundsFunds and all amounts received by it from the Swap Provider. (c) The Indenture Trustee Securities Administrator shall use any payment received from the Owner Trustee pursuant to Section 2.03 of the Trust Agreement to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.