Underlying ABS definition
Examples of Underlying ABS in a sentence
As provided in the Trust Agreement, withdrawals from the Certificate Account and related accounts shall be made from time to time for purposes other than payments to Holders, such purposes including certain expenses incurred, with respect to the Underlying ABS and administration of the Trust.
The Certificates are limited in right of payment to certain collections on the Underlying ABS and certain payments from the Basis Risk Reserve Fund, all as more specifically set forth in the Trust Agreement.
The obligations created by the Trust Agreement and the Trust created thereby shall terminate upon payment to the Holders of all amounts held by or on behalf of the Trustee and required to be paid to them pursuant to the Trust Agreement following the earlier of (a) the final payment of the last Underlying ABS remaining in the Trust or (b) a Terminating Purchase pursuant to the terms of the Trust Agreement.
Except as provided in Sections 2.3 and 6.1 hereof, ------------ ---- the Trustee shall not assign, sell, dispose of or transfer any interest in the Underlying ABS or any other asset constituting the Trust Fund or permit the Underlying ABS or the Underlying Class X Certificate or any other asset constituting the Trust Fund to be subjected to any lien, claim or encumbrance arising by, through or under the Trustee or any person claiming by, through or under the Trustee.
The Trustee agrees that it will maintain physical possession of the Underlying ABS or Underlying Class X Certificate that constitute Certificated Securities in the State of New York.
Upon discovery by any of the Depositor or the Trustee of a breach of any of the foregoing representations, warranties and covenants that materially and adversely affects the interest of the Certificateholders in any Underlying ABS, the party discovering such breach shall give prompt written notice thereof (but in no event later than two Business Days following such discovery) to the other parties hereto.
The Trustee shall promptly deposit (i) in the Certificate Account the final distribution received upon presentation and surrender of any Underlying ABS, (ii) in the Basis Risk Reserve Fund the final distribution received upon presentation and surrender on any Underlying Class X Certificate.
The Trust consists of the Underlying ABS, the Collection Account and the Basis Risk Reserve Fund.
The Trust consists of the Underlying ABS, the Certificate Account and the Basis Risk Reserve Fund.
In addition, the Trustee promptly will furnish to Certificateholders and the Depositor copies of any notices, statements, reports or other communications (other than the Remittance Reports for each Underlying Distribution Date) received by the Trustee as the holder of the Underlying ABS or the Underlying Class X Certificate.