The Swap Agreement. (a) On the Closing Date, the Trustee shall (i) establish and maintain in its name, in trust for the benefit of Class A and Mezzanine Certificates, the Swap Account and (ii) for the benefit of the Class A and Mezzanine Certificates, cause the Trust to enter into the Swap Agreement. The Trustee shall deposit in the Swap Account all payments that are payable to the Trust Fund under the Swap Agreement. Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Counterparty Trigger Event) payable by the Trustee to the Swap Counterparty pursuant to the Swap Agreement shall be excluded from the Available Distribution Amount and payable to the Swap Counterparty prior to any distributions to the Certificateholders. On the Business Day prior to each Distribution Date, such amounts will be remitted by the Trustee to the Swap Account for payment to the Swap Counterparty, first to make any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date, and second to make any Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date. For federal income tax purposes, such amounts paid to the Swap Account on the Business Day prior to each Distribution Date shall be deemed paid to the Swap Account in respect of REMIC II Regular Interest CE-IO to the extent of the amount distributable on such REMIC II Regular Interest on such Distribution Date. Any Swap Termination Payment triggered by a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement will be subordinated to distributions to the Holders of the Class A and Mezzanine Certificates and shall be paid as set forth under Section 4.01(a)(4)(v). Net Swap Payments payable by the Swap Counterparty to the Trustee on behalf of the Trust Fund pursuant to the Swap Agreement will be deposited by the Trustee into the Swap Account. On each Distribution Date, to the extent required, the Trustee shall withdraw the following amounts from the Swap Account to distribute to the Certificates in the following order of priority, in the case of clauses (D), (F), (G) and (H), to the extent not covered by Net Monthly Excess Cash Flow:
The Swap Agreement. (A) On the Closing Date, the Supplemental Interest Trust Trustee shall (i) establish and maintain in its name, in trust for the benefit of the Certificateholders, the Supplemental Interest Trust Account and (ii) for the benefit of the Certificateholders, cause the Supplemental Interest Trust to enter into the Swap Agreement.
The Swap Agreement. (a) On the Closing Date, the Trustee shall (i) establish and maintain in its name, in trust for the benefit of Class A, Class M and Class SB Certificates, the Swap Account and (ii) for the benefit of the Class A, Class M and Class SB Certificates, enter into the Swap Agreement.
The Swap Agreement. (A) On the Closing Date, the Supplemental Interest Trust Trustee shall (i) establish and maintain in its name, in trust for the benefit of the Certificateholders, the Supplemental Interest Trust Account and (ii) for the benefit of the Certificateholders, cause the Supplemental Interest Trust to enter into the Swap Agreement. It is intended that the Supplemental Interest Trust be classified for federal income tax purposes as a grantor trust under Subpart E, part I of subchapter J of chapter 1 of the Code, of which the Class SB Certificateholders are owners, rather than a partnership, an association taxable as a corporation or a taxable mortgage pool; and the powers granted and obligations undertaken in this Agreement shall be construed so as to further such intent. The primary activities of the Supplemental Interest Trust created pursuant to this Agreement shall be: (i) holding the Swap Agreement and the SB-AMB Swap Agreement; (ii) receiving collections or making payments with respect to the Swap Agreement and the SB-AMB Swap Agreement; and (iii) engaging in other activities that are necessary or incidental to accomplish these limited purposes, which activities cannot be contrary to the status of the Supplemental Interest Trust as a qualified special purpose entity under existing accounting literature.
The Swap Agreement. (a) On the Closing Date, the Trustee shall (i) establish and maintain in its name, in trust for the benefit of Class A and Mezzanine Certificates, the Swap Account and (ii) for the benefit of the Class A and Mezzanine Certificates, cause the Trust to enter into the Swap Agreement.
The Swap Agreement. (a) On the Closing Date, the Trustee shall (i) establish and maintain in its name, in trust for the benefit of Class A and Mezzanine Certificates, the Swap Account and (ii) for the benefit of the Class A and Mezzanine Certificates, cause the Trust to enter into the initial Swap Agreement. Subject to the requirements of this Section 4.07, the Trustee, on behalf of the Trust, may as directed in accordance with this Section from time to time enter into one or more replacement Swap Agreements in the event that the initial Swap Agreement and any replacement Swap Agreement is terminated due to any "Termination Event" or "Event of Default" (each as defined in the related Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Swap Agreement. Other than any replacement Swap Agreement entered into pursuant to this Section 4.07(a), the Trustee, on behalf of the Trust, shall not enter into any additional Swap Agreements.
The Swap Agreement. The Trust shall not take any action that would permit, or fail to take any action if a failure to take such action would permit termination of the Swap Agreement by the Swap Provider, and shall not terminate the Swap Agreement, except with the prior written consent of Financial Security unless the Swap Provider has failed to make payments under the Swap Policy or if termination of the Swap Agreement would be permitted pursuant to Part 1(j)(iv) of the Swap Agreement. The Trust shall send to Financial Security a copy of each communication it sends under the Swap Agreement contemporaneously with its delivery thereof to the Swap Provider and shall not deliver notice of an Event of Default or an Event of Termination to any Swap Provider pursuant to the Swap Agreement without the prior written consent of Financial Security.
The Swap Agreement. The Issuer shall not take any action that would permit, or fail to take any action if a failure to take such action would permit, termination of the Swap Agreement by the Swap Provider, and shall not designate an “Early Termination Date” (as defined in the Swap Agreement) to terminate the Swap Agreement, except with the prior written consent of the Insurer unless the Insurer has failed to make payments under the Swap Policy, or if termination of the Swap Agreement would be permitted pursuant to Section 5(b)(i) and Part 5(l)(i) of the Swap Agreement. The Issuer shall send to the Insurer a copy of each communication it sends under the Swap Agreement contemporaneously with its delivery thereof to the Swap Provider and shall not deliver notice designating an “Early Termination Date” as a result of an “Event of Default” or “Termination Event” (as such terms are defined in the Swap Agreement) to any Swap Provider pursuant to the Swap Agreement without the prior written consent of the Insurer, except as permitted by the immediately preceding sentence.
The Swap Agreement. (a) The Trustee is hereby authorized and directed, not in its individual capacity but solely as Trustee and on behalf, and for the benefit, of the Trust, to execute and deliver the Swap Agreement on the Closing Date and to perform obligations as described herein with respect to the Swap Agreement. Furthermore, the Trustee is hereby authorized and directed to, and shall, perform all obligations on the part of the Trustee and/or the Trust under the Swap Agreement; provided that (i) payments to be made to the Swap Counterparty pursuant to Section 3.27(d) shall be made out of amounts allocable as interest (or, in the case of Class A-2FL Additional Fixed Swap Payments, Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the Class A-2FL REMIC II Regular Interest and (ii) any termination payment owing to the Swap Counterparty shall be payable solely out of any upfront payment made by a replacement swap counterparty in connection with entering into a replacement interest rate swap agreement with the Trust, and the Trustee shall not be responsible for using its own funds in making such payments. Upon the Trustee entering into the Swap Agreement on behalf of the Trust, the Trust shall be bound by the terms and conditions of the Swap Agreement.
The Swap Agreement. (a) The Indenture Trustee shall deposit any amounts received by it with respect to the Swap Agreement into the Swap Account.
