Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class 1-A-1A, Class X-0X1-A-1B, Xxxxx X-0XClass 2-A-1A, Xxxxx X-0X Class 2-A-1B, Class 2-A-1C and Class Y X-2 Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to (i) the Class 1-A-1A and Class 1-A-1B Certificates or (ii) the Class 2-A-1A, Class 2-A-1B and Class 2-A-1C Certificates, as applicable, then on deposit therein, therein and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, pro rata, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B X-2 Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class 1-A-1A, Class 1-A-1B, Class A-2A 2-A-1A, Class 2-A-1B and Class A-2B 2-A-1C Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in If the Distribution Account after distributions are made to Seller or its affiliate is the Holder of a Class 2-A-1A, Class A-1B2-A-1B or Class 2-A-1C Certificates, Class A-2A and Class A-2B Certificates from the Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amounts shall be distributed to received by the Class X-2 Certificates. For Holder of such Certificate on any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X-2 Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreements as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in January 2016, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class X-2 Certificateholder. On the Distribution Date in January 2016 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-5), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Yield Maintenance Account. On or prior The Trustee shall establish and maintain in the name of the Trustee, for the benefit of the Class A, Class M-1, Class M-2 and Class B-IO Certificateholders, the Yield Maintenance Account as a segregated trust account. The Yield Maintenance Account shall not constitute an asset of any REMIC hereunder. Pursuant to each Yield Maintenance Agreement, the Closing Date, Yield Maintenance Provider shall have provided the Trustee and the Securities Administrator shall cause to be established and maintained with notice of the Yield Maintenance AccountPayment, into which amounts received by if any, to be made pursuant to such Yield Maintenance Agreement for each Distribution Date. Yield Maintenance Amounts distributed to the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements in connection with each such Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On distributed on each Distribution Date, as follows:
(a) first, to the Securities Administrator shall withdraw from Class A Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit thereinAgreements, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to (2) the amount of Current Interest that each such Class would have been entitled to receive on such Distribution Date had the applicable note interest rate Class A Pass-Through Rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Class A Margin for the related Interest Accrual Period and (bB) 10.5011.500% per annum, to the extent not otherwise paid out of the Available Funds for such Payment Date. Each of the Class A-1Afrom Interest Funds;
(b) second, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1AM-1 Certificateholders, Class A-1B, Class A-2A and Class A-2B Certificates from the lesser of (1) the amount received under the Yield Maintenance Distributable Amounts shall be distributed Agreements remaining after application pursuant to clause (a) above, and (2) the amount of Current Interest that the Class M-1 Certificates would have been entitled to receive on such Distribution Date had the Class M-1 Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-1 Margin for the related Interest Accrual Period and (B) 11.500% per annum, to the extent not otherwise paid from Interest Funds; and
(c) third, to the Class X-2 Certificates. For any M-2 Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreements remaining after application pursuant to clauses (a) and (b) above and (2) the amount of Current Interest that the Class M-2 Certificates would have been entitled to receive on such Distribution Date on which there is a payment under a had the Class M-2 Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-2 Margin for the related Interest Accrual Period and (B) 11.500% per annum, to the extent not otherwise paid from Interest Funds. In the event that the amount received by the Trustee with respect to the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement Agreements for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each any Distribution Date, exceeds the Class Y Certificates shall be entitled to a payment equal to amounts required under subclause (2) of clauses (a) through (c) above on such Distribution Date, such excess amount will constitute the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Excess Yield Maintenance Notional Balance, over (y) Amount and will be distributed by the aggregate balance of the related Certificates Trustee on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days such Distribution Date in the accrual period divided manner set forth in Section 6.01. Upon termination of all three Yield Maintenance Agreements and payment of all amounts owed by 360. To the extent that it constitutes a "reserve fund" for purposes Yield Maintenance Provider thereunder, following application by the Trustee of the REMIC Provisions, funds in the Yield Maintenance Account established hereunder on the next succeeding Distribution Date to pay amounts owed pursuant to clauses (a) through (c) of this Section and Section 6.01, the Trustee shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by terminate the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesYield Maintenance Account.
Appears in 2 contracts
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Trust, Pooling and Servicing Agreement (Thornburg Mortgage Inc)
Yield Maintenance Account. On or prior to The Trustee shall establish and maintain in the Closing Datename of the Trustee, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1AA-1, Class X-0XA-2, Xxxxx X-0XClass M-1, Xxxxx X-0X Class M-2 and Class Y CertificatesB Certificatexxxxxxx, xxx Xield Maintenance Account as a segregated trust account. Amounts on deposit in the The Yield Maintenance Account shall not constitute an asset of any REMIC hereunder. Amounts distributed to the Trustee pursuant to the Yield Maintenance Agreement shall be invested deposited into the Yield Maintenance Account and shall not be held in an interest-bearing account. On distributed on each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit thereinas follows:
(a) FIRST, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A A-1 and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is A-2 Certificateholders, the lesser of (1) the amount received under a the Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to and (2) the amount of Current Interest that each such Class would have been entitled to receive on such Distribution Date had the applicable note interest rate Pass-Through Rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Class A-1 Margin or the Class A-2 Margin, as applicable, for the related Accrual Period and (B) 11% per annum, in each case to the extent not otherwise paid from Interest Funds, PRO RATA, based on the amount of such shortfall in Interest Funds;
(b) 10.50SECOND, to the Class M-1 Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clause (a) above, and (2) the amount of Current Interest that the Class M-1 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-1 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds;
(c) THIRD, to the Class M-2 Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clauses (a) and (b) above and (2) the amount of Current Interest that the Class M-2 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-2 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds; and
(d) FOURTH, to the Class B Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clauses (a), (b) and (c) above and (2) the amount of Current Interest that the Class B Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class B Margin for the related Accrual Period and (B) 11% per annum, to the extent not otherwise paid out of from Interest Funds. In the Available Funds for such Payment Date. Each of event that the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts amount received from by the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Trustee with respect to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each any Distribution Date, exceeds the Class Y Certificates shall be entitled to a payment equal to amounts required under subclause (2) of clauses (a) through (d) above on such Distribution Date, such aggregate amount will constitute the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Excess Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates Amount and will be distributed on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days such Distribution Date in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined manner set forth in Treasury Regulation 1.860G-2(hSection 5.04(a)(iii), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A2-A3, Class X-0X2-A4A, Xxxxx X-0XClass 2-A4B, Xxxxx X-0X Class 3-A2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Securities Administrator shall deposit all amounts received from the Yield Maintenance Provider under each Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amount, up Amount with respect to the amount Yield Maintenance Agreement related to the Class 2-A3, Class 2-A4A and Class 2-A4B Certificates then on deposit therein and distribute such amounts in respect of Current Interest that each any Basis Risk Shortfalls for such Classes on such Distribution Date, pro rata, based on amounts due, (ii) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 3-A2 Certificates then on deposit therein, and distribute such amounts in respect of any Basis Risk Shortfalls for such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period on such Distribution Date, and (biii) 10.50% per annumany amounts remaining on deposit therein after distributions made pursuant to (i) and (ii) above, and distribute such amounts to the extent not paid out of the Available Funds for such Payment DateClass Y Certificates. Each of the Class A-1A2-A3, Class A-1B2-A4A, Class A-2A 2-A4B and Class A-2B 3-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Certificates on Yield Maintenance Distributable Amount over the first day amount of unpaid Basis Risk Shortfalls with respect to the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates. The Securities Administrator shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under a Yield Maintenance Agreement of which the Securities Administrator has actual knowledge. In the event that an Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreement; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date prior to the Distribution Date in June 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Securities Administrator with respect to such Yield Maintenance Agreement shall be distributed directly to the Class Y Certificateholder. Prior to the Distribution Date in June 2015 and upon the termination of the Trust, the Yield Maintenance Agreements shall be assigned to the Class Y Certificateholder.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator (a) The Indenture Trustee shall cause to be established establish and maintained maintain the Yield Maintenance Account, into which amounts received by consisting of three separate subaccounts designated the Securities Administrator pursuant to the Group I Senior Yield Maintenance Agreements shall Subaccount, the Group II Senior Yield Maintenance Subaccount and the Subordinate Yield Maintenance Subaccount, to be deposited held in trust for the benefit of Holders of the Class A-1ANotes. The Yield Maintenance Account shall at all times be an Eligible Account. On each Payment Date, Class X-0Xthe Indenture Trustee shall (x) deposit in the Group I Senior Yield Maintenance Subaccount all amounts received on the Group I Senior Yield Maintenance Agreement since the preceding Payment Date, Xxxxx X-0X, Xxxxx X-0X (y) deposit in the Group II Senior Yield Maintenance Subaccount all amounts received on the Group II Senior Yield Maintenance Agreement since the preceding Payment Date and Class Y Certificates(z) deposit in the Subordinate Yield Maintenance Subaccount all amounts received on the Subordinate Yield Maintenance Agreement since the preceding Payment Date. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. at the direction of the Master Servicer.
