The SWAP REMIC Sample Clauses

The SWAP REMIC. On each Distribution Date, the Trustee shall first pay or charge as an expense of the SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment required to be made from the Trust Fund. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the SWAP REMIC Regular Interests based on the interest rates for such interests set forth in the Preliminary Statement hereto. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to the SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its principal balance is reduced to zero, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, until the principal balance of each such Class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the same manner that principal distributions are allocated. Increases in principal amount as a result of Subsequent Recoveries with respect to the Mortgage Loans shall be allocated among the SWAP REMIC Regular Interests in the reverse fashion from the manner in which losses are allocated. Increases in principal amount as a result of Net Negative Amortization with respect to the Mortgage Loans for any Distribution Date shall be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z Interest up to an amount equal to the accrued interest thereon for such Distribution Date, and then sequentially, to the other SWAP REMIC Regular Interests in ascending order of their numerical Class designation, and, with respect to each pair of Classes having the same numerical designation, in equal amounts to each such Class, up to an amount equal to the accrued interest thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC after the aforementioned distributions shall be distributed to the Class SW-R Interest. REMIC I-1: All payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC I-1 Regular Interests until the principal balance of all such interests have been reduced to zero and any losses allocated to such interests ha...
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The SWAP REMIC. The following table sets forth the designations, initial principal balances and interest rates for each interest in the SWAP REMIC: Class Initial Principal Balance Interest Rate SW-Z $ 302,406,458.170 (1 ) SW-1A $ 1,385,698.520 (2 ) SW-1B $ 1,385,698.520 (3 ) SW-2A $ 1,522,643.480 (2 ) SW-2B $ 1,522,643.480 (3 ) SW-3A $ 1,656,603.830 (2 ) SW-3B $ 1,656,603.830 (3 ) SW-4A $ 1,787,436.605 (2 ) SW-4B $ 1,787,436.605 (3 ) SW-5A $ 1,914,686.720 (2 ) SW-5B $ 1,914,686.720 (3 ) SW-6A $ 2,037,776.010 (2 ) SW-6B $ 2,037,776.010 (3 ) SW-7A $ 2,155,700.130 (2 ) SW-7B $ 2,155,700.130 (3 ) SW-8A $ 2,267,001.645 (2 ) SW-8B $ 2,267,001.645 (3 ) SW-9A $ 2,366,675.615 (2 ) SW-9B $ 2,366,675.615 (3 ) SW-10A $ 2,425,777.350 (2 ) SW-10B $ 2,425,777.350 (3 ) SW-11A $ 2,434,717.015 (2 ) SW-11B $ 2,434,717.015 (3 ) SW-12A $ 2,404,979.275 (2 ) SW-12B $ 2,404,979.275 (3 ) SW-13A $ 2,360,080.680 (2 ) SW-13B $ 2,360,080.680 (3 ) SW-14A $ 2,316,016.875 (2 ) SW-14B $ 2,316,016.875 (3 ) SW-15A $ 2,272,772.385 (2 ) SW-15B $ 2,272,772.385 (3 ) SW-16A $ 2,230,332.015 (2 ) SW-16B $ 2,230,332.015 (3 ) SW-17A $ 2,188,680.865 (2 ) SW-17B $ 2,188,680.865 (3 ) SW-18A $ 2,147,804.290 (2 ) SW-18B $ 2,147,804.290 (3 ) SW-19A $ 2,107,687.925 (2 ) SW-19B $ 2,107,687.925 (3 ) SW-20A $ 2,068,317.680 (2 ) SW-20B $ 2,068,317.680 (3 ) SW-21A $ 2,029,679.715 (2 ) SW-21B $ 2,029,679.715 (3 ) 34 Class Initial Principal Balance Interest Rate SW-22A $ 1,991,760.455 (2 ) SW-22B $ 1,991,760.455 (3 ) SW-23A $ 1,954,546.560 (2 ) SW-23B $ 1,954,546.560 (3 ) SW-24A $ 1,918,024.950 (2 ) SW-24B $ 1,918,024.950 (3 ) SW-25A $ 1,882,182.800 (2 ) SW-25B $ 1,882,182.800 (3 ) SW-26A $ 1,847,007.480 (2 ) SW-26B $ 1,847,007.480 (3 ) SW-27A $ 1,812,486.645 (2 ) SW-27B $ 1,812,486.645 (3 ) SW-28A $ 1,778,608.145 (2 ) SW-28B $ 1,778,608.145 (3 ) SW-29A $ 1,745,360.060 (2 ) SW-29B $ 1,745,360.060 (3 ) SW-30A $ 1,712,730.700 (2 ) SW-30B $ 1,712,730.700 (3 ) SW-31A $ 1,680,708.585 (2 ) SW-31B $ 1,680,708.585 (3 ) SW-32A $ 1,649,282.450 (2 ) SW-32B $ 1,649,282.450 (3 ) SW-33A $ 1,618,441.240 (2 ) SW-33B $ 1,618,441.240 (3 ) SW-34A $ 1,588,174.095 (2 ) SW-34B $ 1,588,174.095 (3 ) SW-35A $ 1,558,470.370 (2 ) SW-35B $ 1,558,470.370 (3 ) SW-36A $ 1,529,319.600 (2 ) SW-36B $ 1,529,319.600 (3 ) SW-37A $ 1,500,711.545 (2 ) SW-37B $ 1,500,711.545 (3 ) SW-38A $ 1,472,636.105 (2 ) SW-38B $ 1,472,636.105 (3 ) SW-39A $ 1,445,083.420 (2 ) SW-39B $ 1,445,083.420 (3 ) SW-40A $ 1,399,106.860 (2 ) SW-40B $ 1,399,106.860 (3 ) SW-41A $ 1,369,243.530 ...
Sample 1Sample 2
The SWAP REMIC. The following table sets forth (or describes) the Class designations, interest rate and initial principal amount for each Class of SWAP REMIC Interests: ------------------------------- -------------------------------------- -------------------- Class Designation Initial Principal Balance Interest Rate ------------------------------- -------------------------------------- -------------------- SW-Z $485,351,972.510 (1) ------------------------------- -------------------------------------- -------------------- SW2A $17,660,702.985 (2) ------------------------------- -------------------------------------- -------------------- SW2B $17,660,702.985 (3) ------------------------------- -------------------------------------- -------------------- SW3A $17,101,949.990 (2) ------------------------------- -------------------------------------- -------------------- SW3B $17,101,949.990 (3) ------------------------------- -------------------------------------- -------------------- SW4A $16,662,059.690 (2) ------------------------------- -------------------------------------- -------------------- SW4B $16,662,059.690 (3) ------------------------------- -------------------------------------- -------------------- SW5A $16,249,663.500 (2) ------------------------------- -------------------------------------- -------------------- SW5B $16,249,663.500 (3) ------------------------------- -------------------------------------- -------------------- SW6A $15,849,643.820 (2) ------------------------------- -------------------------------------- -------------------- SW6B $15,849,643.820 (3) ------------------------------- -------------------------------------- -------------------- SW7A $15,462,241.850 (2) ------------------------------- -------------------------------------- -------------------- SW7B $15,462,241.850 (3) ------------------------------- -------------------------------------- -------------------- SW8A $15,087,076.485 (2) ------------------------------- -------------------------------------- -------------------- SW8B $15,087,076.485 (3) ------------------------------- -------------------------------------- -------------------- SW9A $14,740,099.660 (2) ------------------------------- -------------------------------------- -------------------- SW9B $14,740,099.660 (3) ------------------------------- -------------------------------------- -------------------- SW10A $14,425,000.090 (2) ------------------------------- -------------------------------------- ------------------...
Sample 1

