Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows: (a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time; (b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows: (i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations. (ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date. (c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Muilti Cl Mort Ps THR CRTS Ser 2003-8), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Muilti Cl Mort Ps THR CRTS Ser 2003-8)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.313.58%, and for any Interest Accrual Period thereafter, the TrusteeTrustee or the Certificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-6)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.84%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow Jones Telerate System, pag▇ ▇▇▇▇▇ Telerate System, page 37500, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-one month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-one month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-5)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.36875%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Ac▇▇▇▇▇ Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mort Corp Multi-Class Mort Pass-THR Cert Ser 2003-2)
Calculation of LIBOR. Until On each LIBOR Determination Date, the Certificate Principal Balance Trustee will determine the London interbank offered rate for one-month United States dollar deposits ("LIBOR") for the applicable Accrual Period for the Adjustable Rate Certificates by reference to the quotations, as set forth on the Telerate Screen Page 3750 offered by the principal London office of each of the Adjustable Rate Certificates has been reduced to zerodesignated Reference Banks for making one-month United States dollar deposits in leading banks in the London interbank market, as of 11:00 a.m. (London time) on such LIBOR Determination Date. In lieu of relying on the quotations for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafterthose Reference Banks that appear at such time on such Telerate Screen Page, the Trustee, if any, shall establish Trustee may request each of the Reference Banks to provide such offered quotations at such time. LIBOR will be established by the Trustee on each LIBOR Determination Date as follows:
(a) If on such any LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotationsoffered quotations (rounded upwards if necessary to the nearest whole multiple of 1/32%).
(iib) If fewer than two quotations are provided, LIBOR determined on such any LIBOR Determination Date will only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous LIBOR Determination Date or (ii) the Reserve Interest Rate. The "Reserve Interest Rate" shall be the rate per annum which the Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/32%) of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount lending rates that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the New York City banks so selected by the Servicer Trustee are not quoting, on the relevant LIBOR Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of the Trustee, being so made, or (ii) in the event that the Trustee can determine no such arithmetic mean, the lowest one-month United States dollar lending rate which New York City banks selected by the Trustee are quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Dateleading European Banks.
(c) If on any LIBOR Determination Date the Trustee is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR for the next Accrual Period shall be LIBOR as determined on the preceding LIBOR Determination Date, or, in the case of the first LIBOR Determination Date, LIBOR shall be a rate equal to 5.6875% per annum. The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the Servicer's its calculation of the rate of interest for the applicable to the Adjustable Rate Certificates classes for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, Trustee or the TrusteeCertificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.. 97
(c) The establishment of LIBOR on each LIBOR Determination Rate Adjustment Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Class A-6 and Class A-7 Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-5)
Calculation of LIBOR. Until On each LIBOR Determination Date, until the Certificate Current Principal Balance of each Amount of the Adjustable Rate Class A-[ ] Certificates has and the Class A-[ ] Notional Amount have been reduced to zero, the Trustee will either (i) request each Reference Bank to inform the Trustee of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market as of 11:00 a.m. (London time) on such LIBOR Determination Date, or (ii) in lieu of making a request of the Reference Banks, the Trustee may rely on the quotations for those Reference Banks that appear at such time on the page (the "Relevant Screen Page") whatever its designation on which LIBOR is for the time being displayed on the Reuters Monitor Money Rate Service on the appropriate Association Press-Dow Jones Telerate, Inc., to the ext▇▇▇ ▇vailable. LIBOR for the initial next Interest Accrual Period shall will be 1.31%, and for any Interest Accrual Period thereafter, established by the Trustee, if any, shall establish LIBOR Trustee on each LIBOR Determination Date as follows:
(a) If on such any LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be equal the arithmetic mean of such offered quotations (rounded upwards if necessary to such rate as the nearest 1/100,000 of 11:00 a.m., London time;a percent (0.0000001)).
(b) If on any LIBOR Determination Date only one or more of the Reference Banks provides such rate does not appear on such page (or such other page as may replace that page on that serviceoffered quotations, or if such service is no longer offered, such other service LIBOR for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate next Interest Accrual Period shall be determined as follows:
whichever is the higher of (i) The Servicer LIBOR as determined on the previous LIBOR Determination Date will request or (ii) the principal London offices of each of four major reference banks in Reserve Interest Rate. The "Reserve Interest Rate" shall be the London interbank market, as selected by rate per annum which the Servicer, Trustee determines to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be either (i) the arithmetic mean (rounded upwards if necessary to the nearest 1/100,000 of such quotations.
a percent (ii0.0000001)) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans lending rates that New York City banks selected by [GS Mortgage Securities Corp. ("GSMSC")] are quoting, on the relevant LIBOR Determination Date, to leading European banksthe principal London offices of at least two of the Reference Banks to which such quotations are, in a principal amount the opinion of the Trustee, being so made, or (ii) in the event that is representative for a single transaction in the Trustee can determine no such arithmetic mean, the lowest one-month United States dollars in such market at such time; PROVIDED, HOWEVER, that if the dollar lending rate which New York City banks so selected by the Servicer GSMSC are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Dateleading European banks.
