Swap Collateral Clause Samples

Swap Collateral. (a) In the event that pursuant to the terms of a Current Issuer Swap Agreement a Current Issuer Swap Provider pays or transfers Swap Collateral to the Current Issuer, the Current Issuer Cash Manager shall: (i) create the Swap Collateral Ledger in the books of the Current Issuer if not already created so as to record the amount and type of such Swap Collateral and identify the relevant Current Issuer Swap Agreement in respect of which it has been posted; (ii) upon receipt of such Swap Collateral, credit it to and record the relevant details in the Swap Collateral Ledger; (iii) to the extent that such Swap Collateral is in the form of Cash, pay it into the relevant Swap Collateral Cash Account; and (iv) to the extent that such Swap Collateral is in the form of securities, arrange for it to be credited to the relevant Swap Collateral Securities Account. (b) Any such Swap Collateral shall not form part of the Current Issuer Available Revenue Receipts and the Current Issuer Available Principal Receipts. If the terms of the relevant Current Issuer Swap Agreement permit such Swap Collateral to be applied in or towards satisfaction of the Current Issuer's Swap Provider's obligations under the relevant Current Issuer Swap Agreement, and in the event that such Swap Collateral is to be so applied, the Current Issuer Cash Manager shall: (i) where the relevant Swap Collateral is in the form of Cash, transfer the relevant amount of Cash from the relevant Swap Collateral Cash Account to the relevant Current Issuer Transaction Account; and/or (ii) where the relevant Swap Collateral is in the form of securities, realise the Swap Collateral and pay the amount of the net proceeds into the relevant Current Issuer Transaction Account, and, in each case, make the appropriate debits and credits to the Swap Collateral Ledger, apply such amount as if it had been paid to the Current Issuer by the Current Issuer Swap Provider under the relevant Current Issuer Swap Agreement and make appropriate ledger entries. (c) To the extent that pursuant to the terms of the relevant Current Issuer Swap Agreement Swap Collateral is to be transferred or paid to the Current Issuer Swap Provider, the Current Issuer Cash Manager shall: (i) where the relevant Swap Collateral is in the form of Cash, pay the relevant amount of Cash out of the relevant Swap Collateral Cash Account to the Current Issuer Swap Provider; and/or (ii) where the relevant Swap Collateral is in the form of securities, transfer an...