Related to The SWAP REMIC

  • Swap Account SECTION 4.09. Tax Treatment of Swap Payments and Swap Termination Payments.

  • Securities Contract; Swap Agreement The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

  • Rights of Swap Counterparty (a) The Swap Counterparty shall be deemed a third-party beneficiary of this Agreement to the same extent as if it were a party hereto and shall have the right, upon designation of an “Early Termination Date” (as defined in the Swap Agreement), to enforce its rights under this Agreement, which rights include but are not limited to the obligation of the Trustee (A) to deposit any Net Swap Payment required pursuant to Sections 5.02(b), (c), (e) and (j), and any Swap Termination Payment required pursuant to Sections 5.02(b), (c), (e) and (j), into the Swap Account, (B) to deposit any amounts from the Basis Risk Reserve Fund required pursuant to Sections 5.02(f)(iv)(C) and Section 5.02(f)(vi) into the Swap Account, (C) to pay any Net Swap Payment required pursuant to Section 5.02(g)(i), or Section 5.02(k), as applicable, or Swap Termination Payment required pursuant to Sections 5.02(g)(ii), Section 5.02(g)(x), or Section 5.02(k), as applicable to the Swap Counterparty and (D) to establish and maintain the Swap Account, to make such deposits thereto, investments therein and distributions therefrom as are required pursuant to Section 5.07. For the protection and enforcement of the provisions of this Section the Swap Counterparty shall be entitled to such relief as can be given either at law or in equity.

