Common use of Determination of MTA Clause in Contracts

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa10), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa10), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa3)

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Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy7c), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy3), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy8c)

Determination of MTA. (a) On each related Interest MTA Determination Date, so long as the Date for a Class of MTA Certificates are outstandingCertificates, the Trustee Trust Administrator shall determine MTA for the applicable Distribution Date on the basis of the twelve-month average yields on United States Treasury securities adjusted to a constant maturity of one year, as published by the Federal Reserve Board in Statistical Release H.15(519). If on any MTA Determination Date for a Class of MTA Certificates, the Trust Administrator is unable to determine MTA on the basis of the most recent method set forth in the preceding paragraph, MTA figure available for the applicable Distribution Date will be whichever is higher of (x) MTA as determined on the previous MTA Determination Date for such Class of such related MTA Certificates or (y) the Reserve Interest Determination Date. (b) Rate. If on any Interest MTA Determination Date, Date for a Class of MTA is no longer availableCertificates, the Trustee shall select Trust Administrator is unable to determine MTA on the basis of the method set forth in the preceding paragraph, the Trust Administrator will choose a new index for the MTA Certificates certificates that is based on comparable information. When the Trustee selects Trust Administrator chooses a new index for the MTA Certificatescertificates, the Pass-Through Margin for each Class of MTA Certificates it will increase or decrease the related margin by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates related margin will be increased by that difference if the average MTA is greater than the average replacement index, index and the Pass-Through Margin for each Class of MTA Certificates related margin will be decreased by that difference if the replacement index is greater than the average MTA. . The Trust Administrator will have no liability for the selection of such alternative index (cand will be entitled to rely on such advice, if any, as it may deem appropriate in such selection), except that the Trust Administrator will select a particular index as the alternative index only if it receives an opinion of counsel (furnished at the trust fund’s expense) that the selection of such index will not cause any REMIC to lose its classification as a REMIC for federal income tax purposes. The Pass-Through Rate for each Class establishment of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on Trust Administrator and the Trust Administrator’s subsequent calculation of the rates of interest applicable to each Interest Determination Date so long as of the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (will, in the absence of manifest error) , be final, conclusive final and binding upon each Holder of binding. After a MTA Determination Date, the Trust Administrator shall provide the Pass-Through Rates of the MTA Certificates for the related Distribution Date to Certificate Owners or Holders of MTA Certificates who place a telephone call to the Trust Administrator at (000) 000-0000 and the Trusteemake a request therefor.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa1)

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. . (d) The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2006-Oa9), Pooling and Servicing Agreement (Alternative Loan Trust 2006-Oa2)

Determination of MTA. (a) On each related Interest the first MTA Determination Date, so long as the MTA for any Class of MTA Certificates are outstandingshall be equal to the Initial MTA Rate, and on each MTA Determination Date thereafter for any Class of MTA Certificates, the Trustee Trust Administrator shall determine MTA for the applicable Distribution Date on the basis of the twelve-month average yields on United States Treasury securities adjusted to a constant maturity of one year, as published by the Federal Reserve Board in Statistical Release H.15(519). If on any MTA Determination Date for a Class of MTA Certificates, the Trust Administrator is unable to determine MTA on the basis of the most recent method set forth in the preceding paragraph, MTA figure available for the applicable Distribution Date will be whichever is higher of (x) MTA as determined on the previous MTA Determination Date for such Class of such related MTA Certificates or (y) the Reserve Interest Determination Date. (b) Rate. If on any Interest MTA Determination Date, Date for a Class of MTA is no longer availableCertificates, the Trustee shall select Trust Administrator is unable to determine MTA on the basis of the method set forth in the preceding paragraph, the Trust Administrator will choose a new index for the MTA Certificates that is based on comparable information. When the Trustee selects Trust Administrator chooses a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates it will increase or decrease the related margin by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates related margin will be increased by that difference if the average MTA is greater than the average replacement index, index and the Pass-Through Margin for each Class of MTA Certificates related margin will be decreased by that difference if the replacement index is greater than the average MTA. . The Trust Administrator will have no liability for the selection of such alternative index (cand will be entitled to rely on such advice, if any, as it may deem appropriate in such selection), except that the Trust Administrator will select a particular index as the alternative index only if it receives an opinion of counsel (furnished at the trust fund’s expense) that the selection of such index will not cause any REMIC to lose its classification as a REMIC for federal income tax purposes. The Pass-Through Rate for each Class establishment of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on Trust Administrator and the Trust Administrator’s subsequent calculation of the rates of interest applicable to each Interest Determination Date so long as of the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (will, in the absence of manifest error) , be final, conclusive final and binding upon each Holder of binding. After a MTA Determination Date, the Trust Administrator shall provide the Pass-Through Rates of the MTA Certificates for the related Distribution Date to Certificate Owners or Holders of MTA Certificates who place a telephone call to the Trust Administrator at (000) 000-0000 and the Trusteemake a request therefor.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy9), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy9)

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date, or in the case of the first Distribution Date [2.865]%. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2005-45)

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Determination of MTA. (a) On each related Interest Determination Date, so long as the any Class of MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date, or in the case of the first Distribution Date 2.504%. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of the MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of the MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of the MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of the MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the any class of MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates Rate for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a an MTA Certificate and the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwalt Inc)

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date, or in the case of the first Distribution Date 3.16%. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. . (d) The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2005-58)

Determination of MTA. (a) On each related Interest Determination Date, so long as the MTA Certificates are outstanding, the Trustee shall determine MTA on the basis of the most recent MTA figure available as of such related Interest Determination Date, or in the case of the first Distribution Date 2.737%. (b) If on any Interest Determination Date, MTA is no longer available, the Trustee shall select a new index for the MTA Certificates that is based on comparable information. When the Trustee selects a new index for the MTA Certificates, the Pass-Through Margin for each Class of MTA Certificates will increase or decrease by the difference between the average MTA for the final three years it was in effect and the average of the most recent three years for the replacement index. The Pass-Through Margin for each Class of MTA Certificates will be increased by that difference if the average MTA is greater than the average replacement index, and the Pass-Through Margin for each Class of MTA Certificates will be decreased by that difference if the replacement index is greater than the average MTA. (c) The Pass-Through Rate for each Class of MTA Certificates for each Interest Accrual Period shall be determined by the Trustee on each Interest Determination Date so long as the MTA Certificates are outstanding on the basis of MTA and the respective formulae appearing in footnotes corresponding to the MTA Certificates in the table relating to the Certificates in the Preliminary Statement. The determination of MTA and the Pass-Through Rates for the MTA Certificates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a MTA Certificate and the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwalt Inc)

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