Common use of Supplemental Interest Trust Credit Support Collateral Account Clause in Contracts

Supplemental Interest Trust Credit Support Collateral Account. The Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian (as defined in the applicable Credit Support Annex). The Supplemental Interest Trust Trustee is hereby directed by the Depositor to comply with the terms and provisions of the applicable Credit Support Annex On or before the Closing Date, the Supplemental Interest Trust Trustee shall establish the Credit Support Collateral Account on behalf of the Holders of the Certificates. The Credit Support Collateral Account shall be controlled by the Supplemental Interest Trust Trustee. The Swap Provider shall be the beneficial owner of the Credit Support Collateral Account. Any collateral (whether in the form of cash or securities, the ‘Posted Collateral”) posted by the Swap Provider or the Cap Contract Counterparty to the Supplemental Interest Trust Trustee in connection with the Credit Support Annex shall be deposited into the Credit Support Collateral Account. All collateral and earnings thereon on deposit in the Credit Support Collateral Account shall be maintained and applied in accordance with each Credit Support Annex. Cash collateral posted by the Swap Provider or the Cap Contract Counterparty in accordance with the applicable Credit Support Annex shall, at the written direction of the Swap Provider or the Cap Contract Counterparty, as applicable, to the Supplemental Interest Trust Trustee, be invested in Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Mxxxx’x or Aaa by Mxxxx’x, and that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of written instructions to the Supplemental Interest Trust Trustee, amounts on deposit in the Credit Support Collateral Account shall remain uninvested. All amounts earned on amounts on deposit in the Credit Support Collateral Account (whether cash collateral or securities) shall be taxable to the Swap Provider or the Cap Contract Counterparty, as applicable. Any losses on such investments shall be deposited in the Credit Support Collateral Account by the Swap Provider or the Cap Contract Counterparty, as applicable, out of its own funds immediately as realized. The Supplemental Interest Trust Trustee shall not be liable for the selection of investments or for investment losses thereon. To the extent the Supplemental Interest Trust Trustee is required to return any of the Posted Collateral to the Swap Provider or the Cap Contract Counterparty, as applicable, under the terms of the applicable Credit Support Annex, the Supplemental Interest Trust Trustee shall return such collateral in accordance with the terms of the applicable Credit Support Annex.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-E)

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Supplemental Interest Trust Credit Support Collateral Account. The Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian (as defined in the applicable Credit Support Annex). The Supplemental Interest Trust Trustee is hereby directed by the Depositor to comply with the terms and provisions of the applicable Credit Support Annex On or before the Closing Date, the Supplemental Interest Trust Trustee shall establish the Credit Support Collateral Account on behalf of the Holders of the Certificates. The Credit Support Collateral Account shall be controlled by the Supplemental Interest Trust Trustee. The Swap Provider shall be the beneficial owner of the Credit Support Collateral Account. Any collateral (whether in the form of cash or securities, the Posted Collateral”) posted by the Swap Provider or the Cap Contract Counterparty to the Supplemental Interest Trust Trustee in connection with the Credit Support Annex shall be deposited into the Credit Support Collateral Account. All collateral and earnings thereon on deposit in the Credit Support Collateral Account shall be maintained and applied in accordance with each Credit Support Annex. Cash collateral posted by the Swap Provider or the Cap Contract Counterparty in accordance with the applicable Credit Support Annex shall, at the written direction of the Swap Provider or the Cap Contract Counterparty, as applicable, to the Supplemental Interest Trust Trustee, be invested in Permitted Investments Investments, in accordance with requirements of the Credit Support Annex, rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Mxxxx’x or Aaa by Mxxxx’x, and that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of written instructions to the Supplemental Interest Trust Trustee, amounts on deposit in the Credit Support Collateral Account shall remain uninvested. All amounts earned on amounts on deposit in the Credit Support Collateral Account (whether cash collateral or securities) shall be taxable to the Swap Provider or the Cap Contract Counterparty, as applicable. Any losses on such investments shall be deposited in the Credit Support Collateral Account by the Swap Provider or the Cap Contract Counterparty, as applicable, out of its own funds immediately as realized. The Supplemental Interest Trust Trustee shall not be liable for the selection of investments or for investment losses thereon. To the extent the Supplemental Interest Trust Trustee is required to return any of the Posted Collateral to the Swap Provider or the Cap Contract Counterparty, as applicable, under the terms of the applicable Credit Support Annex, the Supplemental Interest Trust Trustee shall return such collateral in accordance with the terms of the applicable Credit Support Annex.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inabs 2007-B)

