Collateral Account. (a) The Securities Administrator shall establish and maintain with itself, as agent for the Trustee, on behalf of the Supplement Interest Trust, separate, segregated trust accounts (the “Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement. (b) Funds required to be held pursuant to the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms of the related Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Credit Support Annex. (c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itselfTrustee, as agent for the Supplemental Interest Trust Trustee, on behalf is hereby directed to perform the obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under Credit Support Annex One (the “Custodian”). On or before the Closing Date, the Custodian shall establish the Collateral Accounts”Account. The Collateral Account shall be held in the name of the Custodian in trust for the benefit of the Holders of the Class A, Class M and Class B Certificates. The Collateral Account must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3, Collateral Account, Supplemental Interest Trust Trustee, as Custodian for the benefit of holders of the Class A, Class M and Class B Certificates.” The Custodian shall credit to Collateral Account all collateral (whether in the form of cash or securities) titled, “posted by L▇▇▇▇▇ Fargo BankBrothers Special Financing Inc. to secure the obligations of L▇▇▇▇▇ Brothers Special Financing Inc. in accordance with the terms of Credit Support Annex One. The Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Collateral Account in accordance with Credit Support Annex One. Cash collateral posted by L▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One shall be invested at the written direction of L▇▇▇▇▇ Brothers Special Financing Inc. in Permitted Investments in accordance with the requirements of Credit Support Annex One. All amounts earned on amounts on deposit in Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to L▇▇▇▇▇ Brothers Special Financing Inc. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Schedule) with respect to L▇▇▇▇▇ Brothers Special Financing Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Schedule) as a result of any such Event of Default or Specified Condition with respect to L▇▇▇▇▇ Brothers Special Financing Inc., N.A. and, in either such case, unless L▇▇▇▇▇ Brothers Special Financing Inc. has paid in full all of its Obligations (as Securities Administratordefined in Credit Support Annex One) that are then due, then any collateral posted by L▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One, shall be applied by the Custodian to the payment of any Obligations due to Party B (each as defined in Credit Support Annex One) in accordance with Credit Support Annex One. Any excess collateral posted by L▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One and remaining after payment of all amounts owing to Party B shall be withdrawn from the Collateral Account and paid to L▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One.
(b) The Trustee, as Supplemental Interest Trust Trustee, is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex Two (the “Custodian”). On or before the Closing Date, the Custodian shall establish the Collateral Account. The Collateral Account shall be held in the name of the Custodian in trust for the benefit of the Holders of Deutsche Alt-A Securities Mortgage Loan Trustthe Class A, Series 2007-OA3Class M and Class B Certificates. The Collateral Account must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Floor Certificates, Series 2007-3, Collateral Account”, “Supplemental Interest Trust Trustee, as Custodian for the benefit of holders of the Class A, Class M and Class B Certificates.” The Custodian shall credit to Collateral Account all collateral (whether in the form of cash or securities) posted by Bear S▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for Financial Products Inc. to secure the Holders obligations of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “Bear S▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Financial Products Inc. in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms of the related Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists accordance with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support AnnexAnnex Two. The Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Collateral Account in accordance with Credit Support Annex Two. Cash collateral posted by Bear S▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two shall be invested at the written direction of Bear S▇▇▇▇▇▇ Financial Products Inc. in Permitted Investments in accordance with the requirements of Credit Support Annex Two. All amounts earned on amounts on deposit in Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to Bear S▇▇▇▇▇▇ Financial Products Inc. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Schedule) with respect to Bear S▇▇▇▇▇▇ Financial Products Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Schedule) as a result of any such Event of Default or Specified Condition with respect to Bear S▇▇▇▇▇▇ Financial Products Inc., and, in either such case, unless Bear S▇▇▇▇▇▇ Financial Products Inc. has paid in full all of its Obligations (as defined in Credit Support Annex Two) that are then due, then any collateral posted by Bear S▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two, shall be applied by the Custodian to the payment of any Obligations due to Party B (each as defined in Credit Support Annex Two) in accordance with Credit Support Annex Two. Any excess collateral posted by Bear S▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two and remaining after payment of all amounts owing to Party B shall be withdrawn from the Collateral Account and paid to Bear S▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3)
Collateral Account. The Trust Administrator (ain its capacity as Cap Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Custodian as defined under the Interest Trust, separate, segregated trust accounts Rate Cap Credit Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian shall establish an Interest Rate Cap Collateral Accounts”) titledAccount. The Interest Rate Cap Collateral Account shall be held in the name of the Interest Rate Cap Custodian in trust for the benefit of the Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible Account and shall be titled “Interest Rate Cap Collateral Account, “▇W▇▇▇▇ Fargo Bank, N.A. N.A., as Securities Administrator, in trust Interest Rate Cap Custodian for the Holders registered Certificateholders of Deutsche Alt-A Securities Citigroup Mortgage Loan TrustTrust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-OA3AMC2.” The Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral Account all collateral (whether in form of cash or securities) posted by the Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap Provider in accordance with the terms of the Interest Rate Cap Agreement. Except for investment earnings, Mortgage Pass-Through Floor the Interest Rate Cap Provider shall not have any legal, equitable or beneficial interest in the Interest Rate Cap Collateral Account”Account other than in accordance with this Agreement, “▇▇▇▇▇ Fargo Bankthe Interest Rate Cap Agreement, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Interest Rate Cap Custodian shall be Eligible Accounts, maintain and funds apply all collateral earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Interest Rate Cap Collateral Account in accordance with the Interest Rate Cap Credit Support Annex. Cash collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms written direction of the related Interest Rate Cap Provider in Permitted Investments in accordance with the requirements of the Interest Rate Cap Credit Support Annex. All amounts earned on amounts on deposit in the Interest Rate Cap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Interest Rate Cap Provider. The Securities Administrator Interest Rate Cap Custodian shall not be liable for the selection of Permitted Investments or for any investment losses incurred on such investmentsthrough investment of the Posted Collateral (as defined in the Interest Rate Cap Credit Support Annex) into Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by M▇▇▇▇’▇ or Aaa by M▇▇▇▇’▇, as directed by the Interest Rate Cap Provider. On any Distribution Date as to which a shortfall exists with The Interest Rate Cap Custodian shall have no liability in respect to Derivative Payments owed by a Derivative Provider of losses incurred as a result of the liquidation of any such Permitted Investments prior to its stated maturity or failure of the Interest Rate Cap Provider to make payments pursuant provide timely written direction. