The Class Currency Swap Termination Account Sample Clauses

The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted I...
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The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master
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The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in
Sample 1
The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such
Sample 1

Related to The Class Currency Swap Termination Account

  • Note Distribution Account (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:

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

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • 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.

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

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