Common use of Replacement Swap Agreements Clause in Contracts

Replacement Swap Agreements. The Trustee shall, at the direction of the NIMS Insurer or, with the consent of the NIMS Insurer, at the direction of Ameriquest Mortgage Company, enforce all of its rights and exercise any remedies under the Swap Agreement and, in the event the Swap Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), find a replacement counterparty to enter into a replacement swap agreement. Any Swap Termination Payment received by the Swap Administrator shall be deposited in the Swap Administration Account and shall be used to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Park Place Securities Inc. Asset Backed Pass Through Certificates Series 2005-Whq3), Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2), Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2)

AutoNDA by SimpleDocs

Replacement Swap Agreements. The Trustee shall, at the direction of the NIMS Insurer Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the direction of Ameriquest Mortgage CompanyUBSRES, enforce all of its rights and exercise any remedies under the Swap Agreement and, in Agreement. In the event the Swap Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), the Trustee shall, at the direction of UBSRES, find a replacement counterparty to enter into a replacement swap agreement. Any Swap Termination Payment received by the Swap Administrator shall be deposited in the Swap Administration Account and shall be used to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)

AutoNDA by SimpleDocs

Replacement Swap Agreements. The Trustee shall, at the direction of the NIMS Insurer or, with the consent of the NIMS Insurer, at the direction of Ameriquest Mortgage CompanyAmeriquest, enforce all of its rights and exercise any remedies under the Swap Agreement and, in the event the Swap Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), find a replacement counterparty to enter into a replacement swap agreement. Any Swap Termination Payment received by the Swap Administrator shall be deposited in the Swap Administration Account and shall be used to make any upfront payment required under a replacement swap agreement and any upfront payment received from the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment owed to the Swap Provider.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Wcw3)

Time is Money Join Law Insider Premium to draft better contracts faster.