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Cap Agreement) with respect to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed Interest Rate Cap Provider or upon occurrence or designation of an Early Termination Date (as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit defined in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support providerInterest Rate Cap Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementInterest Rate Cap Provider, and, in either such case, unless the Interest Rate Cap Provider has paid in full all of its Obligations (as defined in the Interest Rate Cap Credit Support Annex) that are then due, then any collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Interest Rate Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex. Any excess amounts held in such Interest Rate Cap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Cap Agreement shall be withdrawn from the Interest Rate Cap Collateral Account and paid to the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc2), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc2)
Collateral Account. The Trustee (ain its capacity as Supplemental Interest Trust Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Certificateholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇W▇▇▇▇ Fargo Bank, N.A. N.A., as Securities Administrator, in trust Swap Custodian for the Holders registered Certificateholders of Deutsche Alt-A Securities Option One Mortgage Loan TrustTrust 2007-CP1, Asset-Backed Certificates, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate CP1.” The Swap Custodian shall credit to Swap Collateral Account” and “▇▇▇▇▇ Fargo BankAccount all collateral (whether in the form of cash or securities) posted by the Swap Provider to secure the obligations of the Swap Provider in accordance with the terms of the Interest Rate Swap Agreement. Except for investment earnings, N.A. as Securities Administratorthe Swap Provider shall not have any legal, equitable or beneficial interest in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”Account other than in accordance with this Agreement, respectivelythe Interest Rate Swap Agreement and applicable law. The Collateral Accounts Swap Custodian shall be Eligible Accounts, maintain and funds apply all collateral and earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Swap Collateral Account in accordance with Swap Credit Support Annex. Cash collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms direction of the related Swap Provider in Permitted Investments in accordance with the requirements of the Swap Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Swap Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to be returned the Swap Provider. If no investment direction is provided, such amounts shall remain uninvested. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Swap Agreement) with respect to such Derivative the Swap Provider or upon occurrence or designation of an Early Termination Date (or its credit support provideras defined in the Interest Rate Swap Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementSwap Provider, and, in either such case, unless the Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Annex) that are then due, then any collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral Account and paid to the Swap Provider in accordance with the Swap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Cp1), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Cp1)
Collateral Account. The Trust Administrator (ain its capacity as Cap Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Custodian as defined under the Interest Trust, separate, segregated trust accounts Rate Cap Credit Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian shall establish an Interest Rate Cap Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Account. The Interest Rate Cap Collateral Account shall be held in the name of the Interest Rate Cap Custodian in trust for the Holders benefit of Deutsche Alt-A Securities the Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible Account and shall be titled “Interest Rate Cap Collateral Account, Citibank, N.A., as Interest Rate Cap Custodian for registered Certificateholders of Citigroup Mortgage Loan TrustTrust 2007-AMC1, Asset-Backed Pass-Through Certificates, Series 2007-OA3AMC1.” The Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral Account all collateral posted by the Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap Provider in accordance with the terms of the Interest Rate Cap Agreement. Except for investment earnings, Mortgage Pass-Through Floor the Interest Rate Cap Provider shall not have any legal, equitable or beneficial interest in the Interest Rate Cap Collateral Account”Account other than in accordance with this Agreement, “▇▇▇▇▇ Fargo Bankthe Interest Rate Cap Agreement, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Interest Rate Cap Custodian shall be Eligible Accounts, maintain and funds apply all collateral earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Interest Rate Cap Collateral Account in accordance with the Interest Rate Cap Credit Support Annex. Cash collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms written direction of the related Interest Rate Cap Provider in Permitted Investments in accordance with the requirements of the Interest Rate Cap Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Interest Rate Cap Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to the Interest Rate Cap Provider. In no event shall the Interest Rate Cap Custodian be returned liable for the selection of Permitted Investments or for investment losses incurred thereon. The Interest Rate Cap Custodian shall have no liability in respect of losses incurred as a result of the liquidation of any Permitted Investments prior to such Derivative its stated maturity or failure of the Interest Rate Cap Provider to provide timely written direction. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Cap Agreement) with respect to the Interest Rate Cap Provider or its credit support providerupon occurrence or designation of an Early Termination Date (as defined in the Interest Rate Cap Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementInterest Rate Cap Provider, and, in either such case, unless the Interest Rate Cap Provider has paid in full all of its Obligations (as defined in the Interest Rate Cap Credit Support Annex) that are then due, then any collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Interest Rate Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex. Any excess amounts held in such Interest Rate Cap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Cap Agreement shall be withdrawn from the Interest Rate Cap Collateral Account and paid to the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc1)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Noteholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇▇▇▇▇ Fargo Bank, N.A. N.A., as Securities AdministratorSwap Custodian for registered Noteholders of Renaissance Home Equity Loan Trust 2007-1, in trust for the Holders of Deutsche AltHome Equity Loan Asset-A Securities Mortgage Loan TrustBacked Notes, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account1.”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required The Swap Custodian shall credit to be held pursuant to Swap Collateral Account all collateral (whether in the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds form of cash or securities) posted by any Derivative the Swap Provider (or its credit support provider) to secure the obligations of the Swap Provider in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to accordance with the terms of the related Credit Support AnnexInterest Rate Swap Agreement. Except for investment earnings, the Swap Provider shall not have any legal, equitable or beneficial interest in the Swap Collateral Account other than in accordance with the Interest Rate Swap Agreement and applicable law. The Securities Administrator Swap Custodian shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account maintain and distributed as apply all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts collateral and earnings thereon on deposit in the Swap Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Account in accordance with Swap Credit Support Annex.
