Swap Certificates definition
Examples of Swap Certificates in a sentence
Such assets shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Swap Certificates, which Swap Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date.
On the Business Day preceding each Distribution Date, the Swap Trustee shall notify the Trustee of any amounts distributable to the Swap Certificates pursuant to Section 4.02(h)(iii) through (viii) that will remain unpaid following all distributions to be made on such Distribution Date pursuant to Section 4.02(a) through (c).
With respect to the REMIC III Regular Certificates, Exchangeable Certificates and Swap Certificates that are issued in book-entry form, on the Closing Date, the Authenticating Agent upon the order of the Depositor shall authenticate Book-Entry Certificates that are issued to a Clearing Agency or its nominee as provided in Section 3.7 against payment of the purchase price thereof.
Each Class of Exchangeable Certificates and Swap Certificates shall be issued on the Closing Date with the respective Aggregate Certificate Balance set forth for such Class in the Preliminary Statement hereto.
The Trustee, the Certificate Registrar and the Depositor shall not have any obligation to monitor transfers of Book-Entry Certificates or Restricted Global Securities that are ERISA Restricted Swap Certificates, ERISA Restricted Certificates or Class R Certificates or any liability for transfers of such Certificates in violation of the transfer restrictions.
Until all of the LIBOR Certificates and the Swap Certificates are paid in full, the Trustee will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date.
Under no circumstances may the Certificate Administrator vary the assets of the Swap Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Swap Certificates.
On the Business Day preceding each Distribution Date, the Swap Trustee shall notify the Swap Contract Administrator of any amounts distributable to the Certificate Swap Certificates pursuant to Section 4.02(d)(3) through (8) that will remain unpaid following all distributions to be made on such Distribution Date pursuant to Section 4.02(a) through (c).
With respect to the REMIC III Regular Certificates, EC Trust Certificates and Swap Certificates that are issued in book-entry form, on the Closing Date, the Authenticating Agent upon the order of the Depositor shall authenticate Book-Entry Certificates that are issued to a Clearing Agency or its nominee as provided in Section 3.7 against payment of the purchase price thereof.
Each Class of EC Trust Certificates and Swap Certificates shall be issued on the Closing Date with the respective Aggregate Certificate Balance set forth for such Class in the Preliminary Statement hereto.