The Supplemental Interest Trust Sample Clauses
The Supplemental Interest Trust. The Supplemental Interest Trustee will enter into the Corridor Contract with the Cap Counterparty. The Corridor Contract will not be an asset of the Trust Fund or any REMIC but instead will be an asset of the Supplemental Interest Trust. The Supplemental Interest Trustee, on behalf of the Supplemental Interest Trust, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contract into the Supplemental Interest Reserve Fund. The Supplemental Interest Trustee shall be subject to a standard of care identical to that of the Trustee under Article Eight of this Agreement. The Cap Counterparty shall act as calculation agent under the Corridor Contract and the Trustee shall be entitled to conclusively rely on the accuracy, completeness and correctness of calculations made by the Cap Counterparty as calculation agent. The Trustee, on behalf of the Supplemental Interest Trust, shall terminate the Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Counterparty will be obligated to pay the Supplemental Interest Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee for the benefit of the Supplemental Interest Trust in respect of the termination of the Corridor Contract shall be deposited and held in the Supplemental Interest Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount to the Class 2-A-1 Certificates. Any amounts remaining in the Supplemental Interest Reserve Fund on the Distribution Date immediately following, the earlier of (x) the Corridor Contract Termination Date and (y) the date on which the Class Certificate Balance of the Class 2-A-1 Certificates has been reduced to zero, will be distributed to Greenwich Capital Markets, Inc. and will not be available for payment of any Yield Supplement Amounts on the Class 2-A-1 Certificates.
The Supplemental Interest Trust. (a) A separate trust is hereby established (the “Supplemental Interest Trust” or the “Saxon Asset Securities Trust 2007-2 Supplemental Interest Trust”), the corpus of which shall be held by the Trustee in trust for the benefit of the Certificateholders. The Trustee shall be the trustee of the Supplemental Interest Trust. The Trustee, as trustee of the Supplemental Interest Trust, shall establish an account (the “Swap Account”). The Swap 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 will not be an asset of any REMIC hereunder.
(b) On each Distribution Date, Swap Termination Payments, Net Swap Payments owed to the Swap Counterparty and Net Swap Receipts will be deposited into the Swap Account. Funds in the Swap Account will be distributed in the following order of priority:
(i) to the Swap Counterparty, all Net Swap Payments, if any, owed to the Swap Counterparty for that Distribution Date;
(ii) to the Swap Counterparty, any Swap Termination Payment, but not including any Defaulted Swap Termination Payment, for that Distribution Date;
(iii) concurrently, to the Senior Certificates, pro rata, any unpaid Senior Interest Distribution Amount remaining unpaid after distribution of the Interest Remittance Amount;
(iv) sequentially, to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, in that order, any unpaid Subordinate Interest Distribution Amount remaining unpaid after distribution of the Interest Remittance Amount and any unpaid Interest Carry Forward Amounts remaining unpaid after distribution of net Monthly Excess Cashflow;
(v) to the Offered Certificates in accordance with the principal distribution rules in effect for such Distribution Date, in an amount equal to the amount necessary to meet the Overcollateralization Target for that Distribution Date (to the extent remaining unpaid from the Available Distribution Amount);
(vi) concurrently, to the Senior Certificates, pro rata, in an amount up to their respective Swap Payment Allocations for that Distribution Date, any remaining Basis Risk Carry Forward Amounts, to the extent unpaid from funds on deposit in the Excess Reserve Fund Account;
(vii) sequentially, to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-...
The Supplemental Interest Trust. The Supplemental Interest Trustee will enter into the Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements with the Cap Counterparty for the benefit of the Class 1-A-2, Class 1-A-7 and 2-A-7 Certificates. The Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements will not be assets of the trust or any REMIC. The Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements instead will be assets of the Supplemental Interest Trust. The Trustee, on behalf of the Supplemental Interest Trust, shall cause to be deposited any amounts received from time to time with respect to the Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements into the Supplemental Interest Reserve Fund. The Trustee, on behalf of the Supplemental Interest Trust, shall act as calculation agent and/or shall terminate the Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Counterparty will be obligated to pay the Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Supplemental Interest Trust in respect of the termination of the Class 1-A-2, Class 1-A-7 and 2-A-7 Yield Maintenance Agreements shall be deposited and held in the Supplemental Interest Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the Class 1-A-2, Class 1-A-7 and 2-A-7 Certificates. On the Distribution Date immediately following the earlier of (i) the latest Yield Maintenance Agreement Termination Date and (ii) the date on which the aggregate Class Certificate Balance of the Class 1-A-2, Class 1-A-7 and Class 2-A-7 Certificates has been reduced to zero, all amounts remaining in the Supplemental Interest Reserve Fund will be distributed to HSBC Securities (USA) Inc.