(c) If on any LIBOR Determination Date, the Trustee is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be [ ]%. Until all of the Floating Rate Certificates are paid in full, GSMSC will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each LIBOR Determination Date and shall inform the Trustee of which Reference Banks they have retained. Each Reference Bank shall (i) be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not control, be controlled by, or be under common control with GSMSC, and (iii) have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if GSMSC should terminate the appointment of any such Reference Bank, GSMSC will promptly appoint another leading bank meeting the criteria specified above. Neither GSMSC nor the Trustee shall have any liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any liability for a failure to retain at least four Reference Banks which is caused by circumstances beyond their reasonable control. The establishment of LIBOR Pass-Through Rates on the Floating Rate Certificates for each Interest Accrual Period shall be determined by the Trustee on each LIBOR Determination Date so long as such Floating Rate Certificates are outstanding on the basis of LIBOR and the respective formulae appearing in footnotes (1) and (2) to the tables in Section 5.01(d). In determining LIBOR and any Pass-Through Rate for the Floating Rate Certificates, the Trustee may conclusively rely, and shall be protected in relying, upon the offered quotations (whether written, oral or on the Relevant Screen Page) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither GSMSC nor the Trustee shall have any liability or responsibility to any Person for (i) GSMSC's selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Trustee's liability, following a good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 5.09. The establishment of LIBOR and each Pass-through Rate for the Floating Rate Certificates by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period Trustee shall (in the absence of manifest error) be final final, conclusive and bindingbinding upon such Holder of a Certificate and GSMSC and their successors and assigns.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, Trustee or the TrusteeCertificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime 109 banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Rate Adjustment Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-8)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Class A and Class M Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall s▇▇▇▇ be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Class A and Class M Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.86%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Multi Class Cer Ser 2002-8)
Calculation of LIBOR. Until On each LIBOR Determination Date, until the Certificate Current Principal Balance of each Amount of the Adjustable Rate Class A-[ ] Certificates has and the Class A-[ ] Notional Amount have been reduced to zero, the Trustee will either (i) request each Reference Bank to inform the Trustee of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market as of 11:00 a.m. (London time) on such LIBOR Determination Date, or (ii) in lieu of making a request of the Reference Banks, the Trustee may rely on the quotations for those Reference Banks that appear at such time on the page (the "Relevant Screen Page") whatever its designation on which LIBOR is for the time being displayed on the Reuters Monitor Money Rate Service on the appropriate Association Press-Dow ▇▇▇▇▇ Telerate, Inc., to the extent available. LIBOR for the initial next Interest Accrual Period shall will be 1.31%, and for any Interest Accrual Period thereafter, established by the Trustee, if any, shall establish LIBOR Trustee on each LIBOR Determination Date as follows:
(a) If on such any LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be equal the arithmetic mean of such offered quotations (rounded upwards if necessary to such rate as the nearest 1/100,000 of 11:00 a.m., London time;a percent (0.0000001)).
(b) If on any LIBOR Determination Date only one or more of the Reference Banks provides such rate does not appear on such page (or such other page as may replace that page on that serviceoffered quotations, or if such service is no longer offered, such other service LIBOR for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate next Interest Accrual Period shall be determined as follows:
whichever is the higher of (i) The Servicer LIBOR as determined on the previous LIBOR Determination Date will request or (ii) the principal London offices of each of four major reference banks in Reserve Interest Rate. The "Reserve Interest Rate" shall be the London interbank market, as selected by rate per annum which the Servicer, Trustee determines to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be either (i) the arithmetic mean (rounded upwards if necessary to the nearest 1/100,000 of such quotations.
a percent (ii0.0000001)) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans lending rates that New York City banks selected by [GS Mortgage Securities Corp. ("GSMSC")] are quoting, on the relevant LIBOR Determination Date, to leading European banksthe principal London offices of at least two of the Reference Banks to which such quotations are, in a principal amount the opinion of the Trustee, being so made, or (ii) in the event that is representative for a single transaction in the Trustee can determine no such arithmetic mean, the lowest one-month United States dollars in such market at such time; PROVIDED, HOWEVER, that if the dollar lending rate which New York City banks so selected by the Servicer GSMSC are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Dateleading European banks.
