Swap Account. (a) No later than the Closing Date, the Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, “Xxxxx Fargo Bank, N.A. as Trustee, in trust for the registered holders of MASTR Second Lien Trust 2006-1, Mortgage Pass-Through Certificates, Series 2006-1—Swap Account” (the “Swap Account”). Such account shall be an Eligible Account and amounts therein shall be held uninvested. The Swap Account shall be an asset of the Supplemental Interest Trust, but shall not be an asset of any REMIC.
(b) On each Distribution Date, prior to any distribution to any Certificate, the Trust Administrator shall deposit into the Swap Account: (i) the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds and (ii) amounts received by the Trust Administrator from the Swap Administrator, for distribution in accordance with subsection (d) below, pursuant to the Swap Administration Agreement. For federal income tax purposes, any amounts paid to the Swap Provider on each Distribution Date shall first be deemed paid in respect of the Class SWAP-IO Interest to the extent of the amount distributable on such Class SWAP-IO Interest on such Distribution Date, and any remaining amount shall be deemed paid in respect of a Class IO Distribution Amount (as defined below).
(c) For federal income tax purposes, the Swap Account shall be owned by the beneficial owners of the Class CE Certificates.
(d) For federal income tax purposes, the Trust Administrator shall treat the Holders of Certificates (other than the Class P, Class CE and Class R Certificates) as having entered into a notional principal contract with respect to the Holders of the Class CE Certificates. Pursuant to each such notional principal contract, all Holders of Certificates (other than the Class P, Class CE and Class R Certificates) shall be treated as having agreed to pay, on each Distribution Date, to the Holder of the Class CE Certificates an aggregate amount equal to the excess, if any, of (i) the amount payable on such Distribution Date on the regular interest corresponding to such Class of Certificates over (ii) th...
Swap Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, “Swap Account, Deutsche Bank National Trust Company, as Trustee, in trust for the Interest Rate Swap Provider and the Class A-2B1 Swap Provider and the registered holders of Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2.” Such account shall be an Eligible Account and amounts therein shall be held uninvested.
(b) On each Distribution Date, prior to any distribution to any Certificate, the Trustee shall deposit into the Swap Account pursuant to 3.05(c)(i): (i) the amount of any Net Swap Payment or Swap Termination Payment owed to the Interest Rate Swap Provider (after taking into account any upfront payment received by the Interest Rate Swap Provider or the Class A-2B1 Swap Provider, as the case may be, from the counterparty to a replacement similar agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds and (ii) amounts received by the Trustee from the Swap Administrator, for distribution in accordance with subsection (e) below, pursuant to the Swap Administration Agreement, dated as of the Closing Date (the “Swap Administration Agreement”), among Deutsche Bank National Trust Company in its capacity as Trustee, Deutsche Bank National Trust Company in its capacity as Swap Administrator and Ameriquest Mortgage Company. For federal income tax purposes, any amounts paid to the Interest Rate Swap Provider on each Distribution Date shall first be deemed paid to the Interest Rate Swap Provider in respect of the Class SWAP-IO Interest to the extent of the amount distributable on such Class SWAP-IO Interest on such Distribution Date, and any remaining amount shall be deemed paid to the Interest Rate Swap Provider in respect of a Class IO Distribution Amount (as defined below). If the Trustee fails to pay any Net Swap Payment owed to the Interest Rate Swap Provider and such failure to pay is not related to insufficient funds in the Distribution Account and such failure to pay would, pursuant to the terms of the Interest Rate Swap Agreement, cause a Swap Termination Payment to be owed to the Interest Rate Swap Provider, the NIMS Insurer may, on behalf of the Trustee and after consultation with the Trustee, pay such Net Swap Payment owed to the Interest Rate Swap Provider. The NIMS Insurer shall be reimbursed ...
Swap Account. Tax Treatment of Swap Payments and Swap Termination Payments.
Swap Account. (a) On the Closing Date, the Indenture Trustee shall establish and maintain a separate, segregated trust account titled, “Swap Account, JPMorgan Chase Bank, N.A., as Indenture Trustee, in trust for the registered Noteholders of Newcastle Mortgage Securities Trust 2006-1, Asset-Backed Notes, Series 2006-1.” Such account shall be an Eligible Account and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Indenture Trustee held pursuant to this Agreement. Amounts therein shall be held uninvested.
(b) On each Payment Date, prior to any payment to any Note, the Indenture Trustee shall deposit into the Swap Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement interest rate swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds.
(c) The Indenture Trustee shall use any payment received from the Owner Trustee pursuant to Section 2.03 of the Trust Agreement 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.
Swap Account. The Swap Administrator shall segregate and hold all funds received from the Supplemental Interest Trust Trustee (including any Swap Termination Payment) separate and apart from any of its own funds and general assets and shall establish and maintain in the name of the Swap Administrator one or more segregated accounts (such account or accounts, the “Swap”) as described in the Pooling and Servicing Agreement.