(b) On each Distribution DatePayment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Securities Administrator Indenture Trustee shall withdraw from apply all payments received on the Group I Senior Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit Agreement for such amounts Payment Date in the Distribution Account for payment following order of priority: first, pro rata, to the Class A-1A, Class A-1B, Class A-2A A-1A and Class A-2B Certificates. With respect A-1B Notes, any Current Interest for such Classes not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and second, any remainder to the Trust Certificate pursuant to Section 4.1(h).
(c) On each Distribution Payment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Indenture Trustee shall apply all payments received on which a the Group II Senior Yield Maintenance Agreement for such Payment is received under a Yield Maintenance AgreementDate in the following order of priority: first, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annumpro rata, to the extent Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, any Current Interest for such Classes not paid out of the in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and second, any remainder to the Trust Certificate pursuant to Section 4.1(h).
(d) On each Payment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Indenture Trustee shall apply all payments received on the Subordinate Yield Maintenance Agreement for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining Date in the Distribution Account after distributions are made following order of priority: first, to the Class A-1AM-1 Notes, any Current Interest for such Class A-1Bnot paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; second, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For M-2 Notes, any Distribution Date on which there is a payment under a Yield Maintenance Agreement Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountClass; third, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates M-3 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; fourth, to the Class M-4 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; fifth, to the Class M-5 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; sixth, to the Class M-6 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; seventh, to the Class B-1 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; eighth, to the Class B-2 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; ninth, to the Class B-3 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and tenth, any remainder to the Trust Certificate pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h4.1(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-2)
Yield Maintenance Account. On or prior The Indenture Trustee shall establish and maintain an account, for the benefit of the Indenture Trustee and the Noteholders, as a segregated account which shall be an Eligible Account (the “Yield Maintenance Account”). Pursuant to the Closing Dateeach Yield Maintenance Agreement, the Securities Administrator shall cause to be established and maintained the Yield Maintenance AccountProvider shall have provided the Indenture Trustee and the Master Servicer with notice of the Yield Maintenance Payment, into which amounts received by if any, to be made pursuant to such Yield Maintenance Agreement for each Payment Date. Yield Maintenance Payments distributed to the Securities Administrator Indenture Trustee pursuant to the Yield Maintenance Agreements in connection with each such Payment Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On distributed on each Distribution Payment Date, as follows:
(a) first, concurrently, to the Securities Administrator shall withdraw from Class A-1 Noteholders and Class A-2 Noteholders, pro rata, based on the amount of interest each such Class is entitled to under this Section 5.05(a), the lesser of (1) the amount received under the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit thereinAgreements, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to (2) the amount of Current Interest that each such Class would have been entitled to receive on such Payment Date had the applicable note interest rate Note Interest Rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (bB) 10.50% per annum11.50%, to the extent not otherwise paid out from the Interest Remittance Amount;
(b) second, to the Class M-1 Noteholders, the lesser of (1) the Available Funds for amount received under the Yield Maintenance Agreements less any amount paid pursuant to Section 5.05(a) on such Payment Date. Each , and (2) the amount of Current Interest that such Class would have been entitled to receive on such Payment Date had the Class A-1Aapplicable Note Interest Rate been calculated at the lesser of (A) One-Month LIBOR plus 0.65% for the related Accrual Period and (B) 11.50%, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received to the extent not otherwise paid from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Interest Remittance Amount;
(c) third, to the Class A-1AM-2 Noteholders, Class A-1B, Class A-2A and Class A-2B Certificates from the lesser of (1) the amount received under the Yield Maintenance Distributable Amounts shall be distributed Agreements less any amount paid pursuant to the Class X-2 Certificates. For any Distribution Date Sections 5.05(a) and (b) on which there is a payment under a Yield Maintenance Agreement such Payment Date, and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, (2) the amount representing of Current Interest that such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be would have been entitled to a payment equal to receive on such Payment Date had the product applicable Note Interest Rate been calculated at the lesser of (iA) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of One-Month LIBOR plus 1.70% for the related Accrual Period, Period and (iiiB) the quotient of the actual number of days in the accrual period divided by 360. To 11.50%, to the extent not otherwise paid from the Interest Remittance Amount; In the event that it constitutes a "reserve fund" the amount received by the Indenture Trustee with respect to the Yield Maintenance Agreements for purposes any Payment Date exceeds the amounts required to pay the related Noteholders under subclause (2) of clauses (a) through (c) above on such Payment Date, such excess amount will constitute the REMIC Provisions“Excess Yield Maintenance Amount” and will be released from the lien of this Indenture deposited by the Indenture Trustee into the Certificate Account for distribution on the Trust Certificate. Upon termination of all three Yield Maintenance Agreements and payment of all amounts owed by the Yield Maintenance Provider thereunder, following application by the Indenture Trustee of funds in the Yield Maintenance Account established hereunder on the next succeeding Payment Date to pay amounts owed pursuant to clauses (a) through (c) of this Section and Section 5.06, the Indenture Trustee shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by terminate the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesYield Maintenance Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4)
Yield Maintenance Account. On or prior The Indenture Trustee shall establish and maintain an account, for the benefit of the Indenture Trustee and the Noteholders, as a segregated account which shall be an Eligible Account (the "Yield Maintenance Account"). Pursuant to the Closing Dateeach Yield Maintenance Agreement, the Securities Administrator shall cause to be established and maintained the Yield Maintenance AccountProvider shall have provided the Indenture Trustee and the Master Servicer with notice of the Yield Maintenance Payment, into which amounts received by if any, to be made pursuant to such Yield Maintenance Agreement for each Payment Date. Yield Maintenance Payments distributed to the Securities Administrator Indenture Trustee pursuant to the Yield Maintenance Agreements in connection with each such Payment Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On distributed on each Distribution Payment Date, as follows:
(a) first, concurrently, to the Securities Administrator shall withdraw from Class A-1 Noteholders and Class A-2 Noteholders, pro rata, based on the amount of interest each such Class is entitled to under this Section 5.05(a), the 83836 Xxxxxxxxx 2003-4[10203-023] Sale and Servicing Agreement 66 lesser of (1) the amount received under the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit thereinAgreements, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to (2) the amount of Current Interest that each such Class would have been entitled to receive on such Payment Date had the applicable note interest rate Note Interest Rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (bB) 10.50% per annum11.50%, to the extent not otherwise paid out from the Interest Remittance Amount;
(b) second, to the Class M-1 Noteholders, the lesser of (1) the Available Funds for amount received under the Yield Maintenance Agreements less any amount paid pursuant to Section 5.05(a) on such Payment Date. Each , and (2) the amount of Current Interest that such Class would have been entitled to receive on such Payment Date had the Class A-1Aapplicable Note Interest Rate been calculated at the lesser of (A) One-Month LIBOR plus 0.65% for the related Accrual Period and (B) 11.50%, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received to the extent not otherwise paid from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Interest Remittance Amount;
(c) third, to the Class A-1AM-2 Noteholders, Class A-1B, Class A-2A and Class A-2B Certificates from the lesser of (1) the amount received under the Yield Maintenance Distributable Amounts shall be distributed Agreements less any amount paid pursuant to the Class X-2 Certificates. For any Distribution Date Sections 5.05(a) and (b) on which there is a payment under a Yield Maintenance Agreement such Payment Date, and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, (2) the amount representing of Current Interest that such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be would have been entitled to a payment equal to receive on such Payment Date had the product applicable Note Interest Rate been calculated at the lesser of (iA) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of One-Month LIBOR plus 1.70% for the related Accrual Period, Period and (iiiB) the quotient of the actual number of days in the accrual period divided by 360. To 11.50%, to the extent not otherwise paid from the Interest Remittance Amount; In the event that it constitutes a the amount received by the Indenture Trustee with respect to the Yield Maintenance Agreements for any Payment Date exceeds the amounts required to pay the related Noteholders under subclause (2) of clauses (a) through (c) above on such Payment Date, such excess amount will constitute the "reserve fundExcess Yield Maintenance Amount" and will be released from the lien of this Indenture deposited by the Indenture Trustee into the Certificate Account for purposes distribution on the Trust Certificate. Upon termination of all three Yield Maintenance Agreements and payment of all amounts owed by the REMIC ProvisionsYield Maintenance Provider thereunder, following application by the Indenture Trustee of funds in the Yield Maintenance Account established hereunder on the next succeeding Payment Date to pay amounts owed pursuant to clauses (a) through (c) of this Section and Section 5.06, the Indenture Trustee shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by terminate the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesYield Maintenance Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Thornburg Mortgage Inc)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of (i) the Class A-1AA-1 and Class Y Certificates and (ii) the Class X-0, Xxxxx X-0, Class X-0XM-1, Xxxxx X-0XClass M-2, Xxxxx X-0X Class M-3 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1AA-1 or Class X-0, Xxxxx X-0, Class A-1BM-1, Class A-2A M-2 and Class A-2B M-3 Certificates, as applicable, pursuant to Section 4.02. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, Trustee will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreementother than Net Monthly Excess Cashflow. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1AX-0, Xxxxx X-0, Class A-1BA-3, Class A-2A M-1, Class M-2 and Class A-2B M-3 Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 R Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each Yield Maintenance Agreement and for each Distribution Date, such excess allocable to the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) 12, in the case of the Yield Maintenance Agreement related to the Class A-1 Certificate, and the quotient of the actual number of days in the accrual period divided by 360, in the case of the Yield Maintenance Agreement related to the Class X-0, Xxxxx X-0, Class M-1, Class M-2 and Class M-3 Certificates. