Common use of Swap Clause in Contracts

Swap. (a) On or prior to the Closing Date, the Owner Trustee ---- shall, on behalf of the Issuer, enter into the Swap with the Counterparty for the benefit of the Noteholders. The aggregate notional amount under the Swap shall, at any time, be equal to the Note Principal Balance at such time. Net Swap Receipts and early termination payments payable by the Counterparty shall be deposited by the Indenture Trustee in the Collection Account on the day received and treated as Available Finance Charge Collections. On any Distribution Date when there shall be a Net Swap Payment, such Net Swap Payments shall be paid as provided in Section 4.4(a)(i). On any Distribution Date when ----------------- there shall be an early termination payment or any other miscellaneous payment payable by the Issuer to the Counterparty, such amount shall be paid as provided in Section 4.4(a)(xi). ------------------ (b) Each Swap shall be in substantially the same form as the initial Swap attached hereto as Exhibit E. --------- (c) The Servicer may, upon (i) satisfaction of the Rating Agency Condition and, (ii) unless a Control Transfer Event has occurred, receipt of written consent from the Insurer (which consent shall not be unreasonably withheld), and, when required under the terms of the existing Swap, shall, obtain a replacement Swap.

Swap. (a) On or prior to the Closing Date, the Owner ---- Trustee ---- shall, on behalf of the Issuer, enter into the Swap with the Counterparty for the benefit of the Noteholders. The aggregate notional amount under the Swap shall, at any time, be equal to the Note Principal Balance at such time. Net Swap Receipts and early termination payments payable by the Counterparty shall be deposited by the Indenture Trustee in the Collection Account on the day received and treated as Available Finance Charge Collections. On any Distribution Date when there shall be a Net Swap Payment, such Net Swap Payments shall be paid as provided in Section 4.4(a)(i------- 4.4 (a) (i). On any Distribution Date when ----------------- there shall be an early --------- termination payment or any other miscellaneous payment payable by the Issuer to the Counterparty, such amount shall be paid as provided in Section 4.4(a)(xi). ------------------ (b) Each Swap shall be in substantially the same form as the initial Swap attached hereto as Exhibit E. --------- (c) The Servicer may, upon (i) satisfaction of the Rating Agency Condition and, (ii) unless a Control Transfer Event has occurred, receipt of written consent from the Insurer (which consent shall not be unreasonably withheld), and, when required under the terms of the existing Swap, shall, obtain a replacement Swap.

Swap. (a) On or prior to the Closing Date, the Owner Trustee ---- shall, on behalf of the Issuer, enter into the Swap with the Counterparty for the benefit of the Noteholders. The aggregate notional amount under the Swap shall, at any time, be equal to the Note Principal Balance at such time. Net Swap Receipts and early termination payments payable by the Counterparty shall be deposited by the Indenture Trustee in the Collection Account on the day received and treated as Available Finance Charge Collections. On any Distribution Date when there shall be a Net Swap Payment, such Net Swap Payments shall be paid as provided in Section 4.4(a)(i). On any Distribution Date when ----------------- there shall be an early termination payment or any other miscellaneous payment payable by the Issuer to the Counterparty, such amount shall be paid as provided in Section 4.4(a)(xi). ------------------. (b) Each Swap shall be in substantially the same form as the initial Swap attached hereto as Exhibit E. ---------E. (c) The Servicer may, upon (i) satisfaction of the Rating Agency Condition and, (ii) unless a Control Transfer Event has occurred, receipt of written consent from the Insurer (which consent shall not be unreasonably withheld), and, when required under the terms of the existing Swap, shall, obtain a replacement Swap.