Common use of Swap Trust Clause in Contracts

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 2006-S4, Holders of Mortgage Pass-Through Certificates – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvested. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i), 5.02(b)(i)(1) and 5.02(c)(1) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposes. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for 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 representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights and protections of the Securities Administrator hereunder.

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. U.S. Bank National Association as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 2006-S4, Holders of Mortgage Pass-Through Certificates – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvestedAgreement. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i), 5.02(b)(i)(15.02(b)(i) and 5.02(c)(1) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class 1-CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposespurposes and the Holder thereof shall direct the Swap Trustee, in writing, as to investment of amounts on deposit therein. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for the Class 1-CE Certificates unless and until the date when either (a) there is more than one Class 1-CE Certificateholder or (b) any Class of Certificates in addition to the Class 1-CE Certificates is recharacterized as representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Pool 1 Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights and protections of the Securities Administrator hereunder.

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. U.S. Bank National Association as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, U.S. Bank National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 20062007-S4A1, Holders of Mortgage Pass-Through Certificates Certification – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvested. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i5.02(c)(1)(i), 5.02(b)(i)(15.02(c)(2)(A)(1), 5.02(c)(2)(B)(1) and 5.02(c)(15.02(c)(3)(i) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class 1-CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposes. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for the Class 1-CE Certificates unless and until the date when either (a) there is more than one Class 1-CE Certificateholder or (b) any Class of Certificates in addition to the Class 1-CE Certificates is recharacterized as representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Pool 1 Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights rights, protections and protections indemnities of the Securities Administrator hereunder.

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. U.S. Bank National Association as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, U.S. Bank National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 2006-S4A7, Holders of Mortgage Pass-Through Certificates Certification – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvested. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i), 5.02(b)(i)(15.02(b)(i) and 5.02(c)(15.02(c)(i) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class 1-CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposes. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for the Class 1-CE Certificates unless and until the date when either (a) there is more than one Class 1-CE Certificateholder or (b) any Class of Certificates in addition to the Class 1-CE Certificates is recharacterized as representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Pool 1 Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights and protections of the Securities Administrator hereunder.

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. U.S. Bank National Association as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 2006-S4, Holders of Mortgage Pass-Through Certificates – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvestedAgreement. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i), 5.02(b)(i)(15.02(b)(i) and 5.02(c)(1) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class 1-CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposespurposes and the Holder thereof shall direct the Swap Trustee, in writing, as to investment of amounts on deposit therein. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for the Class 1-CE Certificates unless and until the date when either (a) there is more than one Class 1-CE Certificateholder or (b) any Class of Certificates in addition to the Class 1-CE Certificates is recharacterized as representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights and protections of the Securities Administrator hereunder.

Swap Trust. (a) A separate trust is hereby established (the “Swap Trust”), the corpus of which shall be held by Xxxxx Fargo Bank, N.A. as swap trustee (the “Swap Trustee”), in trust, for the benefit of the holders of the Certificates. The Securities Administrator shall establish and maintain an account entitled “Swap Account of Xxxxx Fargo Bank, National Association, as Swap Trustee for the benefit of X.X. Xxxxxx Alternative Loan Trust 2006-S4A6, Holders of Mortgage Pass-Through Certificates Certification – Swap Account.” The Swap Trustee shall have no duty or responsibility with respect to the Swap Trust and shall have no liability to the Certificateholders or Swap Counterparty with respect to the Swap Trust or the funds held in or distributed from the Swap Account. The Swap 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, moneys of the Securities Administrator held pursuant to this Agreement and amounts therein shall remain uninvested. (b) On each Distribution Date, prior to any distribution to any Certificate, the Securities Administrator shall withdraw from the Distribution Account pursuant to Sections 5.02(a)(i), 5.02(b)(i)(15.02(b)(i) and 5.02(c)(15.02(c)(i) any amounts required to be paid to the Swap Provider and shall distribute any such amounts to the Swap Provider. The Securities Administrator shall deposit into the Swap Account any Net Swap Payments received from the Swap Provider and shall distribute from the Swap Account any such amounts to holders of the Certificates on each Distribution Date pursuant to Section 5.09. (c) Funds in the Swap Account shall remain uninvested. The Class 1-CE Certificates shall evidence ownership of the Swap Trust for federal income tax purposes. (d) Upon termination of the Trust Fund, any amounts remaining in the Swap Account after payment of amounts owing to the Swap Provider shall be distributed pursuant to the priorities set forth in Section 5.09. (e) It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Swap Trust be disregarded as an entity separate from the holder for the Class 1-CE Certificates unless and until the date when either (a) there is more than one Class 1-CE Certificateholder or (b) any Class of Certificates in addition to the Class 1-CE Certificates is recharacterized as representing ownership of an equity interest in the Swap Trust for federal income tax purposes. (f) The Swap Trustee is hereby directed, on or prior to the Closing Date, on behalf of the Swap Trust, to enter into and assume the obligations under the Swap Agreement with the Swap Provider for the benefit of the Holders of the Pool 1 Certificates, in the form presented to it by the Depositor. The Depositor shall pay or cause to be paid on behalf of the Swap Trust the payments, if any, owed to the Swap Provider as of the Closing Date under the Swap Agreement. The Swap Trustee shall not, individually or personally, have any liability to perform any covenant either express or implied contained in the Swap Agreement, and under no circumstance shall the Swap Trustee be personally liable for the payment of any amounts payable by the Swap Trust under the Swap Agreement or any expenses of the Swap Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Swap Trust under the Swap Agreement. (g) The Swap Trustee shall have all of the rights and protections of the Securities Administrator hereunder.