Supplemental Interest Trust Credit Support Collateral Account. The Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian (as defined in under the applicable Credit Support Annex). The Supplemental Interest Trust Trustee is hereby directed by the Depositor to comply with the terms and provisions of the applicable Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Supplemental Interest Trust Trustee Swap Custodian shall establish the Credit Support a Swap Collateral Account on behalf of (the Holders of the Certificates“Swap Collateral Account”). The Credit Support Swap Collateral Account shall be controlled by held in the Supplemental Interest Trust Trusteename of the Swap Custodian in trust for the benefit of the Certificateholders. The Swap Provider Collateral Account must be an Eligible Account and shall be the beneficial owner of the Credit Support entitled “Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-2, Swap Collateral Account. Any , Deutsche Bank National Trust Company, as Swap Custodian for the benefit of holders of Series INDS 2007-2 Certificates.” The Swap Custodian shall credit to the Swap Collateral Account all collateral (whether in the form of cash or securities, the ‘Posted Collateral”) posted by the Swap Provider or to secure the Cap Contract Counterparty to obligations of the Supplemental Interest Trust Trustee Swap Provider in connection accordance with the Credit Support Annex terms of the Interest Rate Swap Agreement. Except for investment earnings, the Swap Provider shall be deposited into not have any legal, equitable or beneficial interest in the Credit Support Swap Collateral AccountAccount other than in accordance with this Agreement, the Interest Rate Swap Agreement and applicable law. All The Swap Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Credit Support Swap Collateral Account shall be maintained and applied in accordance with each Swap Credit Support Annex. Cash collateral posted by the Swap Provider or the Cap Contract Counterparty in accordance with the applicable Swap Credit Support Annex shall, shall be invested at the written direction of the Swap Provider or the Cap Contract Counterparty, as applicable, to the Supplemental Interest Trust Trustee, be invested in Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Mxxxx’x or Aaa by Mxxxx’x, and that mature no later than in accordance with the Business Day prior to requirements of the next succeeding Distribution Date. In the absence of written instructions to the Supplemental Interest Trust Trustee, amounts on deposit in the Swap Credit Support Collateral Account shall remain uninvestedAnnex. All amounts earned on amounts on deposit in the Credit Support Swap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Swap Provider. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Swap Agreement) with respect to the Swap Provider or the Cap Contract Counterparty, upon occurrence or designation of an Early Termination Date (as applicable. Any losses on such investments shall be deposited defined in the Interest Rate Swap Agreement) as a result of any such Event of Default or Specified Condition with respect to the Swap Provider, and, in either such case, unless the Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Collateral Account Annex) that are then due, then any collateral posted by the Swap Provider or in accordance with the Cap Contract Counterparty, Swap Credit Support Annex shall be applied to the payment of any Obligations due to Party B (as applicable, out defined in the Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of its own funds immediately as realized. The Supplemental all amounts owing to Party B under the Interest Trust Trustee Rate Swap Agreement shall not be liable for withdrawn from the selection of investments or for investment losses thereon. To the extent the Supplemental Interest Trust Trustee is required to return any of the Posted Swap Collateral Account and paid to the Swap Provider or the Cap Contract Counterparty, as applicable, under the terms of the applicable Credit Support Annex, the Supplemental Interest Trust Trustee shall return such collateral in accordance with the terms of the applicable Swap Credit Support Annex.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-2)