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (FNBA Mortgage Loan Trust 2004 AR1)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class 2-A-1A, Class X-0X2-A-1B, Xxxxx X-0XClass 2-A-1C, Xxxxx X-0X Class 2-A-2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to (i) the Class 2-A-1A, Class 2-A-1B and Class 2-A-2 Certificates or (ii) the Class 2-A-1C Certificates, as applicable, then on deposit therein, therein and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, pro rata, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Y Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class 2-A-1A, Class 2-A-1B, Class A-2A 2-A-1C and Class A-2B 2-A-2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement Agreements and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each the Yield Maintenance Agreement Agreements and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Certificates on Yield Maintenance Distributable Amount over the first day amount of unpaid Basis Risk Shortfalls with respect to the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X Certificates, and the Holder of the Class Y X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class X Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreements as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in October 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class Y CertificatesCertificateholder. On the Distribution Date in October 2015 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-2)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements Agreement shall be deposited for the benefit of the Class A-1A2-A1A, Class X-0X2-A1B, Xxxxx X-0XClass 2-A1C, Xxxxx X-0X Class 2-A2 and Class Y X-2 Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to the Class 2-A1A, Class 2-A1B, Class 2-A1C and Class 2-A2 Certificates then on deposit therein, therein and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, pro rata, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B X-2 Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A2-A1A, Class A-1B2-A1B, Class A-2A 2-A1C and Class A-2B 2-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in If the Distribution Account after distributions are made Seller or its affiliate is the Holder of a Class 2-A1A, Class 2-A1B, Class 2-A2 or Class 2-A1C Certificates, the Seller or its affiliate shall remit to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from Trustee the portion of Yield Maintenance Distributable Amounts shall be distributed to received by the Class X-2 Certificates. For Holder of such Certificate on any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X-2 Certificates. The Trustee shall terminate the Yield Maintenance Agreement upon the occurrence of an event of default or termination event under the Yield Maintenance Agreement of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to the Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to the Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in December 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to the Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to the Yield Maintenance Agreement shall be distributed directly to the Class X-2 Certificateholder. On the Distribution Date in December 2015 or upon the termination of the Trust, the Yield Maintenance Agreement shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-3)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X2-A1A, Xxxxx X-0XClass 2-A1B, Xxxxx X-0X Class 2-A2A, Class 2-A2B, Class X-2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A1-A1A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A2A and Class A-2B 2-A2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) (i) 10.50% per annum, in the case of the Class 1-A1A Certificates and (ii) 11.00% per annum, in the case of the Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A1A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A2A and Class A-2B 2-A2B Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A1A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A2A and Class A-2B 2-A2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountAmount for such Distribution Date, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, in the case of the Class 1-A1A Certificates and 11.00%, in the case of the Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class X-2 Certificates. For federal income tax purposes, the Class Y CertificatesCertificates shall represent an interest in each of the Yield Maintenance Agreements. Accordingly, a Class Y Certificateholder should account for its investment in Class Y Certificates under the rules set forth in Treasury Regulation Section 1.446-3(c), which concern notional principal contracts.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar4)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator (a) The Indenture Trustee shall cause to be established establish and maintained maintain the Yield Maintenance Account, into which amounts received by consisting of two separate subaccounts designated the Securities Administrator pursuant to the Senior Yield Maintenance Agreements shall Subaccount and the Subordinate Yield Maintenance Subaccount, to be deposited held in trust for the benefit of Holders of the Class A-1ANotes. The Yield Maintenance Account shall at all times be an Eligible Account. On each Payment Date, Class X-0X, Xxxxx X-0X, Xxxxx X-0X the Indenture Trustee shall (x) deposit in the Senior Yield Maintenance Account all amounts received on the Senior Yield Maintenance Agreement since the preceding Payment Date and Class Y Certificates(y) deposit in the Subordinate Yield Maintenance Account all amounts received on the Subordinate Yield Maintenance Agreement since the preceding Payment Date. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. at the direction of the Master Servicer.
(b) On each Distribution DatePayment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Securities Administrator Indenture Trustee shall withdraw from apply all payments received on the Senior Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit Agreement for such amounts Payment Date in the Distribution Account for payment following order of priority: first, pro rata, to the Class A-1AA-1, Class A-1BA-2A, Class A-2A A-2B, and Class A-2B Certificates. With respect A-2C Notes, any Current Interest for such Classes not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and second, any remainder to the Trust Certificate pursuant to Section 4.1(h).
(c) On each Distribution Payment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Indenture Trustee shall apply all payments received on which a the Subordinate Yield Maintenance Agreement for such Payment is received under a Yield Maintenance Agreement, Date in the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount following order of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annumpriority: first, to the extent Class M-1 Notes, any Current Interest for such Class not paid out of the in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Payment Date. Each of the Class A-1AClass; second, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1AM-2 Notes, any Current Interest for such Class A-1Bnot paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; third, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For M-3 Notes, any Distribution Date on which there is a payment under a Yield Maintenance Agreement Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountClass; fourth, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates M-4 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; fifth, to the Class M-5 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; sixth, to the Class M-6 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; seventh, to the Class B-1 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; eighth, to the Class B-2 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; ninth, to the Class B-3 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and tenth, any remainder to the Trust Certificate pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h4.1(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-1)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1, Class A-2 and Class A-3 Certificateholders, in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1, Class A-2 and Class A-3 Certificateholders, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”). Pursuant to each Yield Maintenance Agreement, into which amounts the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements in connection with each such Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment following order of priority: first, concurrently,
a) to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each Holders of the Class A-1AA-1 Certificates, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Agreement relating to the Class A-1AA-1 Certificates, an amount up to any Available Funds Cap Shortfalls with respect to such Class A-1Bfor such Distribution Date;
b) to the Holders of the Class A-2 Certificates, Class A-2A and Class A-2B Certificates from amounts received from the Yield Maintenance Distributable Amounts shall be distributed Agreement relating to the Class X-2 A-2 Certificates. For , an amount up to any Available Funds Cap Shortfalls with respect to such Class for such Distribution Date on which there is a payment under a Date; and
c) to the Holders of the Class A-3 Certificates, from amounts received from the Yield Maintenance Agreement relating to the Class A-3 Certificates, an amount up to any Available Funds Cap Shortfalls with respect to such Class for such Distribution Date; and such Yield Maintenance Payment exceeds second, to the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit Holders of the Class Y Certificates A-X Certificates.
(c) Upon termination of all of the Yield Maintenance Agreements and shall be distributed payment of all amounts owed by the Yield Maintenance Counterparty thereunder, following application by the Securities Administrator of funds in the Yield Maintenance Account on the next succeeding Distribution Date to the Class Y Certificates pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements Agreement shall be deposited for the benefit of the Class A-1A2-A2A, Class X-0X2-A2B, Xxxxx X-0X, Xxxxx X-0X Class X and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A 2-A2A and Class A-2B 2-A2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a the Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A 2-A2A and Class A-2B 2-A2B Certificates from the Yield Maintenance Distributable Amounts Amount shall be distributed to the Class X-2 X Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountAmount for such Distribution Date, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each the Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.5011.00%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar3)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificateholders, in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificateholders, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”). Pursuant to each Yield Maintenance Agreement, into which amounts the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements in connection with each such Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment following order of priority: concurrently,
a) to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each Holders of the Class A-1AA-1 Certificates, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Agreement relating to the Class A-1AA-1 Certificates, an amount up to any Available Funds Cap Shortfalls with respect to such Class A-1Bfor such Distribution Date;
b) to the Holders of the Class A-2 Certificates, Class A-2A and Class A-2B Certificates from amounts received from the Yield Maintenance Distributable Amounts shall be distributed Agreement relating to the Class X-2 A-2 Certificates. For , an amount up to any Available Funds Cap Shortfalls with respect to such Class for such Distribution Date on which there is a payment under a Date;
c) to the Holders of the Class A-3 Certificates, from amounts received from the Yield Maintenance Agreement and relating to the Class A-3 Certificates, an amount up to any Available Funds Cap Shortfalls with respect to such Yield Maintenance Payment exceeds Class for such Distribution Date; and
d) to the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit Holders of the Class Y Certificates and shall be distributed A-4 Certificates, from amounts received from the Yield Maintenance Agreement relating to the Class Y Certificates A-4 Certificates, an amount up to any Available Funds Cap Shortfalls with respect to such Class for such Distribution Date; second, to the Holders of the Class A-X Certificates.