Swap Account. Tax Treatment of Swap Payments and Swap Termination Payments. SECTION 4.10. Cap Account.
Swap Account. (a) On the Closing Date, there is hereby established a separate trust (the “Supplemental Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap Agreement. The Supplemental Interest Trust shall be maintained by the Supplemental Interest Trust Trustee. No later than the Closing Date, the Supplemental Interest Trust Trustee shall establish and maintain with the Trust Administrator a separate, segregated trust account to be held in the Supplemental Interest Trust, titled, “Swap Account, Citibank, N.A., as Supplemental Trust Trustee, in trust for the registered holders of the Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates, Series 2006-WFHE2.” Such account shall be an Eligible Account and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trust Administrator held pursuant to this Agreement. Amounts therein shall be held uninvested.
(b) Prior to any distribution to any Certificate, the Supplemental Interest Trust Trustee or the Trust Administrator on its behalf shall deposit into the Swap Account (for distribution pursuant to Section 4.01(a)(7)): (i) the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider (after taking into account any upfront payment received from the counterparty to a replacement interest rate swap agreement) from funds collected and received with respect to the Mortgage Loans prior to the determination of the Available Distribution Amount. For federal income tax purposes, any amounts paid to the Swap Provider shall first be deemed paid to the Swap Provider in respect of REMIC VI Regular Interest SWAP IO to the extent of the amount distributable on REMIC VI Regular Interest SWAP IO on such Distribution Date, and any remaining amount shall be deemed paid to the Swap Provider in respect of a Class IO Distribution Amount (as defined below).
(c) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Supplemental Interest Trust be disregarded as an entity separate from the Holder of the Class CE Certificates unless and until the date when either (a) there is more than one Class CE Certificateholder or (b) any Class of Certificates in addition to the Class CE Certificates is recharacterized as an e...
Swap Account. The Swap Administrator, on behalf of the Supplemental Interest Trust Trustee, shall segregate and hold all funds received pursuant to the Swap Agreement (including any Swap Termination Payment) separate and apart from any of its own funds and general assets and shall establish and maintain in the name of the Swap Administrator one or more segregated accounts (such account or accounts, the “Swap Account”), held in trust for the benefit of the Trustee, the Indenture Trustee, if any, and the parties to this Agreement. All amounts on deposit in the Swap Account shall remain uninvested unless the Swap Administrator receives instructions to the contrary from any party hereto, with the consent of the NIMS Insurer, if any. The Swap Administrator hereby agrees that and it holds and shall hold the Swap Account and all amounts deposited therein in trust for the exclusive use and benefit of the Trustee and the Indenture Trustee, if any, as their interests may appear.
Swap Account. The Class A-1 Swap Account shall be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A Certificate and the Subordinate Certificates, all amounts remaining on deposit in the Class A-1 Swap Account shall be released by the Trust and distributed to the Class CE Certificateholders. The Class A-1 Swap Account shall be part of the Supplemental Interest Trust but not part of any REMIC and any payments to the holders of the Class A Certificates and the Subordinate Certificates from the Class A-1 Swap Account shall not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). Upon receipt of any amounts paid under the Class A-1 Swap Agreement, and following any distributions of Net Monthly Excess Cashflow pursuant to Section 4.1(a)(iii) above and withdrawals from the Reserve Fund pursuant to Section 4.1(a)(iv) above, withdrawals from the Floor Account pursuant to Section 4.1(a)(vi) above, and withdrawals from the Certificate Swap Account pursuant to Section 4.1(a)(viii) above the Securities Administrator shall deposit such amounts into the Class A-1 Swap Account for distribution pursuant to Section 4.1(a)(vii) above.
Swap Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Swap Account, Xxxxx Fargo Bank, N.A., as Trustee, in trust for the Swap Provider and the registered holders of 000 Xxxx Xxxxx Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ1." Such account shall be an Eligible Account and amounts therein shall be held uninvested.
(b) On each Distribution Date, prior to any distribution to any Certificate, the Trustee shall deposit into the Swap Account pursuant to 3.05(c)(i): (i) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Provider from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds and (ii) amounts received by the Trustee from the Swap Administrator pursuant to the swap administration agreement, dated as of the Closing Date, among the Xxxxx Fargo Bank, N.A. in its capacity as Trustee, Xxxxx Fargo Bank, N.A. in its capacity as Swap Administrator and Ameriquest Mortgage Company (the "Swap Administration Agreement").
(c) For federal income tax purposes, the Swap Administration Account shall be owned by the majority Holder of the Class CE Certificates. Notwithstanding the foregoing, for federal income tax purposes, the calculations of Uncertificated Interest accrued on the Class SWAP-IO Interest shall be deemed to have been paid to the Swap Account regardless of any reduction in the actual amounts paid to the Swap Account resulting from the calculation of the Net Swap Payment.