Supplemental Interest Trust Credit Support Collateral Account. The Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian (as defined in the applicable Credit Support Annex). The Supplemental Interest Trust Trustee is hereby directed by the Depositor to comply with the terms and provisions of the applicable Credit Support Annex On or before the Closing Date, the Supplemental Interest Trust Trustee shall establish the Credit Support Collateral Account on behalf of the Holders of the CertificatesAccount. The Credit Support Collateral Account shall be controlled by the Supplemental Interest Trust Trustee. The Swap Provider shall be the beneficial owner of the Credit Support Collateral Account. Any collateral (whether in the form of cash or securities, the Posted Collateral”) posted by the Swap Provider or the Cap Contract Counterparty to the Supplemental Interest Trust Trustee in connection with the Credit Support Annex shall be deposited into the Credit Support Collateral Account. All collateral and earnings thereon on deposit in the Credit Support Collateral Account shall be maintained and applied in accordance with each the Credit Support Annex. Cash collateral posted by the Swap Provider or the Cap Contract Counterparty in accordance with the applicable Credit Support Annex shall, at the written direction of the Swap Provider or the Cap Contract Counterparty, as applicable, to the Supplemental Interest Trust Trustee, be invested in overnight (or redeemable within two Local Business Days of demand) Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Mxxxx’x Xxxxx’x or Aaa by Mxxxx’xXxxxx’x (unless (x) an Event of Default or an Additional Termination Event (as those terms are defined in the Interest Rate Swap Agreement) has occurred with respect to which the Swap Provider is the defaulting or sole Affected Party (as defined in the Interest Rate Swap Agreement) or (y) an Early Termination Date (as defined in the Interest Rate Swap Agreement) has been designated, and that mature no later than the Business Day prior to the next succeeding Distribution Datein which case such Cash collateral shall be held uninvested). In the absence of written instructions to the Supplemental Interest Trust Trustee, amounts on deposit in the Credit Support Collateral Account shall remain uninvested. All amounts earned on amounts on deposit in the Credit Support Collateral Account (whether cash collateral or securities) shall be taxable to the Swap Provider or the Cap Contract Counterparty, as applicableProvider. Any losses on such investments shall be deposited in the Credit Support Collateral Account by the Swap Provider or the Cap Contract Counterparty, as applicable, out of its own funds immediately as realized. The Supplemental Interest Trust Trustee shall not be liable for the selection of investments or for investment losses incurred thereon. To the extent the Supplemental Interest Trust Trustee is required to return any of the Posted Collateral to the Swap Provider or the Cap Contract Counterparty, as applicable, under the terms of the applicable Credit Support Annex, the Supplemental Interest Trust Trustee shall return such collateral in accordance with the terms of the applicable Credit Support Annex.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-1)

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Supplemental Interest Trust Credit Support Collateral Account. The Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian (as defined in the applicable Credit Support Annex). The Supplemental Interest Trust Trustee is hereby directed by the Depositor to comply with the terms and provisions of the applicable Credit Support Annex On or before the Closing Date, the Supplemental Interest Trust Trustee shall establish the Credit Support Collateral Account on behalf of the Holders of the CertificatesAccount. The Credit Support Collateral Account shall be controlled by the Supplemental Interest Trust Trustee. The Swap Provider shall be the beneficial owner of the Credit Support Collateral Account. Any collateral (whether in the form of cash or securities, the Posted Collateral”) posted by the Swap Provider or the Cap Contract Counterparty to the Supplemental Interest Trust Trustee in connection with the Credit Support Annex shall be deposited into the Credit Support Collateral Account. All collateral and earnings thereon on deposit in the Credit Support Collateral Account shall be maintained and applied in accordance with each the Credit Support Annex. Cash collateral posted by the Swap Provider or the Cap Contract Counterparty in accordance with the applicable Credit Support Annex shall, at the written direction of the Swap Provider or the Cap Contract Counterparty, as applicable, to the Supplemental Interest Trust Trustee, be invested in overnight (or redeemable within two Local Business Days of demand) Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Mxxxx’x or Aaa by Mxxxx’xMxxxx’x (unless (x) an Event of Default or an Additional Termination Event (as those terms are defined in the Swap Agreement) has occurred with respect to which Party A is the defaulting or sole Affected Party (as defined in the Swap Agreement) or (y) an Early Termination Date (as defined in the Swap Agreement) has been designated, and that mature no later than the Business Day prior to the next succeeding Distribution Datein which case such Cash collateral shall be held uninvested). In the absence of written instructions to the Supplemental Interest Trust Trustee, amounts on deposit in the Credit Support Collateral Account shall remain uninvested. All amounts earned on amounts on deposit in the Credit Support Collateral Account (whether cash collateral or securities) shall be taxable to the Swap Provider or the Cap Contract Counterparty, as applicableProvider. Any losses on such investments shall be deposited in the Credit Support Collateral Account by the Swap Provider or the Cap Contract Counterparty, as applicable, out of its own funds immediately as realized. The Supplemental Interest Trust Trustee shall not be liable for the selection of investments or for investment losses incurred thereon. To the extent the Supplemental Interest Trust Trustee is required to return any of the Posted Collateral to the Swap Provider or the Cap Contract Counterparty, as applicable, under the terms of the applicable Credit Support Annex, the Supplemental Interest Trust Trustee shall return such collateral in accordance with the terms of the applicable Credit Support Annex.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inds 2006-3)

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