Common use of The Swap Agreements Clause in Contracts

The Swap Agreements. (a) On the Closing Date, there are hereby established four (4) separate Floating Rate Grantor Trusts pursuant to and as designated in, Section 2.01(a). The Depositor shall deposit, or cause the deposit of, the Class A-2FL Swap Agreement into Grantor Trust A-2FL, the Class A-4FL Swap Agreement into Grantor Trust A-4FL, the Class A-MFL Swap Agreement into Grantor Trust A-MFL, and the Class A-JFL Swap Agreement into Grantor Trust A-JFL. Each Floating Rate Grantor Trust shall be maintained by the Grantor Trust Trustee, who shall at all times, be the entity acting as Trustee. Grantor Trust A-2FL shall be held for the benefit of the Holders of the Class A-2FL Certificates, Grantor Trust A-4FL shall be held for the benefit of the Holders of the Class A-4FL Certificates, Grantor Trust A-MFL shall be held for the benefit of the Holders of the Class A-MFL Certificates, and Grantor Trust A-JFL shall be held for the benefit of the Holders of the Class A-JFL Certificates. No later than the Closing Date, the Trustee (as Grantor Trust Trustee) shall establish and maintain each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the the Class A-JFL Floating Rate Account pursuant to and in accordance with the terms of Section 3.04(f). Funds in each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the Class A-JFL Floating Rate Account shall be held saparate and apart from, and shall not be commingled with any other funds, including without limitation, funds held by the Trustee pursuant to this Agreement. The Trustee is hereby authorized and directed, not in its individual capacity but solely as Grantor Trust Trustee and on behalf, and for the benefit, of each Floating Rate Grantor Trust, to execute and deliver the related Swap Agreement on the Closing Date and to perform obligations as described herein with respect to the related Swap Agreement. Furthermore, the Trustee (as Grantor Trust Trustee) is hereby authorized and directed to, and shall, perform all obligations on the part of the Trust under the Swap Agreements; provided that (i) payments to be made to a Swap Counterparty pursuant to Section 3.29(d) shall be made out of amounts allocable as interest (or, in the case of any related Additional Floating Rate I Swap Payment, related Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the Group FL REMIC III Regular Interest corresponding to the related Floating Rate Class and (ii) any termination payment owing to a Swap Counterparty shall be payable solely out of any upfront payment made by a related replacement swap counterparty in connection with entering into a related replacement interest rate swap agreement with the applicable Floating Rate Grantor Trust, and the Trustee shall not be responsible for using its own funds in making such payments. Upon the Trustee (as Grantor Trust Trustee) entering into a Swap Agreement on behalf of any Floating Rate Grantor Trust, such grantor trust shall be bound by the terms and conditions of such Swap Agreement.

The Swap Agreements. (a) On the Closing Date, there are hereby established four (4) separate Floating Rate Grantor Trusts pursuant to and as designated in, Section 2.01(a). The Depositor shall deposit, or cause the deposit of, the Class A-2FL Swap Agreement into Grantor Trust A-2FL, the Class A-4FL Swap Agreement into Grantor Trust A-4FL, the Class A-MFL Swap Agreement into Grantor Trust A-MFL, and the Class A-JFL Swap Agreement into Grantor Trust A-JFL. Each Floating Rate Grantor Trust shall be maintained by the Grantor Trust Trustee, who shall at all times, be the entity acting as Trustee. Grantor Trust A-2FL shall be held for the benefit of the Holders of the Class A-2FL Certificates, Grantor Trust A-4FL shall be held for the benefit of the Holders of the Class A-4FL Certificates, Grantor Trust A-MFL shall be held for the benefit of the Holders of the Class A-MFL Certificates, and Grantor Trust A-JFL shall be held for the benefit of the Holders of the Class A-JFL Certificates. No later than the Closing Date, the Trustee (as Grantor Trust Trustee) shall establish and maintain each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the the Class A-JFL Floating Rate Account pursuant to and in accordance with the terms of Section 3.04(f). Funds in each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the Class A-JFL Floating Rate Account shall be held saparate and apart from, and shall not be commingled with any other funds, including without limitation, funds held by the Trustee pursuant to this Agreement. The Trustee is hereby authorized and directed, not in its individual capacity but solely as Grantor Trust Trustee and on behalf, and for the benefit, of each Floating Rate ML-CFC 2007-6 Grantor TrustTrust FL , to execute and deliver the related each Swap Agreement on the Closing Date and to perform obligations as described herein with respect to the related each Swap Agreement. Furthermore, the Trustee (as Grantor Trust Trustee) Trustee is hereby authorized and directed to, and shall, perform all