Common use of Replacement Yield Maintenance Agreement Clause in Contracts

Replacement Yield Maintenance Agreement. The Administrator shall, at the direction of the NIMS Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the direction of GCFP or its designee, enforce all of its rights and exercise any remedies under the Yield Maintenance Agreement. In the event the Yield Maintenance Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), GCFP or its designee, shall find a replacement counterparty to enter into a replacement Yield Maintenance Agreement. Any termination payment under the Yield Maintenance Agreement received by the Administrator from the Yield Maintenance Provider shall be deposited into a separate, non-interest bearing account, established by the Administrator and shall be used to make any upfront payment required under a replacement Yield Maintenance Agreement. Notwithstanding anything contained herein, in the event that a replacement Yield Maintenance Agreement cannot be obtained within 30 days after receipt by the Administrator of a termination payment paid by the terminated Yield Maintenance Provider, the Administrator shall deposit such termination payment into a separate, non-interest bearing account, established by the Administrator and the Administrator shall, on each Distribution Date, withdraw from such account, an amount equal to the Yield Maintenance Agreement Payment, if any, that would have been paid to the Trust by the original Yield Maintenance Provider (computed in accordance with Exhibit A) and distribute such amount in accordance with Section 3(a) of this Agreement. On the Distribution Date immediately after the termination date of the original Yield Maintenance Agreement, the Administrator shall withdraw any funds remaining in such account and distribute such amount in accordance with Section 3(a)(ii) of this Agreement.

Replacement Yield Maintenance Agreement. The Administrator shall, at the direction of the NIMS Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the direction of GCFP (as majority holder of the Class C Certificates) or its designee, enforce all of its rights and exercise any remedies under the Yield Maintenance Agreement. In the event the Yield Maintenance Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), GCFP (as majority holder of the Class C Certificates) or its designee, shall find a replacement counterparty to enter into a replacement Yield Maintenance Agreement. Any termination payment under the Yield Maintenance Agreement received by the Administrator from the Yield Maintenance Provider shall be deposited into a separate, non-interest bearing account, established by the Administrator and shall be used to make any upfront payment required under a replacement Yield Maintenance Agreement. Notwithstanding anything contained herein, in the event that a replacement Yield Maintenance Agreement cannot be obtained within 30 days after receipt by the Administrator of a termination payment paid by the terminated Yield Maintenance Provider, the Administrator shall deposit such termination payment into a separate, non-interest bearing account, established by the Administrator and the Administrator shall, on each Distribution Date, withdraw from such account, an amount equal to the Yield Maintenance Agreement Payment, if any, that would have been paid to the Trust by the original Yield Maintenance Provider (computed in accordance with Exhibit A) and distribute such amount in accordance with Section 3(a) of this Agreement. On the Distribution Date immediately after the termination date of the original Yield Maintenance Agreement, the Administrator shall withdraw any funds remaining in such account and distribute such amount in accordance with Section 3(a)(ii) of this Agreement.

Replacement Yield Maintenance Agreement. The Yield Maintenance Administrator shall, at the direction of the NIMS Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the direction of GCFP or its designee, enforce all of its rights and exercise any remedies under the Yield Maintenance Agreement. In the event the Yield Maintenance Agreement is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), GCFP or its designee, shall find a replacement counterparty to enter into a replacement Yield Maintenance Agreement. Any termination payment under the Yield Maintenance Agreement received by the Yield Maintenance Administrator from the Yield Maintenance Provider shall be deposited into a separate, non-interest bearing account, established by the Yield Maintenance Administrator and shall be used to make any upfront payment required under a replacement Yield Maintenance Agreement. Notwithstanding anything contained herein, in the event that a replacement Yield Maintenance Agreement cannot be obtained within 30 days after receipt by the Yield Maintenance Administrator of a termination payment paid by the terminated Yield Maintenance Provider, the Yield Maintenance Administrator shall deposit such termination payment into a separate, non-interest bearing account, established by the Yield Maintenance Administrator and the Yield Maintenance Administrator shall, on each Distribution Date, withdraw from such account, an amount equal to the Yield Maintenance Agreement Payment, if any, that would have been paid to the Trust by the original Yield Maintenance Provider (computed in accordance with Exhibit A) and distribute such amount in accordance with Section 3(a) of this Agreement. On the Distribution Date immediately after the termination date of the original Yield Maintenance Agreement, the Yield Maintenance Administrator shall withdraw any funds remaining in such account and distribute such amount in accordance with Section 3(a)(ii) of this Agreement.