(c) If on any LIBOR Determination Date, the Trustee is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be [ ]%. Until all of the Floating Rate Certificates are paid in full, GSMSC will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each LIBOR Determination Date and shall inform the Trustee of which Reference Banks they have retained. Each Reference Bank shall (i) be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not control, be controlled by, or be under common control with GSMSC, and (iii) have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if GSMSC should terminate the appointment of any such Reference Bank, GSMSC will promptly appoint another leading bank meeting the criteria specified above. Neither GSMSC nor the Trustee shall have any liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any liability for a failure to retain at least four Reference Banks which is caused by circumstances beyond their reasonable control. The establishment of LIBOR Pass-Through Rates on the Floating Rate Certificates for each Interest Accrual Period shall be determined by the Trustee on each LIBOR Determination Date so long as such Floating Rate Certificates are outstanding on the basis of LIBOR and the respective formulae appearing in footnotes (1) and (2) to the tables in Section 5.01(d). In determining LIBOR and any Pass-Through Rate for the Floating Rate Certificates, the Trustee may conclusively rely, and shall be protected in relying, upon the offered quotations (whether written, oral or on the Relevant Screen Page) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. Neither GSMSC nor the Trustee shall have any liability or responsibility to any Person for (i) GSMSC's selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Trustee's liability, following a good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 5.09. The establishment of LIBOR and each Pass-through Rate for the Floating Rate Certificates by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period Trustee shall (in the absence of manifest error) be final final, conclusive and bindingbinding upon such Holder of a Certificate and GSMSC and their successors and assigns.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.32%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United 105 States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pass THR Cert Ser 2003-4)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Class A and Class M Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow Jone▇ ▇▇▇▇▇ Telerate erate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-one- month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination DateLIBOR.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.44%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Mul Class Mor Pass THR Ce Ser 2002-10)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.12%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Multi-Class Mortgage Pass-Through Cert Series 2003-12)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Class A and Class M Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.. 70
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Class A and Class M Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Household Mortgage Funding Corp Iii)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.84%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected 113 by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.32%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the ServicerTrustee, if any, after consultation with the Servicers), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Multi Cl Mort Ps THR Certs Ser 2003-6)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.38%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.. 105
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pass THR Cert Ser 2003-3)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.90%, and for any Interest Accrual Period thereafter, the TrusteeTrustee or the Certificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period P▇▇▇▇▇ shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee or the Certificate Administrator on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee or the Certificate Administrator, to provide the Servicer Trustee or the Certificate Administrator with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New 109 York City selected by the Trustee or the Certificate Administrator for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee or the Certificate Administrator are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-4)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Class A and Class M Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be shal▇ ▇▇ equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Class A and Class M Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.78%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-7)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%1.34% with respect to the Class A-21 Certificates and Class A-30 Certificates and 1.30% with respect to the Class A-23 Certificates and Class A-24 Certificates, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period Accr▇▇▇ ▇eriod shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee, if any, and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pas THR Certs Ser 2003-5)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.10%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇J▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.. 104
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.. 105
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mort Sec Multi Class Mort PSTHR Certs Ser 2003-13)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.311.85%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abnn Amro Mortgage Corp Series 2002-1)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.312.40%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime 113 banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-9)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Class A and Class M Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, Trustee shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Jones Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be sha▇▇ ▇▇ equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-one- month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the Servicer, if any, Trustee and the ServicerTrustee's calculation of the rate of interest applicable to the Adjustable Rate Class A and Class M Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HFC Revolving Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, Trustee or the TrusteeCertificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Class A-8 and Class A-9 Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)
Calculation of LIBOR. Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, Trustee or the TrusteeCertificate Administrator, if any, shall establish LIBOR on each LIBOR Determination Date as follows:
(a) If on such LIBOR Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m.A.M., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Trustee or the Certificate Administrator, if any, after consultation with the Servicer), the rate shall be determined as follows:
(i) The Servicer Trustee on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the ServicerTrustee, to provide the Servicer Trustee with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotations.
(ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDEDprovided, HOWEVERhowever, that if the banks so selected by the Servicer Trustee are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) The establishment of LIBOR on each LIBOR Determination Rate Adjustment Date by the ServicerTrustee or the Certificate Administrator, if any, and the ServicerTrustee's or Certificate Administrator's calculation of the rate of interest applicable to the Adjustable Rate Class A-6 and Class A-7 Certificates for the related Interest Accrual Period shall (in the absence of manifest error) be final and binding.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)
Calculation of LIBOR. Until On each Interest Determination Date, until the Certificate Principal Balance of each Security Balances of the Adjustable Rate Certificates Notes has been reduced to zero, the Indenture Trustee will either (i) request each Reference Bank to inform the Indenture Trustee of the quotation offered by its principal London office for making one-month United States dollar deposits in leading banks in the London interbank market as of 11:00 a.m. (London time) on such Interest Determination Date, or (ii) in lieu of making a request of the Reference Banks, the Indenture Trustee may rely on the quotations for those Reference Banks that appear at such time on the Reuters Screen LIBO Page, to the extent available. LIBOR for the initial Interest next Accrual Period shall will be 1.31%, and for any established by the Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR Trustee on each LIBOR Interest Determination Date as follows:
(a) If on such LIBOR any Interest Determination Date a rate for United States dollar deposits for one month appears on the Dow ▇▇▇▇▇ Telerate System, page 3750two or more Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period shall be equal to such rate as of 11:00 a.m., London time;
(b) If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Servicer), the rate shall be determined as follows:
(i) The Servicer on the LIBOR Determination Date will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Servicer, to provide the Servicer with its offered quotation for deposits in United States dollars for the upcoming one-month period, commencing on the second LIBOR Business Day immediately following such LIBOR Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m. London time on such LIBOR Determination Date and in a principal amount that is representative for a single transaction in United States dollars in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Determination Date will be the arithmetic mean of such quotationsoffered quotations (rounded upwards if necessary to the nearest whole multiple of 1/16%).
(b) If on any Interest Determination Date only one or none of the Reference Banks provides such offered quotations, LIBOR for the next Accrual Period shall be whichever is the higher of (i) LIBOR as determined on the previous Interest Determination Date or (ii) If fewer than two quotations are provided, LIBOR determined on such LIBOR Determination Date will the Reserve Interest Rate. The "Reserve Interest Rate" shall be the rate per annum which the Indenture Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/16%) of the rates quoted at approximately 11:00 a.m. in New York City on such LIBOR Determination Date by three major banks in New York City selected by the Trustee for one-month United States dollar loans lending rates that New York City banks selected by the Indenture Trustee are quoting, on the relevant Interest Determination Date, to the principal London offices of at least two of the Reference Banks to which such quotations are, in the opinion of the Indenture Trustee, being so made, or (ii) in the event that the Indenture Trustee can determine no such arithmetic mean, the lowest one-month United States dollar lending rate which New York City banks selected by the Indenture Trustee are quoting on such Interest Determination Date to leading European banks, in a principal amount that is representative for a single transaction in United States dollars in such market at such time; PROVIDED, HOWEVER, that if the banks so selected by the Servicer are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Determination Date will continue to be LIBOR as then currently in effect on such LIBOR Determination Date.
(c) If on the first Interest Determination Date, the Indenture Trustee is required but is unable to determine the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR shall be _______%. Until the Notes are paid in full, the Indenture Trustee will at all times retain at least four Reference Banks for the purpose of determining LIBOR with respect to each Interest Determination Date. Each Reference Bank shall (i) be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not be an Affiliate of the Depositor and (iii) have an established place of business in London. If any such Reference Bank should be unwilling or unable to act as such or if the Indenture Trustee should terminate the appointment of any such Reference Bank, the Indenture Trustee will promptly appoint another leading bank meeting the criteria specified above. None of the Depositor, the Servicer or the Indenture Trustee shall have any liability or responsibility to any Person for (i) the selection of any Reference Bank for purposes of determining LIBOR or (ii) any inability to retain at least four Reference Banks which is caused by circumstances beyond their reasonable control. In determining LIBOR and the Pass-Through Rate for the Notes, the Indenture Trustee may conclusively rely and shall be protected in relying upon the offered quotations (whether written, oral or on the Reuters Screen) from the Reference Banks or the New York City banks as to LIBOR or the Reserve Interest Rate, as appropriate, in effect from time to time. None of the Depositor, the Servicer, the Credit Enhancer or the Indenture Trustee shall have any liability or responsibility to any Person for (i) the Indenture Trustee's selection of New York City banks for purposes of determining any Reserve Interest Rate or (ii) the Indenture Trustee's inability, following a good-faith reasonable effort, to obtain such quotations from the Reference Banks or the New York City banks or to determine such arithmetic mean, all as provided for in this Section 5.8. The establishment of LIBOR on each LIBOR Determination Date and the Pass-Through Rate for the Notes by the Servicer, if any, and the Servicer's calculation of the rate of interest applicable to the Adjustable Rate Certificates for the related Interest Accrual Period Indenture Trustee shall (in the absence of manifest error) be final final, conclusive and bindingbinding upon each Holder of a Note, the Depositor, the Servicer and the Credit Enhancer.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Ucfc Acceptance Corp)