The Reserve Account. (a) On the Issuance Date, the Issuer has made an initial deposit of $________ into the Reserve Account. On each Payment Date, the Trustee shall transfer to the Reserve Account from the Collection Account such amounts as shall be required by Section 3.05(b).
The Reserve Account. (a) On the Issuance Date, the Issuer has made an initial deposit of $6,471,079.93 into the Reserve Account. On each Payment Date, the Trustee shall transfer to the Collection Account from the Reserve Account such amounts as shall be required by Section 3.04(b).
The Reserve Account. (i) If, on any Settlement Date prior to the Termination Date, Collections on deposit in the Collection Account on such day are less than the aggregate amount required to be distributed pursuant to clauses (i), (ii), (iii), and (iv) of Section 2.06, the Program Agent shall direct the Paying Agent to withdraw the amount of such deficiency (but not in excess of the amount required to be distributed pursuant to such clauses (i), (ii), (iii) and (iv)), up to the amount available in the Reserve Account, from the Reserve Account and shall apply such amount directly (and solely) to any unpaid amounts described in clauses (i), (ii), (iii) and (iv) in the order of priority and in the manner set forth in such clauses.
The Reserve Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary a separate, non-interest bearing trust account (the “Reserve Account”) entitled “Reserve Account, Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust 2005-HE4, Asset-Backed Notes, Series 2005-HE4.” The Reserve Account shall be an Eligible Account.
The Reserve Account. (e) All present and future security for the payment to Seller of any of the Collateral and goods, which gave or will give rise to any such Collateral or are evidenced, identified, or represented therein or thereby.
The Reserve Account. (a) The Servicer shall establish and maintain or cause to be established and maintained, in trust for the benefit of Certificateholders and in the name of the Trustee, on behalf of the Trust, an Eligible Account (the "Reserve ------- Account"), bearing a designation clearly indicating that the funds deposited ------- therein are held for the benefit of the Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof; provided, however, that the -------- ------- Trustee hereby authorizes the Servicer and the Paying Agent to make deposits into and withdrawals from the Reserve Account in accordance with the terms of this Agreement, but in any event subject to the operation of the next to last paragraph of Section 8.01. If, at any time, the Reserve Account ceases to be an Eligible Account, the Servicer shall within ten Business Days establish a new Reserve Account meeting the conditions specified above as an Eligible Account, transfer any cash and/or any investments to such new Reserve Account and from the date such new Reserve Account is established, it shall be the "Reserve Account". The Servicer shall give notice in writing to the Trustee, the Paying Agent, the Class A Certificateholders, and D&P of the location of the Reserve Account and of any change thereof. On the Closing Date, the Trustee will deposit into the Reserve Account from the proceeds of the sale of the Class A Certificates $560,363 (the "Initial Deposit"). The Initial Deposit shall be --------------- deemed to have been contributed by each Class B Certificateholder to its respective Holder Reserve Account (as defined below) out of the proceeds of Related Loans in the proportion that the initial principal amount each such Class B Certificateholder's Related Loans bears to the aggregate principal balance of the Loans. The Servicer shall calculate the respective amounts of such deemed contributions and furnish such calculations to the Trustee. The Servicer will create one sub-account of the Reserve Account corresponding to each Class B Certificateholder (each, a "Holder Reserve -------------- Account") for the purpose of allocating amounts contributed to the Reserve Account from each Class B Certificateholder's portion of the Initial Deposit and from distributions pursuant to Section 5.03(b)(iv)(G) and allocating withdrawals from the Reserve Account. In the event of a transfer of any porti...
The Reserve Account. (a) If, on any Distribution Date prior to the Facility Termination Date, the Amount Available is less than the aggregate amount required to be distributed pursuant to clauses (i), (ii), (iii), (iv), (v), (vi) and (ix) of Section 9.5(a), the Administrative/Collateral Agent shall withdraw (or, if the Reserve Account shall not at such time be maintained by the Administrative/Collateral Agent, the Administrative/Collateral Agent shall direct the holder of the Reserve Account to withdraw) the amount of such deficiency (but not in excess of the amount required to be distributed pursuant to clauses (v), (vi) and (ix) of Section 9.5(a)), up to the amount available in the Reserve Account, from the Reserve Account and shall apply such amount directly (and solely) to any unpaid amounts described in clauses (v), (vi) (but only to the extent the then outstanding principal amount of all Advances exceeds the Initial Borrowing Base) and (ix) of Section 9.5(a) in the order of priority and in the manner set forth in such clauses of Section 9.5(a).
The Reserve Account. 1. The Amount Distributed to the Reserve Account Four Million Dollars ($4,000,000.00) as referred to in Section VIII.A.1, above shall be deducted from the Settlement Amount and shall be placed in a separate account in the Designated Bank using the same collateral security or investment arrangements as apply to the Designated Account for the costs of distributing the Net Settlement Amount to Class Members and as otherwise authorized in this FSA. Unless the United States Department of the Treasury determines otherwise, the Reserve Account may be subject to offset and/or levy pursuant to the requirements of Treasury Debt Collection Authorities should the debt of a Class Member to the United States exceed that Class Member’s share of the Net Settlement Amount. Such offset and/or levy shall be limited to a Class Member’s share of the Reserve Account based on that Class Member’s Distribution Percentage. All interest that accrues on the Net Settlement Amount shall be paid into the Reserve Account.
The Reserve Account. The Trustee, for the benefit of the Secured Parties, shall establish and maintain in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer on behalf of the Trustee for the benefit of the Secured Parties, a non-interest bearing segregated trust account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. The Trustee shall be the entitlement holder of the Reserve Account, and shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Reserve Account and the proceeds thereof for the benefit of [Base Indenture (OF XIV)] the Secured Parties. Initially, the Reserve Account will be established with the Securities Intermediary. Funds on deposit in the Reserve Account that are not both deposited and to be withdrawn on the same day shall be invested in Permitted Investments, in accordance with a direction from the Issuer pursuant to Section 5.3(e). That portion of the proceeds of the Notes, if any, set forth in the applicable Series Supplement shall be deposited into the Reserve Account. In addition, on any Monthly Payment Date, the Trustee shall transfer Available Funds to the Reserve Account as and to the extent provided in Article 5 hereof. Moneys in the Reserve Account that constitute Available Funds shall be applied on any Monthly Payment Date as provided in Article 5 hereof or as otherwise provided in the applicable Series Supplement.
The Reserve Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary an account (the “Reserve Account”) entitled “Reserve Account, [ ], as Indenture Trustee, in trust for the benefit of the Holders of the [ ] Home Equity Loan Trust [ ] Home Equity Loan Asset-Backed Notes, Series [ ].” The Reserve Account shall be an Eligible Account.