(c) Cash collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be invested at the direction of the Swap Provider in Eligible Investments in accordance with the requirements of the Swap Credit Support Annex. All amounts earned on amounts on deposit in the Swap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Swap Provider.
(d) Upon the termination occurrence of the Trust Fund, any amounts remaining an Event of Default or Specified Condition (each as defined in the Collateral Accounts Interest Rate Swap Agreement) with respect to the Swap Provider or upon occurrence or designation of an Early Termination Date (as defined in the Interest Rate Swap Agreement) as a result of any such Event of Default or Specified Condition with respect to the Swap Provider, and, in either such case, unless the Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Annex) that are then due, then any collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be distributed by the Securities Administrator as required pursuant applied to the terms payment of any Obligations due to Party B (as defined in the Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral Account and paid to the Swap Provider in accordance with the Swap Credit Support Annex.
Appears in 1 contract
Sources: Indenture (Renaissance Home Equity Loan Trust 2007-1)
Collateral Account. The Trust Administrator (ain its capacity as Cap Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Custodian as defined under the Interest Trust, separate, segregated trust accounts Rate Cap Credit Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian shall establish an Interest Rate Cap Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Account. The Interest Rate Cap Collateral Account shall be held in the name of the Interest Rate Cap Custodian in trust for the Holders benefit of Deutsche Alt-A Securities the Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible Account and shall be titled “Interest Rate Cap Collateral Account, Citibank, N.A., as Interest Rate Cap Custodian for registered Certificateholders of Citigroup Mortgage Loan TrustTrust 2007-AHL1, Asset-Backed Pass-Through Certificates, Series 2007-OA3AHL1.” The Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral Account all collateral posted by the Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap Provider in accordance with the terms of the Interest Rate Cap Agreement. Except for investment earnings, Mortgage Pass-Through Floor the Interest Rate Cap Provider shall not have any legal, equitable or beneficial interest in the Interest Rate Cap Collateral Account”Account other than in accordance with this Agreement, “▇▇▇▇▇ Fargo Bankthe Interest Rate Cap Agreement, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Interest Rate Cap Custodian shall be Eligible Accounts, maintain and funds apply all collateral earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Interest Rate Cap Collateral Account in accordance with the Interest Rate Cap Credit Support Annex. Cash collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms written direction of the related Interest Rate Cap Provider in Permitted Investments in accordance with the requirements of the Interest Rate Cap Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Interest Rate Cap Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to the Interest Rate Cap Provider. In no event shall the Interest Rate Cap Custodian be returned liable for the selection of Permitted Investments or for investment losses incurred thereon. The Interest Rate Cap Custodian shall have no liability in respect of losses incurred as a result of the liquidation of any Permitted Investments prior to such Derivative its stated maturity or failure of the Interest Rate Cap Provider to provide timely written direction. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Cap Agreement) with respect to the Interest Rate Cap Provider or its credit support providerupon occurrence or designation of an Early Termination Date (as defined in the Interest Rate Cap Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementInterest Rate Cap Provider, and, in either such case, unless the Interest Rate Cap Provider has paid in full all of its Obligations (as defined in the Interest Rate Cap Credit Support Annex) that are then due, then any collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Interest Rate Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex. Any excess amounts held in such Interest Rate Cap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Cap Agreement shall be withdrawn from the Interest Rate Cap Collateral Account and paid to the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ahl1)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itself, as agent for the Trustee, on behalf of the Supplement Interest Trust, separate, segregated trust accounts (the “Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3OA2, Mortgage Pass-Through Floor Certificate Cap Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3OA2, Mortgage Pass-Through Certificate Swap Floor Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 OA2 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms of the related Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viiiix), as applicable. Any amounts on deposit in the Collateral Accounts Account required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2)