obligations on the part of the Grantor Trust Trustee and/or ML-CFC 2007-6 Grantor Trust FL under the each Swap AgreementsAgreement; provided that (i) payments to be made to a the Class A-2FL Swap Counterparty pursuant to Section 3.29(d3.30(d) shall be made out of amounts allocable as interest (or, in the case of any related Class A-2FL Additional Floating Rate I Fixed Swap PaymentPayments, related Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the Group Class A-2FL REMIC II Regular Interest, (ii) payments to be made to the Class AJ-FL Swap Counterparty pursuant to Section 3.30(d) shall be made out of amounts allocable as interest (or, in the case of Class AJ-FL Additional Fixed Swap Payments, Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the Class AJ-FL REMIC III II Regular Interest corresponding to the related Floating Rate Class and (iiiii) any termination payment owing to a Swap Counterparty shall be payable solely out of any upfront payment made by a related replacement swap counterparty with respect thereto in connection with entering into a related replacement interest rate swap agreement with the applicable Floating Rate Grantor Trust, (net of any costs or expenses incurred by ML-CFC 2007-6 Grantor Trust FL in connection therewith) and the Grantor Trust Trustee shall not be responsible for using its own funds in making such payments. Upon the Trustee (as Grantor Trust Trustee) Trustee entering into a the Swap Agreement Agreements on behalf of any Floating Rate Grantor the Trust, such grantor trust ML-CFC 2007-6 Grantor Trust FL shall be bound by the terms and conditions of such the Swap AgreementAgreements.

The Swap Agreements. (a) On the Closing Date, there are hereby established four three (43) separate Floating Rate Grantor Trusts pursuant to to, and designated as designated set forth in, Section 2.01(a). The Depositor shall deposit, or cause the deposit of, the Class A-2FL Swap Agreement into Grantor Trust A-2FL, the Class A-4FL Swap Agreement into Grantor Trust A-4FL, the Class A-MFL Swap Agreement into Grantor Trust A-MFL, and the Class A-JFL Swap Agreement into Grantor Trust A-JFL. Each Floating Rate Grantor Trust shall be maintained by the Grantor Trust Trustee, who shall at all times, be the entity acting as Trustee. ; provided that, the Certificate Administrator shall administer the Floating Rate Grantor Trusts on behalf of the Grantor Trust A-2FL shall be held for the benefit of the Holders of the Class A-2FL Certificates, Trustee. Grantor Trust A-4FL shall be held for the benefit of the Holders of the Class A-4FL Certificates, Grantor Trust A-MFL shall be held for the benefit of the Holders of the Class A-MFL Certificates, and Grantor Trust A-JFL shall be held for the benefit of the Holders of the Class A-JFL Certificates. No later than the Closing Date, the Trustee (as Grantor Trust Trustee) Certificate Administrator shall establish and maintain each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the the Class A-JFL Floating Rate Account pursuant to and in accordance with the terms of Section 3.04(f3.04(g). Funds in each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the Class A-JFL Floating Rate Account shall be held saparate separate and apart from, and shall not be commingled with with, any other funds, including including, without limitation, funds held by the Trustee Certificate Administrator pursuant to this Agreement. The Trustee Certificate Administrator is hereby authorized and directed, not in its individual capacity but solely as Grantor Trust Trustee Certificate Administrator and on behalf, and for the benefit, of each Floating Rate Grantor the Trust, to execute and deliver the related Swap Agreement Agreements on the Closing Date and to perform obligations as described herein with respect to the related Swap AgreementAgreements. Furthermore, the Trustee (as Grantor Trust Trustee) Certificate Administrator is hereby authorized and directed to, and shall, perform all obligations on the part of the Trust under the Swap Agreements; provided that (i) payments to be made to a Swap Counterparty pursuant to Section 3.29(d3.28(d) shall be made out of amounts allocable as interest (or, in the case of any related Additional Floating Rate I Swap PaymentPayments, related Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the applicable Group FL REMIC III II Regular Interest corresponding to the related Floating Rate Class and (ii) any termination payment owing to a Swap Counterparty shall be payable solely out of any upfront payment made by a related replacement swap counterparty in connection with entering into a related replacement interest rate swap agreement with the applicable Floating Rate Grantor Trust, and the Trustee Certificate Administrator shall not be responsible for using its own funds in making such payments. Upon the Trustee (as Grantor Trust Trustee) Certificate Administrator entering into a Swap Agreement on behalf of any the applicable Floating Rate Grantor Trust, such grantor trust shall be bound by the terms and conditions of such Swap Agreement.

