Common use of Effective Periods Clause in Contracts

Effective Periods. (a) Subject to Clause 8.1(b) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (b) Notwithstanding Clause 8.1(a) above, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust Property, the recalculation of the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIOD"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (c) In addition to the foregoing, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust Property, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIOD"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable. The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

Effective Periods. (a) Subject to Clause 8.1(b) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (b) Notwithstanding Clause 8.1(a) above, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust Property, the recalculation of the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (c) In addition to the foregoing, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust Property, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable. The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not sell and assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one sale and assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

Effective Periods. (a) Subject to Clause 8.1(b) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (b) Notwithstanding Clause 8.1(a) above, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust PropertyTrustee, the recalculation of the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIOD"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (c) In addition to the foregoing, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust PropertyTrustee, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIOD"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable(after taking account of the assignment of New Mortgage Loans on such date). The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

Effective Periods. (aA) Subject to Clause 8.1(b8.1(B) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (bB) Notwithstanding Clause 8.1(a8.1(A) above, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if a Funding pays Beneficiary makes a Further Contribution (excluding any Deferred Contribution) to the Mortgages Trustee to increase the Funding Share its respective share of the Trust Property, the recalculation of the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (cC) In addition to the foregoing, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if a Funding pays Beneficiary makes a Further Contribution (excluding any Deferred Contribution) to the Mortgages Trustee to increase the Funding Share its respective share of the Trust Property, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable. The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not sell and assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one sale and assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

Effective Periods. (aA) Subject to Clause 8.1(b8.1(B) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting in the Trust Property Mortgage Portfolio (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (bB) Notwithstanding Clause 8.1(a8.1(A) above, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if a Funding pays Beneficiary makes a Further Contribution (excluding any Deferred Contribution) to the Mortgages Trustee to increase the Funding Share its respective share of the Trust Property, the recalculation of the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting in the Trust Property Mortgage Portfolio (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (cC) In addition to the foregoing, if during any Trust Calculation Period the Seller sells and assigns New Mortgage Loans to the Mortgages Trustee or if a Funding pays Beneficiary makes a Further Contribution (excluding any Deferred Contribution) to the Mortgages Trustee to increase the Funding Share its respective share of the Trust Property, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Funding 2 Share, the Funding 2 Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting in the Trust Property Mortgage Portfolio (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable. The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not sell and assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one sale and assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.

Effective Periods. (a) Subject to Clause 8.1(b) below, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage in respect of each Trust Calculation Period on the Distribution Date occurring in such Trust Calculation Period, based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (b) Notwithstanding Clause 8.1(a) above, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust PropertyTrustee, the recalculation of the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage made by the Cash Manager on the Distribution Date occurring in such Trust Calculation Period will be effective only in respect of the period beginning on (and including) the first day of such Trust Calculation Period and ending on (but excluding) the first Assignment Date or Funding Contribution Date, as applicable, to occur during such Trust Calculation Period (such period in respect of such Distribution Date, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on the last day of the Trust Calculation Period immediately preceding such Distribution Date. (c) In addition to the foregoing, if during any Trust Calculation Period the Seller assigns New Mortgage Loans to the Mortgages Trustee or if Funding pays a Further Contribution to the Mortgages Trustee to increase the Funding Share of the Trust PropertyTrustee, the Cash Manager will (on behalf of the Mortgages Trustee and the Beneficiaries) recalculate the Funding Share, the Funding Share Percentage, the Seller Share and the Seller Share Percentage on such Assignment Date or Funding Contribution Date, as applicable, in respect of the period beginning on (and including) such Assignment Date or Funding Contribution Date, as applicable, and ending on the last day of such Trust Calculation Period (and including such last day of such Trust Calculation Period) (each such period in respect of each Assignment Date or Funding Contribution Date, as applicable, an "INTERIM CALCULATION PERIODInterim Calculation Period"), based on the aggregate Current Balance of the Mortgage Loans constituting the Trust Property (as adjusted from time to time) on such Assignment Date or Funding Contribution Date, as applicable(after taking account of the assignment of New Mortgage Loans on such date). The parties acknowledge and agree that the Mortgage Sale Agreement provides that (a) the Seller may not assign New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period prior to the Distribution Date in such Trust Calculation Period, and (b) the Seller may only make one assignment of New Mortgage Loans to the Mortgages Trustee during any Trust Calculation Period.