Collateral Account. (a) The Securities Trust Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Basis Risk Cap Credit Support Annex (the “Basis Risk Cap Custodian”). On or before the Closing Date, the Basis Risk Cap Custodian shall establish a Basis Risk Cap Collateral Accounts”) titledAccount. The Basis Risk Cap Collateral Account shall be held in the name of the Basis Risk Cap Custodian in trust for the benefit of the Certificateholders. The Basis Risk Cap Collateral Account must be an Eligible Account and shall be titled “Basis Risk Cap Collateral Account, “▇W▇▇▇▇ Fargo Bank, N.A. N.A., as Securities Administrator, in trust Basis Risk Cap Custodian for the Holders registered Certificateholders of Deutsche Alt-A Securities Citigroup Mortgage Loan TrustTrust 2007-OPX1, Asset-Backed Pass-Through Certificates, Series 2007-OA3OPX1.” The Basis Risk Cap Custodian shall credit to the Basis Risk Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Basis Risk Cap Provider to secure the obligations of the Basis Risk Cap Provider in accordance with the terms of the Basis Risk Cap Agreements. Except for investment earnings, Mortgage Pass-Through Floor the Basis Risk Cap Provider shall not have any legal, equitable or beneficial interest in the Basis Risk Cap Collateral Account”Account other than in accordance with this Agreement, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” Basis Risk Cap Agreements and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Basis Risk Cap Custodian shall be Eligible Accounts, maintain and funds apply all collateral and earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Basis Risk Cap Collateral Account in accordance with Basis Risk Cap Credit Support Annex. Cash collateral posted by the Basis Risk Cap Provider in accordance with the Basis Risk Cap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms written direction of the related Basis Risk Cap Provider in Permitted Investments in accordance with the requirements of the Basis Risk Cap Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Basis Risk Cap Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to the Basis Risk Cap Provider. In no event shall the Basis Risk Cap Custodian be returned liable for the selection of Permitted Investments or for investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Basis Risk Cap Agreements) with respect to such Derivative the Basis Risk Cap Provider or upon occurrence or designation of an Early Termination Date (or its credit support provideras defined in the Basis Risk Cap Agreements) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementBasis Risk Cap Provider, and, in either such case, unless the Basis Risk Cap Provider has paid in full all of its Obligations (as defined in the Basis Risk Cap Credit Support Annex) that are then due, then any collateral posted by the Basis Risk Cap Provider in accordance with the Basis Risk Cap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Basis Risk Cap Agreements) in accordance with the Basis Risk Cap Credit Support Annex. Any excess amounts held in such Basis Risk Cap Collateral Account after payment of all amounts owing to Party B under the Basis Risk Cap Agreements shall be withdrawn from the Basis Risk Cap Collateral Account and paid to the Basis Risk Cap Provider in accordance with the Basis Risk Cap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Opx1)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itselfTrustee, as agent for the Supplemental Interest Trust Trustee, on behalf is hereby directed to perform the obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under Credit Support Annex One (the “Custodian”). On or before the Closing Date, the Custodian shall establish the Collateral Accounts”Account. The Collateral Account shall be held in the name of the Custodian in trust for the benefit of the Holders of the Class A, Class M and Class B Certificates. The Collateral Account must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3, Collateral Account, Supplemental Interest Trust Trustee, as Custodian for the benefit of holders of the Class A, Class M and Class B Certificates.” The Custodian shall credit to Collateral Account all collateral (whether in the form of cash or securities) titled, “posted by ▇▇▇▇▇▇ Fargo BankBrothers Special Financing Inc. to secure the obligations of ▇▇▇▇▇▇ Brothers Special Financing Inc. in accordance with the terms of Credit Support Annex One. The Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Collateral Account in accordance with Credit Support Annex One. Cash collateral posted by ▇▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One shall be invested at the written direction of ▇▇▇▇▇▇ Brothers Special Financing Inc. in Permitted Investments in accordance with the requirements of Credit Support Annex One. All amounts earned on amounts on deposit in Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to ▇▇▇▇▇▇ Brothers Special Financing Inc. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Schedule) with respect to ▇▇▇▇▇▇ Brothers Special Financing Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Schedule) as a result of any such Event of Default or Specified Condition with respect to ▇▇▇▇▇▇ Brothers Special Financing Inc., N.A. and, in either such case, unless ▇▇▇▇▇▇ Brothers Special Financing Inc. has paid in full all of its Obligations (as Securities Administratordefined in Credit Support Annex One) that are then due, then any collateral posted by ▇▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One, shall be applied by the Custodian to the payment of any Obligations due to Party B (each as defined in Credit Support Annex One) in accordance with Credit Support Annex One. Any excess collateral posted by ▇▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One and remaining after payment of all amounts owing to Party B shall be withdrawn from the Collateral Account and paid to ▇▇▇▇▇▇ Brothers Special Financing Inc. in accordance with Credit Support Annex One.
