Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv) as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider thereunder. The parties hereto acknowledge that the Hedge Agreement Provider shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv). (b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c). (c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Date in [MONTH], the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement Provider, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (SG Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Mortgage Securities, LLC)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vi) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vi) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c)4.02(d) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]December 2005, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreementhedge agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vi) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vi) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c)4.02(d) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]July 2005, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreementhedge agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer in the Remittance Report pursuant to Section 4.04(a)(iv4.04(a) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c)4.02(a) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]December 2007, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mort Product Gmacm Loan Ser 2003-Ar1)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vii) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vii) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date Distribution Date for which such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be applied to the Group II Loans and distributed in accordance with the priorities set forth in Section 4.02(c)4.02(d) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]November 2004, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such the related Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the related Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such the related terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the related terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vi) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vi) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be applied to the Mortgage Loans and distributed in accordance with the priorities set forth in Section 4.02(c)4.02(d) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]January 2006, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such the related Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the related Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such the related terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the related terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vi) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vi) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be distributed in accordance with the priorities set forth in Section 4.02(c)4.02(d) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]February 2006, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securities Rasc Series 2004-Ks3 Trust)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vii) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(viii) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such of receipt any amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be applied and distributed in accordance with the priorities set forth in Section 4.02(c)) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]August 2004, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such the related Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the related Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such the related terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the related terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Hedge Agreement. (a) In the event that the Trustee does not receive by the Business Day preceding a Distribution Date the amount as specified by the Master Servicer pursuant to Section 4.04(a)(iv4.04(a)(vi) hereof as the amount to be paid with respect to such Distribution Date by the Hedge Agreement Provider Counterparty under the Hedge Agreement, the Trustee shall enforce the obligation of the Hedge Agreement Provider Counterparty thereunder. The parties hereto acknowledge that the Hedge Agreement Provider Counterparty shall be making all calculations, and determine the amounts to be paid, under the Hedge Agreement. Absent manifest error, the Trustee may conclusively rely on such calculations and determination and any notice received by it from the Master Servicer pursuant to Section 4.04(a)(iv)4.04(a)(vi) hereof.
(b) The Trustee shall deposit or cause to be deposited any amount received under the Hedge Agreement into the Certificate Account on the date such amount is received from the Hedge Agreement Provider Counterparty under the Hedge Agreement (including termination payments, if any). All payments received under the Hedge Agreement shall be applied to the Mortgage Loans and distributed in accordance with the priorities set forth in Section 4.02(c)) hereof.
(c) In the event that the Hedge Agreement, or any replacement thereof, terminates prior to the Distribution Payment Date in [MONTH]June 2005, the Master Servicer, but at no expense to the Master Servicer, on behalf of the Trustee, to the extent that the termination value under such the Hedge Agreement is sufficient therefor and only to the extent of the termination payment received from the Hedge Agreement ProviderCounterparty, shall (i) cause a new hedge counterparty to assume the obligations of such the related terminated hedge counterparty or (ii) cause a new hedge counterparty to enter into a new interest rate hedge agreement with the Trust Fund having substantially similar terms as those set forth in the related terminated Hedge Agreementhedge agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp)