Basis Risk Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
(b) On the Closing Date, $5,000.00 will be deposited by the Depositor into the Basis Risk Reserve Fund. On each Distribution Date, the Trustee shall transfer from the Certificate Account to the Basis Risk Reserve Fund pursuant to Section 4.02(e)(xiii) the Required Basis Risk Reserve Fund Deposit. Amounts on deposit in the Basis Risk Reserve Fund shall be withdrawn by the Trustee in connection with any Distribution Date to fund the amounts required to be distributed to holders of the LIBOR Certificates in respect of Basis Risk Shortfalls. Any distributions of Monthly Excess Cashflow to the holders of the LIBOR Certificates pursuant to Sections 4.02(e)(xiii)(A)-(L) shall be deemed to have been deposited in the Basis Risk Reserve Fund and paid to such holders. On any Distribution Date, any amounts on deposit in the Basis Risk Reserve Fund in excess of the Required Basis Risk Reserve Fund Amount shall be distributed to the Class X Certificateholder pursuant to Section 4.02(e)(xv).
(c) Funds in the Basis Risk Reserve Fund may be invested in Eligible Investments by the Trustee at the direction of the holders of the Class X Certificates maturing on or prior to the next succeeding Distribution Date. Any net investment earnings on such amounts shall be payable to the holders of the Class X Certificates. The Trustee shall account for the Basis Risk Reserve Fund as an outside reserve fund within the meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall treat amounts transferred by the Master REMIC to the Basis Risk Reserve Fund as distributions to the Class X Certificateholder for all federal tax purposes. In the absence of such written direction, all funds in the Basis Risk Reserve Fund shall remain uninvested. The Trustee shall have no liability for losses on i...
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in the name of the Trustee, in the Separate Interest Trust for the benefit of the holders of the Class 1A-2 and Class X Certificates, the Basis Risk Reserve Fund, into which the Depositor shall deposit $1,000. The Securities Administrator on behalf of the Trustee shall hold the Interest Rate Cap Agreement as an asset in the Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation other moneys of the Securities Administrator held pursuant to this Agreement. The Basis Risk Reserve Fund shall not be an asset of any REMIC or the Trust Estate established hereby.
(b) On each Distribution Date, after deposit of any portion of Interest Rate Cap Amounts remaining after distributions to the Holders of the Class 1A-2 Certificates pursuant to Section 3.05(c), the Securities Administrator shall distribute the amounts then on deposit in the Basis Risk Reserve Fund, including any earnings thereon, to the Class 1A-2 Certificates in the amount of (i) any remaining Basis Risk Shortfalls for such Class and such Distribution Date and (ii) any Basis Risk Shortfalls for such Class that remain unpaid from prior Distribution Dates. On any Distribution Date, any amounts that the Securities Administrator is not required to distribute from the Basis Risk Reserve Fund pursuant to this Section 3.04(b) shall remain on deposit in the Basis Risk Reserve Fund.
(c) Funds in the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit of the Class X Certificateholder. The Class X Certificate shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and the Class X Certificateholder shall direct the Securities Administrator, in writing, as to investment of amounts on deposit therein. The Class X Certificateholder shall be liable for any losses incurred on such investments. In the absence of written instructions from the Class X Certificateholder as to investment of funds on deposit in the Basis Risk Reserve Fund, such funds shall be invested in money market funds as described in clause (v) of the definition of Permitted Investments.
(d) Upon the earlier to occur of (i) the Distribution Date on which the Class Principal ...
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Certificateholders, a Basis Risk Reserve Fund, into which Xxxxxx Brothers Holdings Inc. (“LBH”) shall initially deposit $1,000. The Basis Risk Reserve Fund shall be an Eligible Account, 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) The Securities Administrator shall make withdrawals from the Basis Risk Reserve Fund to make distributions pursuant to Section 5.02(f)(iv) hereof in accordance with the Distribution Date Reports.
(c) Funds in the Basis Risk Reserve Fund shall be invested in Eligible Investments. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and LBH on behalf of the Holder thereof shall direct the Securities Administrator, in writing, as to investment of amounts on deposit therein. LBH shall be liable for any losses incurred on such investments. In the absence of written instructions from LBH as to investment of funds on deposit in the Basis Risk Reserve Fund, such funds shall be invested in the Xxxxx Fargo Advantage Prime Money Market Fund. The Basis Risk Reserve Fund shall be terminated after the earlier of (A) a Section 7.01(c) Purchase Event or (B) a Trust Fund Termination Event and any funds remaining in such fund upon such termination shall be released to Holders of the Class X Certificates.
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the holders of the LIBOR Certificates, the Basis Risk Reserve Fund, into which the Depositor shall deposit $1,000. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Securities Administrator held pursuant to this Agreement.
(b) The Securities Administrator shall make withdrawals from the Basis Risk Reserve Fund to make distributions pursuant to Section 4.1(e) hereof.