(b) The Trustee, as Supplemental Interest Trust Trustee, is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex Two (the “Custodian”). On or before the Closing Date, the Custodian shall establish the Collateral Account. The Collateral Account shall be held in the name of the Custodian in trust for the benefit of the Holders of Deutsche Alt-A Securities Mortgage Loan Trustthe Class A, Series 2007-OA3Class M and Class B Certificates. The Collateral Account must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Floor Certificates, Series 2007-3, Collateral Account”, “Supplemental Interest Trust Trustee, as Custodian for the benefit of holders of the Class A, Class M and Class B Certificates.” The Custodian shall credit to Collateral Account all collateral (whether in the form of cash or securities) posted by Bear ▇▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for Financial Products Inc. to secure the Holders obligations of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “Bear ▇▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Financial Products Inc. in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms of the related Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists accordance with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support AnnexAnnex Two. The Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Collateral Account in accordance with Credit Support Annex Two. Cash collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two shall be invested at the written direction of Bear ▇▇▇▇▇▇▇ Financial Products Inc. in Permitted Investments in accordance with the requirements of Credit Support Annex Two. All amounts earned on amounts on deposit in Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to Bear ▇▇▇▇▇▇▇ Financial Products Inc. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Schedule) with respect to Bear ▇▇▇▇▇▇▇ Financial Products Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Schedule) as a result of any such Event of Default or Specified Condition with respect to Bear ▇▇▇▇▇▇▇ Financial Products Inc., and, in either such case, unless Bear ▇▇▇▇▇▇▇ Financial Products Inc. has paid in full all of its Obligations (as defined in Credit Support Annex Two) that are then due, then any collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two, shall be applied by the Custodian to the payment of any Obligations due to Party B (each as defined in Credit Support Annex Two) in accordance with Credit Support Annex Two. Any excess collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two and remaining after payment of all amounts owing to Party B shall be withdrawn from the Collateral Account and paid to Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with Credit Support Annex Two.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Noteholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇W▇▇▇▇ Fargo Bank, N.A. N.A., as Securities AdministratorSwap Custodian for registered Noteholders of Renaissance Home Equity Loan Trust 2006-4, in trust for the Holders of Deutsche AltHome Equity Loan Asset-A Securities Mortgage Loan TrustBacked Notes, Series 20072006-OA3, Mortgage Pass-Through Floor Collateral Account4.”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required The Swap Custodian shall credit to be held pursuant to Swap Collateral Account all collateral (whether in the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds form of cash or securities) posted by any Derivative the Swap Provider (or its credit support provider) to secure the obligations of the Swap Provider in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to accordance with the terms of the related Credit Support AnnexInterest Rate Swap Agreement. Except for investment earnings, the Swap Provider shall not have any legal, equitable or beneficial interest in the Swap Collateral Account other than in accordance with the Interest Rate Swap Agreement and applicable law. The Securities Administrator Swap Custodian shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account maintain and distributed as apply all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts collateral and earnings thereon on deposit in the Swap Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Account in accordance with Swap Credit Support Annex.
(c) Cash collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be invested at the direction of the Swap Provider in Permitted Investments that mature no later than the Business Day prior to the next succeeding Payment Date. All amounts earned on amounts on deposit in the Swap Collateral Account (whether cash collateral or securities) shall be taxable to the Swap Provider. The Swap Provider shall deposit in the Swap Collateral Account from its own funds the amount of any loss incurred in respect of any Permitted Investment held therein.
(d) Upon the termination occurrence of the Trust Fundan Event of Default, any amounts remaining a Termination Event, or an Additional Termination Event (each as defined in the Interest Rate Swap Agreement), amounts in the Swap Collateral Accounts Account shall be distributed withdrawn by the Securities Administrator as required pursuant Swap Custodian and applied to the terms payment of any termination payment due to Party B (as defined in the Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral Account and paid to the Swap Provider in accordance with the Swap Credit Support Annex.
Appears in 1 contract
Sources: Indenture (Renaissance Home Equity Loan Trust 2006-4)
Collateral Account. (ai) The Securities Administrator shall establish and maintain with itselfTrustee, as agent for the Supplemental Interest Trust Trustee, on behalf is hereby directed to perform the obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under Credit Support Annex One (the “Custodian”). On or before the Closing Date, the Custodian shall establish the Collateral Accounts”Account. The Collateral Account shall be held in the name of the Custodian in trust for the benefit of the Holders of the Class A, Class M and Class B Certificates. The Collateral Account must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1, Collateral Account, Supplemental Interest Trust Trustee, as Custodian for the benefit of holders of the Class A, Class M and Class B Certificates.” The Custodian shall credit to Collateral Account all collateral (whether in the form of cash or securities) titled, “posted by Bear ▇▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for Financial Products Inc. to secure the Holders obligations of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account”, “Bear ▇▇▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Financial Products Inc. in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms of the related Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists accordance with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex. The Custodian shall maintain and apply all collateral and earnings thereon on deposit in the Collateral Account in accordance with the Credit Support Annex. Cash collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with the Credit Support Annex shall be invested at the written direction of Bear ▇▇▇▇▇▇▇ Financial Products Inc. in Permitted Investments in accordance with the requirements of the Credit Support Annex. All amounts earned on amounts on deposit in Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to Bear ▇▇▇▇▇▇▇ Financial Products Inc.. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Schedule) with respect to Bear ▇▇▇▇▇▇▇ Financial Products Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Schedule) as a result of any such Event of Default or Specified Condition with respect to Bear ▇▇▇▇▇▇▇ Financial Products Inc., and, in either such case, unless Bear ▇▇▇▇▇▇▇ Financial Products Inc. has paid in full all of its Obligations (as defined in the Credit Support Annex) that are then due, then any collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with the Credit Support Annex, shall be applied by the Custodian to the payment of any Obligations due to Party B (each as defined in the Credit Support Annex) in accordance with the Credit Support Annex. Any excess collateral posted by Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with the Credit Support Annex and remaining after payment of all amounts owing to Party B shall be withdrawn from the Collateral Account and paid to Bear ▇▇▇▇▇▇▇ Financial Products Inc. in accordance with the Credit Support Annex.
