Additional Provisions Regarding the Class. II A-2 Pass-Through ------------------------------------------------------------- Rates on the Class II A-2 Certificates. -------------------------------------- The determination of a Class II A-2 Pass-Through Rate by the Auction Agent, the Trustee or any other Person pursuant to the provisions of the applicable Section of this Article 2 shall be conclusive and binding on the Certificateholders of Class II A-2 Certificates to which such Class II A-2 Pass-Through Rate applies, and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on the Class II A-2 Certificates (including interest calculated as provided herein, plus any other amounts that constitute interest on the Class II A-2 Certificates under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Class II A-2 Certificates or related documents) calculated from the date of issuance of the Class II A-2 Certificates through any subsequent day during the term of the Auction Rate or otherwise prior to payment in full of the Class II A-2 Certificates exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Class II A-2 Certificates or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Class II A-2 Certificates, or if the acceleration of the maturity of the Class II A-2 Certificates results in payment to or receipt by the Certificateholder or any former Certificateholder of the Class II A-2 Certificates of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Class II A-2 Certificates or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Class II A-2 Certificates shall be credited on the principal balance of the Class II A-2 Certificates (or, if the Class II A-2 Certificates have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Class II A-2 Certificates and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Class II A-2 Certificates and under the related documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)
Additional Provisions Regarding the Class. II A-2 A-3 Pass-Through ------------------------------------------------------------- ---------------------------------------------------------- Rates on the Class II A-2 A-3 Certificates. -------------------------------------- ----------------------------------- The determination of a Class II A-2 A-3 Pass-Through Rate by the Auction Agent, the Trustee or any other Person pursuant to the provisions of the applicable Section of this Article 2 shall be conclusive and binding on the Certificateholders of Class II A-2 A-3 Certificates to which such Class II A-2 A-3 Pass-Through Rate applies, and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on the Class II A-2 A-3 Certificates (including interest calculated as provided herein, plus any other amounts that constitute interest on the Class II A-2 A-3 Certificates under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Class II A-2 A-3 Certificates or related documents) calculated from the date of issuance of the Class II A-2 A-3 Certificates through any subsequent day during the term of the Auction Rate or otherwise prior to payment in full of the Class II A-2 A-3 Certificates exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Class II A-2 A-3 Certificates or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Class II A-2 A-3 Schedule I-16 Certificates, or if the acceleration of the maturity of the Class II A-2 A-3 Certificates results in payment to or receipt by the Certificateholder or any former Certificateholder of the Class II A-2 A-3 Certificates of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Class II A-2 A-3 Certificates or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Class II A-2 A-3 Certificates shall be credited on the principal balance of the Class II A-2 A-3 Certificates (or, if the Class II A-2 A-3 Certificates have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Class II A-2 A-3 Certificates and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Class II A-2 A-3 Certificates and under the related documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Additional Provisions Regarding the Class. II A-2 Pass-Through ------------------------------------------------------------- ---------------------------------------------------------- Rates on the Class II A-2 Certificates. -------------------------------------- ----------------------------------- The determination of a Class II A-2 Pass-Through Rate by the Auction Agent, the Trustee or any other Person pursuant to the provisions of the applicable Section of this Article 2 shall be conclusive and binding on the Certificateholders of Class II A-2 Certificates to which such Class II A-2 Pass-Through Rate applies, and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on the Class II A-2 Certificates (including interest calculated as provided herein, plus any other amounts that constitute interest on the Class II A-2 Certificates under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Class II A-2 Certificates or related documents) calculated from the date of issuance of the Class II A-2 Certificates through any subsequent day during the term of the Auction Rate or otherwise prior to payment in full of the Class II A-2 Certificates exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Class II A-2 Certificates or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Class II A-2 Certificates, or if the acceleration of the maturity of the Class II A-2 Certificates results in payment to or receipt by the Certificateholder or any former Certificateholder of the Class II A-2 Certificates of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Class II A-2 Certificates or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Class II A-2 Certificates shall be credited on the principal balance of the Class II A-2 Certificates (or, if the Class II A-2 Certificates have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Class II A-2 Certificates and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Class II A-2 Certificates and under the related documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Additional Provisions Regarding the Class. II A-2 Pass-Through ------------------------------------------------------------- Rates on the -------------------------------------------------------------------------- Class II A-2 Certificates. -------------------------------------- ------------------------- The determination of a Class II A-2 Pass-Through Rate by the Auction Agent, the Trustee or any other Person pursuant to the provisions of the applicable Section of this Article 2 shall be conclusive and binding on the Certificateholders of Class II A-2 Certificates to which such Class II A-2 Pass-Through Rate applies, and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on the Class II A-2 Certificates (including interest calculated as provided herein, plus any other amounts that constitute interest on the Class II A-2 Certificates under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Class II A-2 Certificates or related documents) calculated from the date of issuance of the Class II A-2 Certificates through any subsequent day during the term of the Auction Rate or otherwise prior to payment in full of the Class II A-2 Certificates exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Class II A-2 Certificates or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Class II A-2 Certificates, or if the acceleration of the maturity of the Class II A-2 Certificates results in payment to or receipt by the Certificateholder or any former Certificateholder of the Class II A-2 Certificates of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Class II A-2 Certificates or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Class II A-2 Certificates shall be credited on the principal balance of the Class II A-2 Certificates (or, if the Class II A-2 Certificates have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Class II A-2 Certificates and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Class II A-2 Certificates and under the related documents.. Schedule I-17
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Additional Provisions Regarding the Class. II A-2 Pass-A-3 Pass- -------------------------------------------------- Through ------------------------------------------------------------- Rates on the Class II A-2 A-3 Certificates. -------------------------------------- ------------------------------------------- The determination of a Class II A-2 A-3 Pass-Through Rate by the Auction Agent, the Trustee or any other Person pursuant to the provisions of the applicable Section of this Article 2 shall be conclusive and binding on the Certificateholders of Class II A-2 A-3 Certificates to which such Class II A-2 A-3 Pass-Through Rate applies, and the Trustee may rely thereon for all purposes. In no event shall the cumulative amount of interest paid or payable on the Class II A-2 A-3 Certificates (including interest calculated as provided herein, plus any other amounts that constitute interest on the Class II A-2 A-3 Certificates under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Class II A-2 A-3 Certificates or related documents) calculated from the date of issuance of the Class II A-2 A-3 Certificates through any subsequent day during the term of the Auction Rate or otherwise prior to payment in full of the Class II A-2 A-3 Certificates exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Class II A-2 A-3 Certificates or related documents or otherwise contracted for, charged, reserved, taken or received in connection with the Class II A-2 A-3 Certificates, or if the acceleration of the maturity of the Class II A-2 A-3 Certificates results in payment to or receipt by the Certificateholder or any former Certificateholder of the Class II A-2 A-3 Certificates of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Class II A-2 A-3 Certificates or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Class II A-2 A-3 Certificates shall be credited on the principal balance of the Class II A-2 A-3 Certificates (or, if the Class II A-2 A-3 Certificates have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Class II A-2 A-3 Certificates and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Class II A-2 A-3 Certificates and under the related documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)