The Supplemental Interest Trust definition

The Supplemental Interest Trust shall be an "outside reserve fund" for federal income tax purposes and not an asset of any Trust REMIC. Furthermore, the Holders of the Class X Certificates shall be the beneficial owners of the Supplemental Interest Trust for all federal income tax purposes, and shall be taxable on all income earned thereon. With respect to the failure of the Swap Provider to perform any of its obligations under the Interest Rate Swap Agreement, the breach by the Swap Provider of any of its representations and warranties made pursuant to the Interest Rate Swap Agreement, or the termination of the Interest Rate Swap Agreement, the Trustee shall send any notices and make any demands, on behalf of the Trust, as are required under the Interest Rate Swap Agreement. The Trustee shall cause any replacement swap provider to provide a copy of the related replacement interest rate swap agreement to the Trustee and the Depositor.
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The Supplemental Interest Trust shall hold a trust account (which shall be an Eligible Account), the "Class A-7 Supplemental Interest Payment Account" to be held by the Trustee in its name on behalf of the Supplemental Interest Trust. None of the assets of the Supplemental Interest Trust shall be considered assets of the REMIC Trust, and any amounts transferred from the REMIC Trust to the Supplemental Interest Trust shall be treated as distributions with respect to the Class B Certificates.
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The Supplemental Interest Trust shall be an "outside reserve fund" for federal income tax purposes and not an asset of any Trust REMIC. Furthermore, the Holders of the Class CE Certificates shall be the beneficial owners of the Supplemental Interest Trust for all federal income tax purposes, and shall be taxable on all income earned thereon. With respect to the failure of the Swap Provider to perform any of its obligations under the Interest Rate Swap Agreement, the breach by the Swap Provider of any of its representations and warranties made pursuant to the Interest Rate Swap Agreement, or the termination of the Interest Rate Swap Agreement, the Trustee shall send any notices and make any demands, on behalf of the Trust, as are required under the Interest Rate Swap Agreement. The Trustee shall cause any replacement swap provider to provide a copy of the related replacement interest rate swap agreement to the Trustee and the Depositor. The Trustee shall provide notice to the Swap Provider no later than the Business Day immediately following the date on which the Swap Provider fails to make, when due, any transfer of collateral pursuant to the Credit Support Annex of the Interest Rate Swap Agreement.
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Examples of The Supplemental Interest Trust in a sentence

  • The Supplemental Interest Trust shall be maintained by the Supplemental Interest Trust Trustee.

  • The Supplemental Interest Trust shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee or of the Securities Administrator held pursuant to this Agreement.

  • The Supplemental Interest Trust Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.

  • The Supplemental Interest Trust shall be maintained by the Supplemental Interest Trust Trustee, who initially, shall be the Trustee.

  • The Supplemental Interest Trust shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.

  • The Supplemental Interest Trust will not be an asset of any REMIC.

  • The Supplemental Interest Trust will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h).

  • The Supplemental Interest Trust shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Securities Administrator held pursuant to this Agreement.

  • The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby.

  • The Supplemental Interest Trust Trustee shall keep records that accurately reflect the funds on deposit in the Supplemental Interest Trust Account.


More Definitions of The Supplemental Interest Trust

The Supplemental Interest Trust shall hold two trust accounts, each a "Supplemental Interest Payment Account", to be held by the Trustee in its name on behalf of the Supplemental Interest Trust. If, on any Determination Date, the Trustee determines that the amount to be available on the next Payment Date in a Supplemental Interest Payment Account with respect to Class A-6 (such amount, the "Supplemental Interest Payment Amount") is less than the excess of (i) the Full Interest Distribution Amount for such Class over (ii) the Interest Distribution Amount for such Class as of such Payment Date (the difference, if any, between the Supplemental Interest Payment Amount and such excess, the "Class A-6 Formula Interest Shortfall"), the Trustee shall deliver a notice in the form of Exhibit O hereto to the Designated Residual Owner demanding that the Designated Residual Owner fund such Formula Interest Shortfall on the related Payment Date. The amount so funded by the Designated Residual Owner on any such Payment Date is the "Interest Advance" with respect to the related Class for such Payment Date. The Trustee shall deposit any Interest Advance received by it in the amount of the Formula Interest Shortfall for such Class into the Class A Group II Distribution Account. On each Payment Date, the Trustee shall withdraw from the related Supplemental Interest Payment Account and deposit the Class A-6 Formula Interest Shortfall in the Class A Group II Distribution Account; provided that the amount to be withdrawn may not exceed the related Supplemental Interest Payment Amount (such amount, the "Funded Amount").
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Related to The Supplemental Interest Trust