(c) Upon termination of all of the Yield Maintenance Agreements and payment of all amounts owed by the Yield Maintenance Counterparty thereunder, following application by the Securities Administrator of funds in the Yield Maintenance Account on the next succeeding Distribution Date to pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-2)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator (a) The Indenture Trustee shall cause to be established establish and maintained maintain the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant Account to the Yield Maintenance Agreements shall be deposited held in trust for the benefit of Holders of the Class A-1ANotes. The Yield Maintenance Account shall at all times be an Eligible Account. On each Payment Date, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificatesthe Indenture Trustee shall deposit in the Yield Maintenance Account all amounts received on the Yield Maintenance Agreement since the preceding Payment Date. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. at the direction of the Master Servicer.
(b) On each Distribution DatePayment Date (before giving effect to the distributions pursuant to Section 4.1(f)), the Securities Administrator Indenture Trustee shall withdraw from apply all payments received on the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit Agreement for such amounts Payment Date in the Distribution Account for payment following order of priority: first, pro rata, to the Class A-1A, Class A-1B, Class A-2A AV-1 and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance AgreementAV-2 Notes, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of any Current Interest that each for such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (aClasses not paid in accordance with Section 4.1(a) One-Month LIBOR plus the applicable margin and any remaining Available Funds Shortfall for the related Accrual Period and (b) 10.50% per annumsuch Class; second, to the extent Class MV-1 Notes, any Current Interest for such Class not paid out of the in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Payment Date. Each of the Class A-1AClass; third, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1AMV-2 Notes, any Current Interest for such Class A-1Bnot paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; fourth, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For MV-3 Notes, any Distribution Date on which there is a payment under a Yield Maintenance Agreement Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountClass; fifth, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates MV-4 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; sixth, to the Class MV-5 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; seventh, to the Class MV-6 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and eighth, any remainder to the Trust Certificate pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h4.1(g), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2004-2)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1 and Class A-X Certificates (the “Group 1 Yield Maintenance Agreement”), and the Class A-2A, Class A-2B, Class A-2C and Class A-X Certificates (the “Group 2 Yield Maintenance Agreement”), in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1, Class A-2A, Class A-2B, Class A-2C and Class A-X Certificates, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”) comprised of two sub-accounts, into which amounts one relating to the Group 1 Yield Maintenance Agreement (the “Group 1 Yield Maintenance Sub-Account”), and the other relating to the Group 2 Yield Maintenance Agreement (the “Group 2 Yield Maintenance Sub-Account” and collectively, the “Yield Maintenance Sub-Accounts”). Pursuant to each Yield Maintenance Agreement, the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the any Yield Maintenance Agreements Agreement in connection with each such Distribution Date shall be deposited for into the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in the related Yield Maintenance Account shall not be invested and shall not be held in an interestSub-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account in the following order of priority: first, concurrently,
a) to the Holders of the Class A-1 Certificates, from amounts received under the Group 1 Yield Maintenance Agreement on deposit in the Group 1 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(i)(B); and
b) to the Holders of the Class A-2A, Class A-2B and Class A-2C Certificates, from amounts received under the Group 2 Yield Maintenance Agreement on deposit in the Group 2 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(ii)(B); and second, to the Holders of the Class A-X Certificates.
(c) Upon termination of both Yield Maintenance Agreements and payment of all amounts owed by the Yield Maintenance Distributable Amounts then Counterparty thereunder, following application by the Securities Administrator of funds in each Yield Maintenance Sub-Account on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each next succeeding Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will to pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Trust Agreement (Thornburg Mortgage Securities Trust 2006-4)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificateholders, in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificateholders, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”). Pursuant to each Yield Maintenance Agreement, into which amounts the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements in connection with each such Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment following order of priority: first, concurrently,
a) to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each Holders of the Class A-1AA-1 Certificates, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Agreement relating to the Class A-1AA-1 Certificates, an amount up to any Available Funds Cap Shortfall Amount with respect to such Class A-1Bfor such Distribution Date;
b) to the Holders of the Class A-2 Certificates, Class A-2A and Class A-2B Certificates from amounts received from the Yield Maintenance Distributable Amounts shall be distributed Agreement relating to the Class X-2 A-2 Certificates. For , an amount up to any Available Funds Cap Shortfall Amount with respect to such Class for such Distribution Date on which there is a payment under a Date;
c) to the Holders of the Class A-3 Certificates, from amounts received from the Yield Maintenance Agreement and relating to the Class A-3 Certificates, an amount up to any Available Funds Cap Shortfall Amount with respect to such Yield Maintenance Payment exceeds Class for such Distribution Date; and
d) to the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit Holders of the Class Y Certificates and shall be distributed A-4 Certificates, from amounts received from the Yield Maintenance Agreement relating to the Class Y Certificates A-4 Certificates, an amount up to any Available Funds Cap Shortfall Amount with respect to such Class for such Distribution Date; second, to the Holders of the Class A-X Certificates.
(c) Upon termination of all of the Yield Maintenance Agreements and payment of all amounts owed by the Yield Maintenance Counterparty thereunder, following application by the Securities Administrator of funds in the Yield Maintenance Account on the next succeeding Distribution Date to pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 6.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Administrator, on behalf of the Trustee, shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X1-A1B, Xxxxx X-0XClass 2-A1A1, Xxxxx X-0X Class 2-A1A2, Class 2-A1B, Class 2-A1C, Class 3-A1A2, Class 3-A1B and Class Y 3-A1C Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Securities Administrator shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amount, up Amount with respect to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Agreement related to the Class A-1A1-A1A Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Class on such Distribution Date and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above shall be distributed amounts to the Class X-1 Certificates. On each Distribution Date, Class A-1Bthe Securities Administrator, Class A-2A and Class A-2B Certificates as Paying Agent for the Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to the Class 1-A1B Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Class on such Distribution Date and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above shall be distributed amounts to the Class X-1 Certificates. On each Distribution Date, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 2-A1A1, Class 2-A1A2, Class 2-A1B Certificates and Class 2-A1C Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Classes on such Distribution Date, pro rata, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above shall be distributed amounts to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for On each Distribution Date, the Class Y Certificates Securities Administrator, as Paying Agent for the Trustee, shall be entitled to a payment equal to withdraw from the product of Yield Maintenance Account (i) the excessYield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 3-A1A2, if anyClass 3-A1B Certificates and Class 3-A1C Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Classes on such Distribution Date, of (x) LIBORpro rata, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above shall be distributed amounts to the excessClass X-3B Certificates. If the Seller or its affiliate is the Holder of a Class 1-A1A, if anyClass 1-A1B, Class 2-A1A1, Class 2-A1A2, Class 2-A1B, Class 2-A1C, Class 3-A1A2, Class 3-A1B or Class 3-A1C Certificate, the Seller or its affiliate shall remit to the Securities Administrator the portion of (x) the applicable Yield Maintenance Notional Balance, over (y) Distributable Amounts received by the aggregate balance Holder of the related Certificates such Certificate on the first day of the related Accrual Periodany Distribution Date, and (iii) the quotient Securities Administrator will remit such amounts to the Yield Maintenance Provider. For purposes of this Agreement, the actual number of days in Securities Administrator shall have no duty to confirm that each amount received by it from the accrual period divided by 360Seller or its affiliate with respect to the preceding sentence is the correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder Holders of the Class Y X-1, Class X-2 and Class X-3B Certificates, and the Holder Holders of the Class Y X-1, Class X-2 and Class X-3B Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder Holders of the Class Y X-1, Class X-2 and Class X-3B Certificates. The Securities Administrator shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the related Yield Maintenance Agreements of which a Responsible Officer of the Securities Administrator has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by such Yield Maintenance Agreement as certified to the Securities Administrator by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in May 2016, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Securities Administrator with respect to such Yield Maintenance Agreement shall be distributed directly to the Class X-1, Class X-2 and Class X-3B Certificateholders, as applicable. On the Distribution Date in June 2016 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-15)
Yield Maintenance Account. On or prior to The Trustee shall establish and maintain in the Closing Datename of the Trustee, for the Securities Administrator shall cause to be established benefit of the Class 2-A, Class M-1, Class M-2 and maintained Class B Certificateholders, the Yield Maintenance Account, into which amounts received by Account as a segregated trust account. The Yield Maintenance Account shall not constitute an asset of any REMIC hereunder. Amounts distributed to the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On distributed on each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of follows:
(a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of To the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount2-A Certificateholders, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product lesser of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, One-Month LIBOR for the related Accrual Period plus the Class 2-A Margin for such Distribution Date over (y) the applicable Strike Rate, Class 2-A Rate Cap for such Distribution Date and (ii) amounts in the Yield Maintenance Account received pursuant to the Class 2-A Yield Maintenance Agreement for such Distribution Date;