The Swap Agreements. (a) On the Closing Date, there are hereby established four two (42) separate Floating Rate Grantor Trusts pursuant to to, and as designated in, Section 2.01(a). The Depositor shall deposit, or cause the deposit of, the Class A-2FL Swap Agreement into Grantor Trust A-2FL, the Class A-4FL Swap Agreement into Grantor Trust A-4FL, A-2FL and the Class A-MFL Swap Agreement into Grantor Trust A-MFL, and the Class A-JFL Swap Agreement into Grantor Trust A-JFL. Each Floating Rate Grantor Trust shall be maintained by the Grantor Trust Trustee, who shall at all times, be the entity acting as Trustee. Grantor Trust A-2FL shall be held for the benefit of the Holders of the Class A-2FL Certificates, Grantor Trust A-4FL shall be held for the benefit of the Holders of the Class A-4FL Certificates, Certificates and Grantor Trust A-MFL shall be held for the benefit of the Holders of the Class A-MFL Certificates, and Grantor Trust A-JFL shall be held for the benefit of the Holders of the Class A-JFL Certificates. No later than the Closing Date, the Trustee (as Grantor Trust Trustee) shall establish and maintain each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, Account and the Class A-MFL Floating Rate Account and the the Class A-JFL Floating Rate Account pursuant to and in accordance with the terms of Section 3.04(f). Funds in each of the Class A-2FL Floating Rate Account, the Class A-4FL Floating Rate Account, Account and the Class A-MFL Floating Rate Account and the Class A-JFL Floating Rate Account shall be held saparate separate and apart from, and shall not be commingled with with, any other funds, including including, without limitation, funds held by the Trustee pursuant to this Agreement. The Trustee is hereby authorized and directed, not in its individual capacity but solely as Grantor Trust Trustee and on behalf, and for the benefit, of each Floating Rate Grantor Trust, to execute and deliver the related Swap Agreement on the Closing Date and to perform obligations as described herein with respect to the related Swap Agreement. Furthermore, the Trustee (as Grantor Trust Trustee) is hereby authorized and directed to, and shall, perform all obligations on the part of the Trust under the Swap Agreements; provided that (i) payments to be made to a Swap Counterparty pursuant to Section 3.29(d) shall be made out of amounts allocable as interest (or, in the case of any related Additional Floating Rate I Trust Swap Payment, related Yield Maintenance Charges and Prepayment Premiums) distributable on or with respect to the Group FL REMIC III Regular Interest corresponding to the related Floating Rate Class and (ii) any termination payment owing to a Swap Counterparty shall be payable solely out of any upfront payment made by a related replacement swap counterparty in connection with entering into a related replacement interest rate swap agreement with the applicable Floating Rate Grantor Trust, and the Trustee shall not be responsible for using its own funds in making such payments. Upon the Trustee (as Grantor Trust Trustee) entering into a Swap Agreement on behalf of any Floating Rate Grantor Trust, such grantor trust shall be bound by the terms and conditions of such Swap Agreement.