Appears in 1 contract
Collateral Account. The Trust Administrator (ain its capacity as Supplemental Interest Trust Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Certificateholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇▇▇▇▇ Fargo BankCitibank, N.A. N.A., as Securities AdministratorSwap Custodian, in trust for the Holders registered holders of Deutsche Alt-A Securities Citigroup Mortgage Loan TrustTrust 2007-WFHE4, Asset-Backed Pass-Through Certificates, Series 2007-OA3WFHE4, Mortgage Pass-Through Floor Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Certificates.” The Swap Custodian shall credit to Swap Collateral Account” and “▇▇▇▇▇ Fargo BankAccount all collateral (whether in the form of cash or securities) posted by the Interest Rate Swap Provider to secure the obligations of the Interest Rate Swap Provider in accordance with the terms of the Interest Rate Swap Agreement. Except for investment earnings, N.A. as Securities Administratorthe Interest Rate Swap Provider shall not have any legal, equitable or beneficial interest in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”Account other than in accordance with this Agreement, respectivelythe Interest Rate Swap Agreement and applicable law. The Collateral Accounts Swap Custodian shall be Eligible Accounts, maintain and funds apply all collateral and earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Swap Collateral Account in accordance with Swap Credit Support Annex. Cash collateral posted by the Interest Rate Swap Provider in accordance with the Swap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms direction of the related Interest Rate Swap Provider in Permitted Investments in accordance with the requirements of the Swap Credit Support Annex. All amounts earned on amounts on deposit in the Swap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Interest Rate Swap Provider. The Securities Administrator Swap Custodian shall not be liable for the selection of Permitted Investments or for any investment losses incurred on such investmentsthrough investment of the Posted Collateral (as defined in the Swap Credit Support Annex) into Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by M▇▇▇▇’▇ or Aaa by M▇▇▇▇’▇, as directed by the Interest Rate Swap Provider. On any Distribution Date as to which a shortfall exists with The Swap Custodian shall have no liability in respect to Derivative Payments owed by a Derivative Provider of losses incurred as a result of the liquidation of any such Permitted Investments prior to its stated maturity or failure of the Interest Rate Swap Provider to make payments pursuant provide timely written direction. If no investment direction is provided, such amounts shall remain uninvested. In the event the Swap Custodian does not meet the Custodian Required Rating Threshold (as defined in the Interest Rate Swap Agreement), the Supplemental Interest Trust Trustee, at the direction of the Depositor, shall within 60 days obtain a replacement Swap Custodian that meets the Custodian Required Rating Threshold. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Swap Agreement) with respect to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed Interest Rate Swap Provider or upon occurrence or designation of an Early Termination Date (as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit defined in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support providerInterest Rate Swap Agreement) as a result of any such Event of Default or Specified Condition with respect to the termination Interest Rate Swap Provider, and, in either such case, unless the Interest Rate Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Annex) that are then due, then any collateral posted by the Interest Rate Swap Provider in accordance with the Swap Credit Support Annex shall be applied to the payment of any Obligations due to Party B (as defined in the Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. To the extent the Swap Custodian is required to return any of the related Derivative Agreement, Posted Collateral (iias defined in the Swap Credit Support Annex) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Interest Rate Swap Provider pursuant to under the terms of the related Swap Credit Support Annex, the Swap Custodian shall return such collateral in accordance with the terms of the Swap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Wfhe4)
Collateral Account. The Trust Administrator (ain its capacity as Cap Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Custodian as defined under the Interest Trust, separate, segregated trust accounts Rate Cap Credit Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian shall establish an Interest Rate Cap Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Account. The Interest Rate Cap Collateral Account shall be held in the name of the Interest Rate Cap Custodian in trust for the Holders benefit of Deutsche Alt-A Securities the Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible Account and shall be titled “Interest Rate Cap Collateral Account, Citibank, N.A., as Interest Rate Cap Custodian for registered Certificateholders of Citigroup Mortgage Loan TrustTrust 2006-HE3, Series 2007Asset-OA3, Mortgage Backed Pass-Through Floor Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan TrustCertificates, Series 20072006-OA3HE3.” The Interest Rate Cap Custodian shall credit to the Interest Rate Cap Collateral Account all collateral posted by the Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap Provider in accordance with the terms of the Interest Rate Cap Agreement. Except for investment earnings, Mortgage Pass-Through Certificate Swap the Interest Rate Cap Provider shall not have any legal, equitable or beneficial interest in the Interest Rate Cap Collateral Account” Account other than in accordance with this Agreement, the Interest Rate Cap Agreement, and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Interest Rate Cap Custodian shall be Eligible Accounts, maintain and funds apply all collateral earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Interest Rate Cap Collateral Account in accordance with the Interest Rate Cap Credit Support Annex. Cash collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative written direction of the Interest Rate Cap Provider in overnight (or its credit support providerredeemable within two Local Business Days of demand) Permitted Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by ▇▇▇▇▇’▇ or Aaa by ▇▇▇▇▇’▇. Gains and losses incurred in respect of any investment of posted collateral in the related Collateral Account shall be invested form of Cash in Eligible Permitted Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts Interest Rate Cap Provider shall be remitted to such Derivative Provider pursuant to for the terms account of the related Credit Support AnnexInterest Rate Cap Provider. The Securities Administrator In no event shall not the Interest Rate Cap Custodian be liable for any the selection of Permitted Investments or for investment losses incurred on such investmentsthereon. On any Distribution Date as to which a shortfall exists with The Interest Rate Cap Custodian shall have no liablility in respect to