  • Tax Treatment of Swap Payments and Swap Termination Payments For federal income tax purposes, each holder of a Floating Rate Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Rate Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trust Administrator will account for payments to each Floating Rate Certificates as follows: each Floating Rate Certificate will be treated as receiving their entire payment from REMIC III (regardless of any Swap Termination Payment or obligation under the Interest Rate Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Interest Rate Swap Agreement. In the event that any such Class is resecuritized in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any such Swap Termination Payment (or any shortfall in Swap Provider Fee), will be made by one or more of the REMIC Regular Interests issued by the resecuritization REMIC subsequent to such REMIC Regular Interest receiving its full payment from any such Floating Rate Certificate. The REMIC regular interest corresponding to a Floating Rate Certificate will be entitled to receive interest and principal payments at the times and in the amounts equal to those made on the certificate to which it corresponds, except that (i) the maximum interest rate of that REMIC regular interest will equal the Net WAC Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment will be treated as being payable solely from Net Monthly Excess Cashflow. As a result of the foregoing, the amount of distributions and taxable income on the REMIC regular interest corresponding to a Floating Rate Certificate may exceed the actual amount of distributions on the Floating Rate Certificate.

  • REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury regulations (the “Treasury Regulations”) Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Section 1.860G-1(b)(2) of the Treasury Regulations. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • Swap Agreement The Depositor hereby directs the Securities Administrator to execute and deliver on behalf of the Trust the Swap Agreement and authorizes the Securities Administrator to perform its obligations thereunder on behalf of the Supplemental Interest Trust in accordance with the terms of the Swap Agreement. The Depositor hereby authorizes and directs the Securities Administrator to ratify on behalf of the Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions, the terms agreed to by the Depositor in relation to the Swap Agreement, as reflected in the Swap Agreement, and the Securities Administrator hereby so ratifies the Swap Agreement. If based upon a notice from the valuation agent pursuant to section 4(c) of the credit support annex, the Securities Administrator determines that a delivery amount exists, then the Securities Administrator shall demand such amount pursuant to section 3(a) of the credit support annex. The Securities Administrator shall amend the Swap Agreement in accordance with its terms and as requested in writing by a party to the Swap Agreement to cure any ambiguity in or correct or supplement any provision of, the Swap Agreement; provided, however, that any such amendment will not have a material adverse effect to a Certificateholder as evidenced by a written confirmation from each Rating Agency that such amendment would not result in the reduction or withdrawal of the then current ratings of any outstanding Class of Certificates. The Swap Agreement shall not part of any REMIC. The Swap Provider is the calculation agent under the Swap Agreement and shall calculate all amounts pursuant to the Swap Agreement and notify the Securities Administrator of all such amounts. The Depositor hereby directs the Securities Administrator to execute, deliver and perform its obligations under the Swap Agreement on the Closing Date and thereafter on behalf of the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates. The Seller, the Depositor, the Servicer and the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates by their acceptance of such Certificates acknowledge and agree that the Securities Administrator shall execute, deliver and perform its obligations under the Swap Agreement and shall do so solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Depositor hereby instructs the Securities Administrator to make any and all demands for Eligible Collateral (as defined in the ISDA Master Agreement) under the Swap Agreement from the Swap Provider in satisfaction of the Delivery Amount (as defined in the ISDA Master Agreement) requirement. The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

  • Collateral Matters; Swap Agreements The benefit of the Security Instruments and of the provisions of this Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to those Lenders or their Affiliates which are counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro rata basis in respect of any obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender, but only while such Person or its Affiliate is a Lender, including any Swap Agreements between such Persons in existence prior to the date hereof. No Lender or any Affiliate of a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements.

  • Money for Certificate Payments to Be Held in Trust All moneys deposited with any Paying Agent for the purpose of any payment on Certificates shall be deposited and held in trust for the benefit of the Certificateholders entitled to such payment, subject to the provisions of this Section. Moneys so deposited and held in trust shall constitute a separate trust fund for the benefit of the Certificateholders with respect to which such money was deposited. The Trustee may at any time, for the purpose of obtaining the satisfaction and discharge of this Agreement or for any other purpose, direct any Paying Agent to pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

  • Basis Risk Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk Reserve Fund 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 held by the Trustee pursuant to this Agreement.

  • Distributions on the REMIC Regular Interests (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:

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