(b) To the Class M-1 Certificateholders, the lesser of (i) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of One-Month LIBOR for the related Accrual Period, Period plus the Class M-1 Margin for such Distribution Date over the Subordinated Certificates Rate Cap for such Distribution Date and (iiiii) the quotient of the actual number of days amounts in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h)received pursuant to the Class M-1 Yield Maintenance Agreement for such Distribution Date;
(c) To the Class M-2 Certificateholders, and in that regard the lesser of (i) the excess, if any, of One-Month LIBOR for the related Accrual Period plus the Class M-2 Margin for such fund shall be an outside reserve fund Distribution Date over the Subordinated Certificates Rate Cap for such Distribution Date and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by amounts in the Holder of Yield Maintenance Account received pursuant to the Class Y Certificates, and the Holder of M-2 Yield Maintenance Agreement for such Distribution Date; and
(d) To the Class Y B Certificateholders, the lesser of (i) the excess, if any, of One-Month LIBOR for the related Accrual Period plus the Class B Margin for such Distribution Date over the Subordinated Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, Rate Cap for such Distribution Date and (iiiii) amounts transferred by in the REMIC Yield Maintenance Account received pursuant to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesB Yield Maintenance Agreement for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1-A, Class A-1-B, Class A-1-C and Class A-X-1 Certificates, on the one hand (the “Group 1 Yield Maintenance Agreement”) and the Class A-2-A, Class A-2-B, Class A-2-C and Class A-X-2 Certificates, on the other (the “Group 2 Yield Maintenance Agreement”) in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1-A, Class A-1-B, Class A-1-C, Class A-X-1, Class A-2-A, Class A-2-B, Class A-2-C and Class A-X-2 Certificates, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”) comprised of two sub-accounts, into which amounts one relating to the Group 1 Yield Maintenance Agreement (the “Group 1 Yield Maintenance Sub-Account”) and the other relating to the Group 2 Yield Maintenance Agreement (the “Group 2 Yield Maintenance Sub-Account” and collectively, the “Yield Maintenance Sub-Accounts”). Pursuant to each Yield Maintenance Agreement, the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the either Yield Maintenance Agreements Agreement in connection with each such Distribution Date shall be deposited for into the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in the related Yield Maintenance Account shall not be invested and shall not be held in an interestSub-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account in the following order of priority: concurrently,
a) to the Holders of the Class A-1-A, Class A-1-B, Class A-1-C and Class A-X-1 Certificates, from amounts received under the Group 1 Yield Maintenance Agreement on deposit in the Group 1 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(i)(C);
b) to the Holders of the Class A-2-A, Class A-2-B, Class A-2-C and Class A-X-2 Certificates, from amounts received under the Group 2 Yield Maintenance Agreement on deposit in the Group 2 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(ii)(C); and
(c) Upon termination of both Yield Maintenance Agreements and payment of all amounts owed by the Yield Maintenance Distributable Amounts then Counterparty thereunder, following application by the Securities Administrator of funds in each Yield Maintenance Sub-Account on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each next succeeding Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will to pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements Agreement shall be deposited for the benefit of the Class A-1A3A-1, Class X-0X3A-2, Xxxxx X-0X, Xxxxx X-0X Class X and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A 3A-1 and Class A-2B 3A-2 Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a the Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the TrusteeAgent, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A 3A-1 and Class A-2B 3A-2 Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each the Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Yield Maintenance Distributable Amount over the amount of unpaid Basis Risk Shortfalls with respect to the related Certificates. The Securities Administrator shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under the Yield Maintenance Agreement of which a Responsible Officer of the Securities Administrator has actual knowledge. In the event that the Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates on related to the first day Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Accrual PeriodCertificates), and (iii) execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the quotient then-existing protection provided by the Yield Maintenance Agreement as certified to the Securities Administrator by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider; provided, further, that any costs incurred by the Securities Administrator in association with the termination of the actual number Yield Maintenance Provider or the entering into of days in a replacement contract will be reimbursed to the accrual period divided Securities Administrator by 360the Trust Fund. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X Certificates, and the Holder of the Class Y X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class X Certificates. For federal income tax purposes, the Class Y CertificatesCertificates shall represent an interest in each of the Yield Maintenance Agreements. Accordingly, a Class Y Certificateholder should account for its investment in Class Y Certificates under the rules set forth in Treasury Regulation Section 1.446-3(c), which concern notional principal contracts. On any Distribution Date on or prior to the Distribution Date in February 2013, if the aggregate Class Certificate Principal Balance of the Certificates related to the Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Securities Administrator with respect to the Yield Maintenance Agreement shall be distributed directly to the Class Y Certificateholder. On the Distribution Date in February 2013 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Provident Funding Mortgage Loan Trust 2005-1)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator Trustee from the applicable Cap Counterparty pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1ACB-1, Class X-0XCB-3, Xxxxx X-0XClass CB-9, Xxxxx X-0X Class CB-13, Class 5-A-2 and Class Y 5-A-5 Certificates. On each Distribution Date, the Trustee shall withdraw from the Yield Maintenance Account, to the extent funds are available therein and in accordance with the statement received from the Servicer pursuant to Section 4.02(b), the Yield Maintenance Payment Amounts for the Class CB-1, Class CB-3, Class CB-9, Class CB-13, Class 5-A-2 and Class 5-A-5 Certificates for such Distribution Date and deposit such amounts in the Certificate Account for payment to such Classes of Certificates pursuant to Section 4.05(a). Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator The Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any itself any amounts remaining in the Distribution Yield Maintenance Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from later of the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Final Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement Date for the benefit of the Class Y Certificates CB-1, Class CB-3, Class CB-9, Class CB-13, Class 5-A-2 and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 3605-A-5 Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y CertificatesTrustee, and the Holder of the Class Y Certificates Trustee shall report all amounts of income, reductiondeduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder Trustee. The Servicer shall deliver to the Trustee an annual statement showing (x) the amounts received by the Trustee, in its capacity as owner of the Class Y CertificatesYield Maintenance Account for federal tax purposes, as payments on the Yield Maintenance Agreements, and (y) the amounts paid to Certificateholders from such amounts received. The Servicer shall indemnify the Trustee to the extent that any tax liability of the Trustee, in its capacity as owner of the Yield Maintenance Account for federal tax purposes (including the amount of any tax liability resulting from the indemnity payment), exceeds the net funds (that is, the excess of the amount in clause (x) above over the amount in clause (y) above), if any, received by the Trustee from such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT 2005-4)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class 2-A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X 2-A-1B and Class Y 2-A-1C Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (y) the Class 2-A-1A and Class 2-A-1C Certificates or (z) the Class 2-A-1B Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, Trustee will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class 2-A-1A, Class A-1B, Class A-2A 2-A-1B and Class A-2B 2-A-1C Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class 2-A-1A, Class A-1B, Class A-2A 2-A-1B and Class A-2B 2-A-1C Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 2-X Certificates. For any Distribution Date on which there If the Seller or its affiliate is the Holder of a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds Class 2-A-1A, Class 2-A-1B or Class 2-A-1C Certificate, the related Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amount, Amounts received by the amount representing Holder of such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Certificate on any Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y 2-X Certificates, and the Holder of the Class Y 2-X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y 2-X Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the applicable Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in February 2014, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class 2-X Certificateholder. On the Distribution Date in March 2014 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-9)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X1-A1B, Xxxxx X-0XClass 2-A1A, Xxxxx X-0X Class 2-A1B, Class 2-A1C1, Class 2-A1C2 and Class Y X Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (w) the Class 1-A1A Certificates, (x) the Class 1-A1B Certificates, (y) the Class 2-A1A, Class 2-A1B and Class 2-A1C2 Certificates or (z) the Class 2-A1C1 Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, Trustee will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A, Class 2-A1B, Class 2-A1C1 and Class A-2B 2-A1C2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A, Class 2-A1B, Class 2-A1C1 and Class A-2B 2-A1C2 Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 X Certificates. For any Distribution Date on which there If the Seller or its affiliate is the Holder of a payment under a Yield Maintenance Agreement Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B, Class 2-A1C1 and such Yield Maintenance Payment exceeds Class 2-A1C2 Certificate, the related Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amount, Amounts received by the amount representing Holder of such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Certificate on any Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X Certificates, and the Holder of the Class Y X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the applicable Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in March 2016, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class X Certificateholder. On the Distribution Date in March 2016 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-10)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A, Class X-0X2-A1A, Xxxxx X-0XClass 2-A1B, Xxxxx X-0X Class 2-A2A, Class 2-A2B, Class 2-A3, Class 3-A1A, Class 3-A1B, Class 3-A2A, Class 3-A2B, Class 3-A4 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under each Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to the Class 1-A, Class 2-A1A, Class 2-A1B, Class 2-A2A, Class 2-A2B and Class 2-A3 Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Class on such Distribution Date, pro rata, based on amounts due, (ii) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 3-A1A, Class 3-A1B, Class 3-A2A, Class 3-A2B and Class 3-A4 Certificates then on deposit therein, and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, and (iii) any amounts remaining on deposit therein after distributions made pursuant to (i) and (ii) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Y Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A2A, Class 