Derivative Payments owed by a Derivative Provider of losses incurred as a result of the liquidation of any Permitted Investments prior to its stated maturity or failure of the Interest Rate Cap Provider to make payments pursuant provide timely written direction. Upon the occurrence of an Event of Default, a Termination Event, or an Additional Termination Event (each as defined in the Interest Rate Cap Agreement) with respect to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed Interest Rate Cap Provider or upon occurrence or designation of an Early Termination Date (as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit defined in the Collateral Accounts required to be returned to such Derivative Provider (or its credit support providerInterest Rate Cap Agreement) as a result of the termination any such Event of the related Derivative AgreementDefault, (ii) the procurement of a guarantorTermination Event, (iii) the reinstatement of required ratings or (iv) otherwise pursuant an Additional Termination Event with respect to the related Derivative Interest Rate Cap Provider and, in either such case, unless the Interest Rate Cap Provider has paid in full all of its Obligations (as defined in the Interest Rate Cap Agreement) that are then due, then any collateral posted by the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex shall be released directly to such Derivative Provider pursuant withdrawn by the Interest Rate Cap Custodian and applied to the terms payment of any termination payment due to Party B (as defined in the related Interest Rate Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex. Any excess amounts held in such Interest Rate Cap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Cap Agreement shall be withdrawn from the Interest Rate Cap Collateral Account and paid to the Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-He3)
Collateral Account. The Trustee (ain its capacity as Supplemental Interest Trust Trustee) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Certificateholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇W▇▇▇▇ Fargo Bank, N.A. N.A., as Securities Administrator, in trust Swap Custodian for the Holders registered Certificateholders of Deutsche Alt-A Securities Option One Mortgage Loan TrustTrust 2007-2, Asset-Backed Certificates, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate 2.” The Swap Custodian shall credit to Swap Collateral Account” and “▇▇▇▇▇ Fargo BankAccount all collateral (whether in the form of cash or securities) posted by the Swap Provider to secure the obligations of the Swap Provider in accordance with the terms of the Interest Rate Swap Agreement. Except for investment earnings, N.A. as Securities Administratorthe Swap Provider shall not have any legal, equitable or beneficial interest in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”Account other than in accordance with this Agreement, respectivelythe Interest Rate Swap Agreement and applicable law. The Collateral Accounts Swap Custodian shall be Eligible Accounts, maintain and funds apply all collateral and earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Swap Collateral Account in accordance with Swap Credit Support Annex. Cash collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms direction of the related Swap Provider in Permitted Investments in accordance with the requirements of the Swap Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Swap Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to be returned the Swap Provider. If no investment direction is provided, such amounts shall remain uninvested. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Swap Agreement) with respect to such Derivative the Swap Provider or upon occurrence or designation of an Early Termination Date (or its credit support provideras defined in the Interest Rate Swap Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementSwap Provider, and, in either such case, unless the Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Annex) that are then due, then any collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral Account and paid to the Swap Provider in accordance with the Swap Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-2)
Collateral Account. (a) The Securities Administrator shall establish and maintain with itself, as agent for is hereby directed to perform the Trustee, on behalf obligations of the Supplement Interest Trust, separate, segregated trust accounts Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the Swap Custodian shall establish a Swap Collateral Accounts”) titledAccount. The Swap Collateral Account shall be held in the name of the Swap Custodian in trust for the benefit of the Noteholders. The Swap Collateral Account must be an Eligible Account and shall be titled “Swap Collateral Account, “▇▇▇▇▇ Fargo Bank, N.A. N.A., as Securities AdministratorSwap Custodian for registered Noteholders of Renaissance Home Equity Loan Trust 2007-2, in trust for the Holders of Deutsche AltHome Equity Loan Asset-A Securities Mortgage Loan TrustBacked Notes, Series 2007-OA3, Mortgage Pass-Through Floor Collateral Account2.”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectively. The Collateral Accounts shall be Eligible Accounts, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of the Securities Administrator held pursuant to this Agreement.
(b) Funds required The Swap Custodian shall credit to be held pursuant to Swap Collateral Account all collateral (whether in the Credit Support Annex shall be deposited into the respective Collateral Accounts. Funds form of cash or securities) posted by any Derivative the Swap Provider (or its credit support provider) to secure the obligations of the Swap Provider in the related Collateral Account shall be invested in Eligible Investments as directed by the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to accordance with the terms of the related Credit Support AnnexInterest Rate Swap Agreement. Except for investment earnings, the Swap Provider shall not have any legal, equitable or beneficial interest in the Swap Collateral Account other than in accordance with the Interest Rate Swap Agreement and applicable law. The Securities Administrator Swap Custodian shall not be liable for any losses incurred on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account maintain and distributed as apply all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts collateral and earnings thereon on deposit in the Swap Collateral Accounts required to be returned to such Derivative Provider (or its credit support provider) as a result of the termination of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings or (iv) otherwise pursuant to the related Derivative Agreement, shall be released directly to such Derivative Provider pursuant to the terms of the related Account in accordance with Swap Credit Support Annex.
(c) Cash collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be invested at the direction of the Swap Provider in Eligible Investments in accordance with the requirements of the Swap Credit Support Annex. All amounts earned on amounts on deposit in the Swap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Swap Provider.