(c) Funds in the Basis Risk Reserve Fund shall be invested in Eligible Investments. Any earnings on such amounts shall be distributed on each Distribution Date to the Class X Certificateholders. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and the Holder thereof shall direct the Securities Administrator, in writing, as to investment of amounts on deposit therein. The Class X Certificateholders shall be liable for any losses incurred on such investments. In the absence of written instructions from the Class X Certificateholder as to investment of funds on deposit in the Basis Risk Reserve Fund, such funds shall be invested in the Xxxxx Fargo Prime Investment Money Market Fund or comparable investment vehicle. Any amounts on deposit in the Basis Risk Reserve Fund in excess of the Required Reserve Fund Amount on any Distribution Date shall be distributed to the Class X Certificateholders on the following Distribution Date. For all Federal income tax purposes, amounts transferred by the Upper Tier REMIC to the Basis Risk Reserve Fund shall be treated as amounts distributed by the Upper Tier REMIC to the Class X Certificateholders.
(d) Upon termination of the Trust Fund, any amounts remaining in the Basis Risk Reserve Fund shall be distributed to the Class X Certificateholders.
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the holders of the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A, Class 2-A2B, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, a Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement. The Basis Risk Reserve Fund shall not be an asset of any REMIC established hereby.
(b) On each Distribution Date, Monthly Interest Distributable Amounts that would otherwise be distributable with respect to the X-2 IO Component of the Class X-2 Certificates shall instead be deposited in the Basis Risk Reserve Fund to the extent of the Required Reserve Fund Deposit.
(c) On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw first from the Yield Maintenance Account, the amount of such Basis Risk Shortfall for distribution on such Distribution Date pursuant to Section 4.05 and Section 5.01(a)(v), and then from Basis Risk Reserve Fund, the amount of any such remaining Basis Risk Shortfall for distribution on such Distribution Date pursuant to Section 5.01(a)(iv). If on any Distribution Date the amount on deposit in the Basis Risk Reserve Fund is not sufficient to make a full distribution of the Basis Risk Shortfall with respect to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates remaining after application of funds available therefor in the Yield Maintenance Account, the Securities Administrator shall withdraw the entire amount on deposit in the Basis Risk Reserve Fund and distribute such amount to such Classes of Certificates on a pro rata basis. On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, the Securities Administrator, after making the distributions described in the immediately preceding paragraph to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, distribute the lesser of any amounts remaining on deposit in...
Basis Risk Reserve Fund. The separate Eligible Account created and initially maintained by the Trust Administrator pursuant to Section 4.08 in the name of the Trust Administrator, as agent for the Trustee, for the benefit of the Certificateholders and designated “Bank One, National Association in trust for registered holders of Credit Suisse First Boston Mortgage Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AR5.” Funds in the Basis Risk Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.
Basis Risk Reserve Fund. A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs for the benefit of the Group 2 Certificates.
Basis Risk Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the holders of the Certificates, a Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.
(b) [Reserved]
(c) Funds in the Basis Risk Reserve Fund shall be invested in Eligible Investments. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and LBH, on behalf of the Holders thereof, shall direct the Trustee, in writing, as to investment of amounts on deposit therein. LBH shall be liable for any losses incurred on such investments. In the absence of written instructions from LBH as to investment funds on deposit in the Basis Risk Reserve Fund, such funds shall remain uninvested.
Basis Risk Reserve Fund. The separate Eligible Account created and initially maintained by the Trust Administrator pursuant to Section 4.12 in the name of the Trust Administrator for the benefit of the Certificateholders and designated “Xxxxx Fargo Bank, N.A., as Trust Administrator in trust for registered holders of Credit Suisse First Boston Mortgage Securities Corp., Mortgage-Backed Trust Series 2007-3, Mortgage-Backed Pass-Through Certificates, Series 2007-3.” The Basis Risk Reserve Fund shall not be part of any REMIC. Funds in the Basis Risk Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the holders of the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, a Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement. The Basis Risk Reserve Fund shall not be an asset of any REMIC established hereby.
(b) On each Distribution Date, other than the Distribution Date following the optional purchase of the Mortgage Loans pursuant to Section 10.01, Net Monthly Excess Cashflow shall be deposited in the Basis Risk Reserve Fund to the extent of the Required Reserve Fund Deposit pursuant to Section 5.01(a)(v)(U).
(c) On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw from the Basis Risk Reserve Fund, the amount of any such remaining Basis Risk Shortfall for distribution on such Distribution Date to the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B and Class 2A-1C any related Basis Risk Shortfall for such Distribution Date on a pro rata basis, based on the respective amounts of Basis Risk Shortfalls for such Distribution Date and then sequentially to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates in that order up to the amount of Basis Risk Shortfalls due each such Class for such Distribution Date.
(d) Funds in the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit of the Class C Certificateholders. The Class C Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and the Holders thereof shall direct the Trustee, in writing, as to investment of amounts on deposit therein. The Class C Certificateholder(s) shall be liable for any losses i...