  • Supplemental Interest Trust The corpus of a trust created pursuant to Section 5.07 of this Agreement and designated as the “Supplemental Interest Trust,” consisting of the Swap Agreement, the Swap Account, the Interest Rate Cap Agreement, the Interest Rate Cap Account, the right to receive the Class X Distributable Amount as provided in Section 5.02(f)(vi), the Class LT4-I interest in REMIC 4 and the right to receive Class I Shortfalls.

  • Supplemental Interest Trust Trustee Xxxxx Fargo Bank, N.A., a national banking association, not in its individual capacity but solely in its capacity as supplemental interest trust trustee, and any successor thereto.

  • Supplemental Interest Account As defined in Section 4.07 hereof.

  • Master Trust Trustee means the entity acting as trustee under the applicable Pooling and Servicing Agreement.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Lead Securitization Trust means the Securitization Trust created in connection with the Lead Securitization.

  • Initial Mortgage Loans The Mortgage Loans included in the Trust as of the Closing Date.

  • Residual Interest Certificate means any of the Class R-I Certificates, the Class R-II Certificates, the Class R-III Certificates or, if issued in accordance with Section 2.06, the Class R-LR Certificates.

  • Residual Interest The sole class of "residual interests" in a REMIC within the meaning of Section 860G(a)(2) of the Code.

  • Non-Lead Securitization Trust means the Securitization Trust into which any Non-Lead Securitization Note is deposited.

  • Trust Student Loan means any student loan that is listed on the Schedule of Trust Student Loans on the Closing Date, plus any Additional Loan, plus any Substituted Loan that is permissibly substituted for a Trust Student Loan by the Depositor pursuant to Section 6(B) of the Sale Agreement or pursuant to Section 6(B) of an Additional Sale Agreement, or by the Servicer pursuant to Section 3.5 of the Servicing Agreement, but shall not include any Purchased Loan following receipt by or on behalf of the Trust of the Purchase Amount with respect thereto or any Liquidated Student Loan following receipt by or on behalf of the Trust of Liquidation Proceeds with respect thereto or following such Liquidated Student Loan having otherwise been written off by the Servicer.

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

  • Class R Residual Interests The Class R-1 and Class R-2 Residual Interests (which shall be transferable only as a unit evidenced by the Class R Certificates, in accordance with the applicable provisions of Section 5.01).

  • Lower-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

  • Initial Mortgage Loan A Mortgage Loan conveyed to the Trust Fund on the Closing Date pursuant to this Agreement as identified on the Mortgage Loan Schedule delivered to the Trustee on the Closing Date.

  • Cap Counterparty Not applicable.

  • Residual Interests As specified in the Preliminary Statement.

  • Pass Through Trust Agreement means each of the two separate Trust Supplements relating to the Pass Through Trusts, together in each case with the Basic Pass Through Trust Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

  • Securitization Trust means a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.

  • Class C Certificateholder means the person in whose name a Class C Certificate is registered on the Certificate Register.

  • First trust means a trust over which an authorized fiduciary may exercise the decanting power.

  • Trust Administrator [______________] Independent Accountants:

  • Pass Through Trustee means the trustee under each Pass Through Trust Agreement, together with any successor in interest and any successor or other trustee appointed as provided in such Pass Through Trust Agreement.

  • Lead Securitization Servicing Agreement means (i) the pooling and servicing agreement or other comparable agreement related to the Lead Securitization, and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

  • Original Trust Agreement has the meaning specified in the recitals to this Trust Agreement.