Certain Matters Relating to the Determination of LIBOR. LIBOR shall be calculated by the Securities Administrator in accordance with the definition of LIBOR. The Interest Rate for each Class of LIBOR Certificates for each Interest Accrual Period shall be determined by the Securities Administrator on each LIBOR Determination Date so long as the LIBOR Certificates are outstanding on the basis of LIBOR and the respective formula appearing in footnotes corresponding to the LIBOR Certificates in the table relating to the Certificates in the Preliminary Statement. The establishment of LIBOR by the Securities Administrator and the Securities Administrator’s subsequent calculation of the Certificate Interest Rate applicable to the LIBOR Certificates for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2), Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Wf1), Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)