2-A2B, Class 2-A3, Class 3-A1A, Class 3-A1B, Class 3-A2A, Class 3-A2B and Class A-2B 3-A4 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Certificates on Yield Maintenance Distributable Amount over the first day amount of unpaid Basis Risk Shortfalls with respect to the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, REMIC and (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom. The Trustee shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under the Yield Maintenance Agreement of which a Responsible Officer of the Trustee has actual knowledge. In the event that an Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (iii) amounts transferred from a counterparty designated by the REMIC Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the fund then-existing protection provided by the Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date prior to the Distribution Date in August 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be treated as distributed by the REMIC directly to the Holder of the Class Y CertificatesCertificateholder. Prior to the Distribution Date in August 2015 and upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-11)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X X-0X, Class X-2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar2)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements Agreement shall be deposited for the benefit of the Class A-1A2-A1A, Class X-0X2-A1B, Xxxxx X-0X, Xxxxx X-0X Class 2-A2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to the Class 2-A1A, Class 2-A1B and Class 2-A2 Certificates then on deposit therein, therein and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, pro rata, based on amounts due and (ii) any amounts remaining on deposit therein after distributions made pursuant to (i) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Y Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A2-A1A, Class A-1B, Class A-2A 2-A1B and Class A-2B 2-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a the Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each the Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Certificates on Yield Maintenance Distributable Amount over the first day amount of unpaid Basis Risk Shortfalls with respect to the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, and (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom. The Trustee shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under the Yield Maintenance Agreement of which a Responsible Officer of the Trustee has actual knowledge. In the event that an Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (iii) amounts transferred from a counterparty designated by the REMIC Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the fund then-existing protection provided by the Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in September 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to the Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be treated as distributed by the REMIC directly to the Holder of the Class Y CertificatesCertificateholder. On the Distribution Date in September 2015 or upon the termination of the Trust, the Yield Maintenance Agreement shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich HarborView Mortgage Loan Trust 2005-1)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X1-A1B, Xxxxx X-0XClass 2-A1A1, Xxxxx X-0X Class 2-A1A2, Class 2-A1B, Class 2-A1C and Class Y X Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (w) the Class 1-A1A Certificates, (x) the Class 1-A1B Certificates, (y) the Class 2-A1A1, Class 2-A1A2 and Class 2-A1B Certificates or (z) the Class 2-A1C Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, Trustee will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A1, Class 2-A1A2, Class 2-A1B and Class A-2B 2-A1C Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A1, Class 2-A1A2, Class 2-A1B and Class A-2B 2-A1C Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 X Certificates. For any Distribution Date on which there If the Seller or its affiliate is the Holder of a payment under a Yield Maintenance Agreement Class 1-A1A, Class 1-A1B, Class 2-A1A1, Class 2-A1A2, Class 2-A1B and such Yield Maintenance Payment exceeds Class 2-A1C Certificate, the related Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amount, Amounts received by the amount representing Holder of such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Certificate on any Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X Certificates, and the Holder of the Class Y X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the applicable Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in April 2016, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class X Certificateholder. On the Distribution Date in April 2016 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling Agreement (Greenwich Capital Acceptance Inc)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreement on behalf of the Trust, for the benefit of the Class A-1 and Class A-2 Certificates (the “Yield Maintenance Agreement”), in the form presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreement, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreement.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1 and Class A-2 Certificates, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”). Pursuant to the Yield Maintenance Agreement, into which amounts the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to the Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amount received by the Securities Administrator pursuant to the Yield Maintenance Agreements Agreement in connection with each such Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each Holders of the Class A-1A, Class A-1B, Class A-2A A-1 Certificates and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B A-2 Certificates from in accordance with Section 5.01(a)(ii).
(c) Upon termination of the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such payment of all amounts owed by the Yield Maintenance Payment exceeds Counterparty thereunder, following application by the related Securities Administrator of funds in the Yield Maintenance Distributable Amount, Account on the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed next succeeding Distribution Date to the Class Y Certificates pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator (a) The Indenture Trustee shall cause to be established establish and maintained maintain the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant Account to the Yield Maintenance Agreements shall be deposited held in trust for the benefit of Holders of the Class A-1ANotes. The Yield Maintenance Account shall at all times be an Eligible Account. On each Payment Date, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificatesthe Indenture Trustee shall deposit in the Yield Maintenance Account all amounts received on the Yield Maintenance Agreement since the preceding Payment Date. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. at the direction of the Master Servicer.
(b) On each Distribution DatePayment Date (before giving effect to the distributions pursuant to Section 4.1(g)), the Securities Administrator Indenture Trustee shall withdraw from apply all payments received on the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit Agreement for such amounts Payment Date in the Distribution Account for payment following order of priority: first, pro rata, to the Class A-1A, Class A-1B, Class A-2A A-1C, Class A-2, Class A-3 and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance AgreementA-4 Notes, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of any Current Interest that each for such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (aClasses not paid in accordance with Section 4.1(a) One-Month LIBOR plus the applicable margin and any remaining Available Funds Shortfall for the related Accrual Period and (b) 10.50% per annumsuch Class; second, to the extent Class M-1 Notes, any Current Interest for such Class not paid out of the in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Payment Date. Each of the Class A-1AClass; third, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1AM-2 Notes, any Current Interest for such Class A-1Bnot paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; fourth, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For M-3 Notes, any Distribution Date on which there is a payment under a Yield Maintenance Agreement Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountClass; fifth, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates M-4 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; sixth, to the Class M-5 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; seventh, to the Class M-6 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; eighth, to the Class B-1Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; ninth, to the Class B-2 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; tenth, to the Class B-3 Notes, any Current Interest for such Class not paid in accordance with Section 4.1(a) and any remaining Available Funds Shortfall for such Class; and eleventh, any remainder to the Trust Certificate pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h4.1(g), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2004-3)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A, Class X-0X2-A1A, Xxxxx X-0XClass 2-A1B, Xxxxx X-0X Class 2-A1C, Class 2-A1D, Class 2-A2 and Class Y X-2 Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (x) the Class 1-A Certificates or (y) the Class 2-A1A, Class 2-A2B, Class 2-A1C, Class 2-A1D and Class 2-A2 Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A1C, Class 2-A1D and Class A-2B 2-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B, Class 2-A1C and Class A-2B 2-A2 Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on The Securities Administrator shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which there is a payment under Responsible Officer of the Securities Administrator has actual knowledge. In the event that a Yield Maintenance Agreement and is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Payment exceeds Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Yield Maintenance Distributable AmountCertificates), the amount representing such excess payment shall execute (not be an asset in its individual capacity, but solely as Securities Administrator on behalf of the Trust Fund and, instead, shall be paid into and distributed out of Trustee) a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed replacement contract comparable to the Class Y Certificates pursuant to this Section 4.05. Under each such Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment providing interest rate protection which is equal to the product then-existing protection provided by the Yield Maintenance Agreement as certified to the Securities Administrator by the Depositor; provided, however, that the cost of (i) any such replacement contract providing the excess, if any, of (x) LIBOR, subject same interest rate protection may be reduced to a maximum level such that the cost of 10.50%, over (y) such replacement contract shall not exceed the applicable Strike Rate, (ii) amount of any early termination payment received from the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider; provided, over (y) further, that any costs incurred by the aggregate balance Securities Administrator in association with the termination of the related Certificates on Yield Maintenance Provider or the first day entering into of a replacement contract will be reimbursed to the related Accrual Period, and (iii) Securities Administrator by the quotient of the actual number of days in the accrual period divided by 360Trust Fund. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X-2 Certificates. If the Seller or its affiliate is the Holder of a Class 1-A, Class 2-A1A, Class 2-A1B, Class 2-A1C, Class 2-A1D or Class 2-A2 Certificate, the Seller or such affiliate shall remit to the Securities Administrator the portion of Yield Maintenance Distributable Amounts received by the Holder of such Certificate on any Distribution Date 2 days after providing notice to the Securities Administrator of its intent to remit such amount, and the Securities Administrator will remit such amounts to the Yield Maintenance Provider 2 days after providing notice to the Yield Maintenance Provider of its intent to remit such amount. For purposes of this Agreement, the Securities Administrator shall have no duty to confirm that each amount received by it from the Seller or its affiliate with respect to the preceding sentence is the correct amount. For purposes of this Section, all such remittances made to the Securities Administrator will be made to the following wire account: Xxxxx Fargo Bank, N.A. ABA#: 121 000 248 Account Name: SAS CLEARING Account Number: 0000000000 For further credit to: DSLA 2005-AR4, Account # 00000000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar4)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A4-A1A, Class X-0X4-A1B, Xxxxx X-0XClass 4-A2, Xxxxx X-0X Class B-1 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under each Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amounts Amount with respect to the Yield Maintenance Agreement related to the Class 4-A1A, Class 4-A1B and Class 4-A2 Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Class on such Distribution Date, pro rata, based on amounts due, (ii) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class B-1 Certificates then on deposit therein, and deposit distribute such amounts in the respect of any Basis Risk Shortfalls for such Class on such Distribution Account for payment Date, and (iii) any amounts remaining on deposit therein after distributions made pursuant to (i) and (ii) above, and distribute such amounts to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Y Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A4-A1A, Class A-1B4-A1B, Class A-2A 4A2 and Class A-2B B-1 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.054.04. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment distribution equal to the product sum of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, such excess and (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance excess of the related Certificates on Yield Maintenance Distributable Amount over the first day amount of unpaid Basis Risk Shortfalls with respect to the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360Certificates. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates. The Trustee shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under the Yield Maintenance Agreement of which a Responsible Officer of the Trustee has actual knowledge. In the event that an Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in July 2015, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class Y Certificateholder. On the Distribution Date in July 2015 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-9)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A, Class X-0X2-A1A, Xxxxx X-0XClass 2-A1B, Xxxxx X-0X Class 2-A2, Class X-2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B and Class A-2B 2-A2 Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B and Class A-2B 2-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A, Class A-1B2-A1A, Class A-2A 2-A1B and Class A-2B 2-A2 Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable AmountAmount for such Distribution Date, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. The Securities Administrator shall terminate the Yield Maintenance Provider upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Securities Administrator has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the Yield Maintenance Agreement as certified to the Securities Administrator by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider; provided, further, that any costs incurred by the Securities Administrator in association with the termination of the Yield Maintenance Provider or the entering into of a replacement contract will be reimbursed to the Securities Administrator by the Trust Fund. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class X-2 Certificates. For federal income tax purposes, the Class Y CertificatesCertificates shall represent an interest in each of the Yield Maintenance Agreements. Accordingly, a Class Y Certificateholder should account for its investment in Class Y Certificates under the rules set forth in Treasury Regulation Section 1.446-3(c), which concern notional principal contracts.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Dsla Mortgage Loan Trust 2005-Ar1)
Yield Maintenance Account. On or prior to The Trustee shall establish and maintain in the Closing Datename of the Trustee, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1AA-1, Class X-0XA-2, Xxxxx X-0XClass M-1, Xxxxx X-0X Class M-2 and Class Y CertificatesB Certificateholdexx, xxx Xxxxx Maintenance Account as a segregated trust account. Amounts on deposit in the The Yield Maintenance Account shall not constitute an asset of any REMIC hereunder. Amounts distributed to the Trustee pursuant to the Yield Maintenance Agreement shall be invested deposited into the Yield Maintenance Account and shall not be held in an interest-bearing account. On distributed on each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit thereinas follows:
(a) FIRST, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A A-1 and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is A-2 Certificateholders, the lesser of (1) the amount received under a the Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to and (2) the amount of Current Interest that each such Class would have been entitled to receive on such Distribution Date had the applicable note interest rate Pass-Through Rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Class A-1 Margin or the Class A-2 Margin, as applicable, for the related Accrual Period and (B) 11% per annum, in each case to the extent not otherwise paid from Interest Funds, pro rata, based on the amount of such shortfall in Interest Funds;
(b) 10.50SECOND, to the Class M-1 Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clause (a) above, and (2) the amount of Current Interest that the Class M-1 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-1 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds;
(c) THIRD, to the Class M-2 Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clauses (a) and (b) above and (2) the amount of Current Interest that the Class M-2 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-2 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds; and
(d) FOURTH, to the Class B Certificateholders, the lesser of (1) the amount received under the Yield Maintenance Agreement remaining after application pursuant to clauses (a), (b) and (c) above and (2) the amount of Current Interest that the Class B Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated at the lesser of (A) One-Month LIBOR plus the Class B Margin for the related Accrual Period and (B) 11% per annum, to the extent not otherwise paid out of from Interest Funds. In the Available Funds for such Payment Date. Each of event that the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts amount received from by the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Trustee with respect to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each any Distribution Date, exceeds the Class Y Certificates shall be entitled to a payment equal to amounts required under subclause (2) of clauses (a) through (d) above on such Distribution Date, such aggregate amount will constitute the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Excess Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, Amount and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall will be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to Trustee on such Distribution Date in the Holder of manner set forth in Section 5.04(a)(iii) in accordance with the Class Y CertificatesRemittance Report for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreements on behalf of the Trust, for the benefit of the Class A-1 and Class A-X Certificates (the “Group 1 Yield Maintenance Agreement”), Class A-2 and Class A-X Certificates (the “Group 2 Yield Maintenance Agreement”) and Class A-3 and Class A-X Certificates (“the Group 3 Yield Maintenance Agreement”), in the forms presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreements, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance Agreements.
(b) The Securities Administrator shall establish and maintain an account, for the benefit of the Class A-1, Class A-2, Class A-3 and Class A-X Certificates, as a segregated non-interest bearing trust account which shall be an Eligible Account (the “Yield Maintenance Account”) comprised of three sub-accounts, into which amounts one relating to the Group 1 Yield Maintenance Agreement (the “Group 1 Yield Maintenance Sub-Account”), one relating to the Group 2 Yield Maintenance Agreement (the “Group 2 Yield Maintenance Sub-Account” and one relating to the Group 3 Yield Maintenance Agreement (the “Group 3 Yield Maintenance Sub-Account”) and collectively, the “Yield Maintenance Sub-Accounts”. Pursuant to each Yield Maintenance Agreement, the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to such Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amounts received by the Securities Administrator pursuant to the any Yield Maintenance Agreements Agreement in connection with each such Distribution Date shall be deposited for into the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in the related Yield Maintenance Account shall not be invested and shall not be held in an interestSub-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account in the following order of priority: concurrently,
a) to the Holders of the Class A-1 Certificates, from amounts received under the Group 1 Yield Maintenance Agreement on deposit in the Group 1 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(i)(C);
b) to the Holders of the Class A-2 Certificates, from amounts received under the Group 1 Yield Maintenance Agreement on deposit in the Group 2 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(ii)(C); and
c) to the Holders of the Class A-3 Certificates, from amounts received under the Group 3 Yield Maintenance Agreement on deposit in the Group 3 Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(iii)(C); and second, to the Holders of the Class A-X Certificates.
(c) Upon termination of all of the Yield Maintenance Distributable Amounts then on deposit therein, Agreements and deposit such payment of all amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from owed by the Yield Maintenance Distributable AmountCounterparty thereunder, up to following application by the amount Securities Administrator of Current Interest that funds in each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in Sub-Account on the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any next succeeding Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-3)
Yield Maintenance Account. On (a) The Securities Administrator is hereby directed by the Depositor to execute and deliver the Yield Maintenance Agreement on behalf of the Trust, for the benefit of the Class A-1 and Class A-2 Certificates (the "YIELD MAINTENANCE AGREEMENT"), in the form presented to it by the Depositor and shall have no responsibility for the contents, adequacy or prior sufficiency of the Yield Maintenance Agreement, including, without limitation, the representations and warranties contained therein. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to the Closing Date, authorize the Securities Administrator shall cause to be established execute and maintained deliver the Yield Maintenance AccountAgreement.
(b) The Securities Administrator shall establish and maintain an account, into for the benefit of the Class A-1 and Class A-2 Certificates, as a segregated non-interest bearing trust account which amounts shall be an Eligible Account (the "YIELD MAINTENANCE ACCOUNT"). Pursuant to the Yield Maintenance Agreement, the Yield Maintenance Counterparty shall have provided the Securities Administrator, the Trustee and the Master Servicer with notice of the Yield Maintenance Amount, if any, to be paid by the Yield Maintenance Counterparty to the Securities Administrator for the account of the Trust pursuant to the Yield Maintenance Agreement for each Distribution Date. Any Yield Maintenance Amount received by the Securities Administrator pursuant to the Yield Maintenance Agreements Agreement in connection with each such 100 Distribution Date shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing accountAccount. On each Distribution Date, the Securities Administrator on behalf of the Trust shall withdraw from distribute amounts on deposit in the Yield Maintenance Account in the following order of priority: first, to the Holders of the Class A-1 Certificates and the Class A-2 Certificates, from amounts received under the Yield Maintenance Distributable Amounts then on deposit therein, Agreement in accordance with Section 5.01(a)(ii); and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annumsecond, to the extent not paid out of the Available Funds for such Payment Date. Each Holders of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from A-X Certificates.
