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 relating to Pool 2 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 for Pool 2 (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 Pool 2 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 in Pool 2 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 in Pool 2 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 II-1: All payments received by REMIC II-1 with respect to the SWAP REMIC Regular Interests shall be paid to the REMIC II-1 Regular Interests until the principal balance of all such inter...
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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.

  • 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.

  • 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.

  • No Contractual Relationship Between Subservicer and Trustee or Certificateholders Any Subservicing Agreement that may be entered into and any other transactions or services relating to the Mortgage Loans involving a Subservicer in its capacity as such and not as an originator shall be deemed to be between the Subservicer and the Master Servicer alone and the Trustee and the Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the Subservicer in its capacity as such except as set forth in Section 3.06. The foregoing provision shall not in any way limit a Subservicer's obligation to cure an omission or defect or to repurchase a Mortgage Loan as referred to in Section 2.02 hereof.

  • Payments from Owner Trust Estate All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

  • 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.

  • Depositor Payment Obligation The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration Agreement and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred under the Administration Agreement.

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

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