(d) Upon the termination occurrence of the Trust Fund, any amounts remaining an Event of Default or Specified Condition (each as defined in the Collateral Accounts Interest Rate Swap Agreement) with respect to the Swap Provider or upon occurrence or designation of an Early Termination Date (as defined in the Interest Rate Swap Agreement) as a result of any such Event of Default or Specified Condition with respect to the Swap Provider, and, in either such case, unless the Swap Provider has paid in full all of its Obligations (as defined in the Swap Credit Support Annex) that are then due, then any collateral posted by the Swap Provider in accordance with the Swap Credit Support Annex shall be distributed by the Securities Administrator as required pursuant applied to the terms payment of any Obligations due to Party B (as defined in the Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex. Any excess amounts held in such Swap Collateral Account after payment of all amounts owing to Party B under the Interest Rate Swap Agreement shall be withdrawn from the Swap Collateral Account and paid to the Swap Provider in accordance with the Swap Credit Support Annex.
Appears in 1 contract
Sources: Indenture (Renaissance Home Equity Loan Trust 2007-2)
Collateral Account. (a) The Securities Administrator is hereby directed to perform the obligations of the Derivatives Custodian as defined under the Derivatives Credit Support Annex (the "Derivatives Custodian"). On or before the Closing Date, the Derivatives Custodian shall establish and maintain with itself, as agent a Derivatives Collateral Account. The Collateral Account shall be held in the name of the Derivatives Custodian in trust for the Trustee, on behalf benefit of the Supplement Interest TrustNoteholders. The Collateral Account must be an Eligible Account and shall be titled "Collateral Account, separate, segregated trust accounts (the “Collateral Accounts”) titled, “▇▇▇▇▇ Fargo Bank, N.A. N.A., as Derivatives Custodian for registered Noteholders of Newcastle Mortgage Securities AdministratorTrust 2007-1, in trust for the Holders of Deutsche AltAsset-A Securities Mortgage Loan TrustBacked Notes, Series 2007-OA31." The Derivatives Custodian shall credit to the Collateral Account all collateral (whether in the form of cash or securities) posted by the Derivatives Provider to secure the obligations of the Derivatives Provider in accordance with the terms of the Schedule to the ISDA Master Agreement. Except for investment earnings, Mortgage Pass-Through Floor the Derivatives Provider shall not have any legal, equitable or beneficial interest in the Collateral Account”, “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, Account other than in trust for accordance with the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Mortgage Pass-Through Certificate Swap Collateral Account” Schedule to the ISDA Master Agreement and “▇▇▇▇▇ Fargo Bank, N.A. as Securities Administrator, in trust for the Holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3 Mortgage Pass-Through Class A-1 Swap Collateral Account”, respectivelyapplicable law. The Collateral Accounts Derivatives Custodian shall be Eligible Accounts, maintain and funds apply all collateral and earnings thereon on deposit therein shall be held separate and apart from, and shall not be commingled with, any other monies, including, without limitation, other monies of in the Securities Administrator held pursuant to this Agreement.
(b) Funds required to be held pursuant to Collateral Account in accordance with Derivatives Credit Support Annex. Cash collateral posted by the Derivatives Provider in accordance with the Derivatives Credit Support Annex shall be deposited into invested at the respective Collateral Accounts. Funds posted by any Derivative direction of the Derivatives Provider (or its credit support provider) in the related Collateral Account shall be invested in Eligible Investments as directed by in accordance with the related Derivative Counterparty (or its credit support provider), and in the absence of direction, shall remain uninvested. Any interest earnings on such amounts shall be remitted to such Derivative Provider pursuant to the terms requirements of the related Derivatives Credit Support Annex. The Securities Administrator shall not be liable for any losses incurred All amounts earned on such investments. On any Distribution Date as to which a shortfall exists with respect to Derivative Payments owed by a Derivative Provider as a result of its failure to make payments pursuant to the related Derivative Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the related Derivative Account and distributed as all or a portion of such Derivative Amount pursuant to Section 4.1(a)(vi) through (viii), as applicable. Any amounts on deposit in the Collateral Accounts required Account (whether cash collateral or securities) shall be for the account of and taxable to be returned the Derivatives Provider. Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Interest Rate Swap Agreement) with respect to such Derivative the Derivatives Provider or upon occurrence or designation of an Early Termination Date (or its credit support provideras defined in the Schedule to the ISDA Master Agreement) as a result of the termination any such Event of the related Derivative Agreement, (ii) the procurement of a guarantor, (iii) the reinstatement of required ratings Default or (iv) otherwise pursuant Specified Condition with respect to the related Derivative AgreementDerivatives Provider, and, in either such case, unless the Derivatives Provider has paid in full all of its Obligations (as defined in the Derivatives Credit Support Annex) that are then due, then any collateral posted by the Derivatives Provider in accordance with the Derivatives Credit Support Annex shall be released directly to such Derivative Provider pursuant applied to the terms payment of any Obligations due to Party B (as defined in the related Schedule to the ISDA Master Agreement) in accordance with the Derivatives Credit Support Annex. Any excess amounts held in such Collateral Account after payment of all amounts owing to Party B under the Schedule to the ISDA Master Agreement shall be withdrawn from the Collateral Account and paid to the Derivatives Provider in accordance with the Derivatives Credit Support Annex.
(c) Upon the termination of the Trust Fund, any amounts remaining in the Collateral Accounts shall be distributed by the Securities Administrator as required pursuant to the terms of the Credit Support Annex.
Appears in 1 contract
Sources: Indenture (Newcastle Mortgage Securities Trust 2007-1)