(c) Upon termination of the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such payment of all amounts owed by the Yield Maintenance Payment exceeds Counterparty thereunder, following application by the related Securities Administrator of funds in the Yield Maintenance Distributable Amount, Account on the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed next succeeding Distribution Date to the Class Y Certificates pay amounts owed pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Distribution DateSection 5.01, the Class Y Certificates Securities Administrator shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, terminate the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y CertificatesAccount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X 1-A1B and Class Y X-2 Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (x) the Class 1-A1A and Class 1-A1B Certificates or (y) the Class 2-A1A and Class 2-A2B Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A and Class A-2B 2-A1B Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts received under the Yield Maintenance Agreements remaining in the Distribution Account after distributions are made to the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 2-A1A and Class A-2B 2-A1B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on The Securities Administrator shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which there is a payment under Responsible Officer of the Securities Administrator has actual knowledge. In the event that a Yield Maintenance Agreement and is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Payment exceeds Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Yield Maintenance Distributable AmountCertificates), the amount representing such excess payment shall execute (not be an asset in its individual capacity, but solely as Securities Administrator on behalf of the Trust Fund and, instead, shall be paid into and distributed out of Trustee) a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed replacement contract comparable to the Class Y Certificates pursuant to this Section 4.05. Under each such Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment providing interest rate protection which is equal to the product then-existing protection provided by the Yield Maintenance Agreement as certified to the Securities Administrator by the Depositor; provided, however, that the cost of (i) any such replacement contract providing the excess, if any, of (x) LIBOR, subject same interest rate protection may be reduced to a maximum level such that the cost of 10.50%, over (y) such replacement contract shall not exceed the applicable Strike Rate, (ii) amount of any early termination payment received from the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider; provided, over (y) further, that any costs incurred by the aggregate balance Securities Administrator in association with the termination of the related Certificates on Yield Maintenance Provider or the first day entering into of a replacement contract will be reimbursed to the related Accrual Period, and (iii) Securities Administrator by the quotient of the actual number of days in the accrual period divided by 360Trust Fund. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y X-2 Certificates, and the Holder of the Class Y X-2 Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y X-2 Certificates.. If the Seller or its affiliate is the Holder of a Class 1-A1A, Class 1-A1B, Class 2-A1A or Class 2-A1B Certificate, the Seller or such affiliate shall remit to the Securities Administrator the portion of Yield Maintenance Distributable Amounts received by the Holder of such Certificate on any Distribution Date 2 days after providing notice to the Securities Administrator of its intent to remit such amount, and the Securities Administrator will remit such amounts to the Yield Maintenance Provider 2 days after providing notice to the Yield Maintenance Provider of its intent to remit such amount. For purposes of this Agreement, the Securities Administrator shall have no duty to confirm that each amount received by it from the Seller or its affiliate with respect to the preceding sentence is the correct amount. For purposes of this Section, all such remittances made to the Securities Administrator will be made to the following wire account: Xxxxx Fargo Bank, N.A. ABA#: 121 000 248 Account Name: SAS CLEARING Account Number: 0000000000 For further credit to: DSLA 2005-AR5, Account # 00000000
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2005-Ar5)
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts Yield Maintenance Payments received by the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A1-A1A, Class X-0X1-A1B, Xxxxx X-0XClass 1-A2A, Xxxxx X-0X Class 1-A2B, Class 1-A2C and Class Y 1-X Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall deposit all amounts received from the Yield Maintenance Provider under the Yield Maintenance Agreements into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts Amount then on deposit thereintherein with respect to (w) the Class 1-A1A Certificates, (x) the Class 1-A1B Certificates, (y) the Class 1-A2A and Class 1-A2B Certificates or (z) the Class 1-A2C Certificates, as applicable, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B related Classes of Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, Trustee will pay to the related Certificateholders from the related Yield Maintenance Distributable Amount, up to the amount of Current Interest current interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin Margin for the related Accrual Period and (b) 10.5011.00% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 1-A2A, Class 1-A2B and Class A-2B 1-A2C Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A1-A1A, Class A-1B1-A1B, Class A-2A 1-A2A, Class 1-A2B and Class A-2B 1-A2C Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 1-X Certificates. For any Distribution Date on which there If the Seller or its affiliate is the Holder of a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds Class 1-A1A, Class 1-A1B, Class 1-A2A, Class 1-A2B or Class 1-A2C Certificate, the related Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amount, Amounts received by the amount representing Holder of such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each Certificate on any Distribution Date, and the Class Y Certificates shall be entitled to a payment equal Trustee will remit such amounts to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional BalanceProvider. For purposes of this Agreement, over (y) the aggregate balance of Trustee shall have no duty to confirm that each amount received by it from the related Certificates on Seller or its affiliate with respect to the first day of preceding sentence is the related Accrual Period, and (iii) the quotient of the actual number of days in the accrual period divided by 360correct amount. To the extent that it constitutes a "“reserve fund" ” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "“outside reserve fund" ” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y 1-X Certificates, and the Holder of the Class Y 1-X Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, therefrom and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y 1-X Certificates. The Trustee shall terminate the Yield Maintenance Agreements upon the occurrence of an event of default or termination event under the Yield Maintenance Agreements of which a Responsible Officer of the Trustee has actual knowledge. In the event that a Yield Maintenance Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trustee shall, at the direction of Certificateholders evidencing Voting Rights not less than 50% of the Certificates related to such Yield Maintenance Agreement, and to the extent a replacement contract is available (from a counterparty designated by the Depositor and acceptable to Certificateholders evidencing Voting Rights not less than 50% of the related Certificates), execute a replacement contract comparable to such Yield Maintenance Agreement providing interest rate protection which is equal to the then-existing protection provided by the applicable Yield Maintenance Agreement as certified to the Trustee by the Depositor; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Yield Maintenance Provider. On any Distribution Date on or prior to the Distribution Date in February 2016, if the aggregate Class Certificate Principal Balance of the Certificates related to a Yield Maintenance Agreement equals zero (but not including the Distribution Date on which such aggregate Class Certificate Principal Balance is reduced to zero), all amounts received by the Trustee with respect to such Yield Maintenance Agreement shall be distributed directly to the Class 1-X Certificateholder. On the Distribution Date in March 2016 or upon the termination of the Trust, the Yield Maintenance Agreements shall be terminated.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Yield Maintenance Account. On or prior to The Trustee shall establish and maintain in the Closing Datename of the Trustee, for the Securities Administrator shall cause to be established benefit of the Class 2-A, Class M-1, Class M-2 and maintained Class B Certificateholders, the Yield Maintenance Account, into which amounts received by Account as a segregated trust account. The Yield Maintenance Account shall not constitute an asset of any REMIC hereunder. Amounts distributed to the Securities Administrator Trustee pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X and Class Y Certificates. Amounts on deposit in into the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. On distributed on each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment as follows:
(a) to the Class A-1A2-A Certificateholders, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is the lesser of (1) the amount received under a the Class 2-A Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to and (2) the amount of Current Interest that each such the Class 2-A Certificates would have been entitled to receive on such Distribution Date had the applicable note interest Pass-Through rate been calculated at the lesser of (aA) One-Month LIBOR plus the applicable margin Class 2-A Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds;
(b) 10.50to the Class M-1 Certificateholders, the lesser of (1) the amount received under the Class M-1 Yield Maintenance Agreement, and (2) the amount of Current Interest that the Class M-1 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-1 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds;
(c) to the Class M-2 Certificateholders, the lesser of (1) the amount received under the Class M-2 Yield Maintenance Agreement, and (2) the amount of Current Interest that the Class M-2 Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through rate been calculated at the lesser of (A) One-Month LIBOR plus the Class M-2 Margin for the related Accrual Period and (B) 11% per annum to the extent not otherwise paid from Interest Funds; and
(d) to the Class B Certificateholders, the lesser of (1) the amount received under the Class B Yield Maintenance Agreement, and (2) the amount of Current Interest that the Class B Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through rate been calculated at the lesser of (A) One-Month LIBOR plus the Class B Margin for the related Accrual Period and (B) 11% per annum, to the extent not otherwise paid out of from Interest Funds. In the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from event that amounts received from by the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made Trustee with respect to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and relating to subclause (1) of clauses (a) through (d) above, as applicable, exceed the amount required under subclause (2) of clauses (a) through (d) above, respectively, such aggregate amount will constitute the Excess Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment shall not be an asset of the Trust Fund and, instead, shall be paid into Amount and distributed out of a separate trust created by this Agreement for the benefit of the Class Y Certificates and shall will be distributed to the Class Y Certificates pursuant to this Section 4.05. Under each Yield Maintenance Agreement and for each on such Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (x) LIBOR, subject to a maximum of 10.50%, over (y) the applicable Strike Rate, (ii) the excess, if any, of (x) the applicable Yield Maintenance Notional Balance, over (y) the aggregate balance of the related Certificates on the first day of the related Accrual Period, and (iii) the quotient of the actual number of days Date in the accrual period divided by 360. To the extent that it constitutes a "reserve fund" for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an "outside reserve fund" as defined manner set forth in Treasury Regulation 1.860G-2(hSection 5.04(a)(III) through (VIII), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, reduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
