Basis Risk Shortfall Reserve Fund. (a) The Securities Administrator shall establish a Basis Risk Shortfall Reserve Fund on behalf of the holders of the Senior Certificates and the Mezzanine Certificates. The Basis Risk Shortfall Reserve Fund must be an Eligible Account. The Basis Risk Shortfall Reserve Fund shall be entitled “Basis Risk Shortfall Reserve Fund, HSBC Bank USA, National Association, as Trustee for the benefit of holders of Nomura Asset Acceptance Corporation, Mortgage Pass-Through Certificates, Series 2006-AR4, Class A-1A, Class X-0X, Xxxxx X-0, Class X-0, Xxxxx X-0X, Xxxxx X-0X, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Basis Risk Shortfall Reserve Fund $1,000. On each Distribution Date as to which there is a Basis Risk Shortfall payable to any Class of Certificates, the Securities Administrator shall deposit the amounts pursuant to paragraphs (J) through (Q) of Section 5.06(a)(iii) into the Basis Risk Shortfall Reserve Fund and the Securities Administrator has been directed by the Class X Certificateholder to distribute such amounts to the Holders of the Senior Certificates and Mezzanine Certificates in the amounts and priorities set forth in Section 5.06(a)(iii).
(b) The Basis Risk Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation §1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Securities Administrator on behalf of the Trust shall be the nominal owner of the Basis Risk Shortfall Reserve Fund. The Class X Certificateholders shall be the beneficial owners of the Basis Risk Shortfall Reserve Fund, subject to the power of the Securities Administrator to transfer amounts under Section 5.06(a)(iii). Amounts in the Basis Risk Shortfall Reserve Fund shall be held either uninvested in a trust or deposit account of the Securities Administrator with no liability for interest or other compensation thereof or, at the written direction of the Majority Class X Certificateholder, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. All net income and gain from such investments shall be distributed to the Majority Class X Certificateholder, not as a distribution in respect of any interest in any REMIC, on such Distribution Date. All amounts earned on amounts on deposit in the Basis Risk Shortfall Reser...
Basis Risk Shortfall Reserve Fund. (a) On or before the Closing Date, the Trustee shall establish a Reserve Fund on behalf of the Holders of the Class A Certificates and Class M Certificates. The Reserve Fund must be an Eligible Account. The Reserve Fund shall be entitled "Basis Risk Shortfall Reserve Fund, Deutsche Bank Trust Company Americas, as Trustee for the benefit of Holders of Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 2006-QO5" (the "Basis Risk Shortfall Reserve Fund"). The Basis Risk Shortfall Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. On the Closing Date, the Depositor will cause, on behalf of the Trust, the Basis Risk Shortfall Reserve Fund Amount to be deposited into the Basis Risk Shortfall Reserve Fund. Pursuant to Section 4.02(h), on the initial Distribution Date, amounts on deposit in the Basis Risk Shortfall Reserve Fund will be withdrawn from the Basis Risk Shortfall Reserve Fund and deposited into the Certificate Account for payment to the Class A Certificates and Class M Certificates to the extent of any Basis Risk Shortfall Amount on the Class A Certificates and Class M Certificates on such initial Distribution Date. After the initial Distribution Date, all amounts remaining in the Basis Risk Shortfall Reserve Fund will be distributed to UBS Securities LLC or its designee, and following such withdrawal the Basis Risk Shortfall Reserve Fund will be closed.
(b) The Trustee will invest funds deposited in the Basis Risk Shortfall Reserve Fund as directed by the Depositor or its designee in writing in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee or an Affiliate of the Trustee is the obligor for the Permitted Investment, or (ii) no later than the date on which such funds are required to be withdrawn from such account or sub account of a trust account pursuant to this Agreement, if the Trustee or an affiliate of the Trustee is the obligor for the Permitted Investment (or, if no written direction is received by the Trustee from the Depositor, then funds in such account shall remain uninvested). For federal income tax purposes, the Depositor shall be the owner of the Basis Risk Shortfall Reserve Fund and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Ba...
Basis Risk Shortfall Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Class A Certificates and Class M Certificates, the Basis Risk Shortfall Reserve Fund.
(b) On each Distribution Date, the Securities Administrator shall transfer from the Certificate Account to the Basis Risk Shortfall Reserve Fund the amounts specified pursuant to Sections 4.01(c)(iv) and 4.01(g)(5). On each Distribution Date, to the extent required, the Securities Administrator shall make withdrawals from the Basis Risk Shortfall Reserve Fund and use the amounts in the Basis Risk Shortfall Reserve Fund to make distributions to the Class A Certificates and Class M Certificates in an amount equal to the amount of any Basis Risk Shortfall Carry-Forward Amount on such Certificates. Any such amounts from the Net Monthly Excess Cashflow shall be distributed first, concurrently to the Class A-I-1, Class A-I-2, Class A-I-3, Class A-II-1 and Class A-II-2 Certificates, and second, 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, Class M-10 and Class M-11 Certificates, in that order, in each case until the related Basis Risk Shortfall Carry-Forward Amount has been reduced to zero. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC 3 to the Holder of the Class C Certificates. On each Distribution Date, after the distributions described in the preceding sentence, the Securities Administrator shall withdraw from the Basis Risk Shortfall Reserve Fund (to the extent of funds available on deposit therein) any remaining amounts and distribute them to the Holders of the Class C Certificates, not in respect of any REMIC.
(c) The Basis Risk Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Basis Risk Shortfall Reserve Fund from time to time shall continue to constitute assets of the Trust Fund, but not of the REMICs, until released from the Basis Risk Shortfall Reserve Fund pursuant to this Section 4.
Basis Risk Shortfall Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Class A Certificates and Class M Certificates, the Basis Risk Shortfall Reserve Fund.
(b) On each Distribution Date, the Securities Administrator shall transfer from the Certificate Account to the Basis Risk Shortfall Reserve Fund the amounts specified pursuant to Sections 4.01(c)(v) and 4.01(g)(5). On each Distribution Date, to the extent required, the Securities Administrator shall make withdrawals from the Basis Risk Shortfall Reserve Fund and use the amounts in the Basis Risk Shortfall Reserve Fund to make distributions to the Class A Certificates and Class M Certificates in an amount equal to the amount of any Basis Risk Shortfall Carry-Forward Amount on such Certificates. Any such amounts from the Net Monthly Excess Cashflow shall be distributed first, concurrently to the Class I-APT, Class I-A1A, Class I-A1B, Class I-A1C, Class I-A1D, Class I-A2, Class II-A1A, Class II-A1B, Class II-A1C, Class II-A1D1, Class II-A1D2 and Class II-AN Certificates, and second, 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, in each case until the related Basis Risk Shortfall Carry-Forward Amount has been reduced to zero. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC 3 to the Holder of the Class C Certificates. On each Distribution Date, after the distributions described in the preceding sentence, the Securities Administrator shall withdraw from the Basis Risk Shortfall Reserve Fund (to the extent of funds available on deposit therein) any remaining amounts and distribute them to the Holders of the Class C Certificates, not in respect of any REMIC.
(c) The Basis Risk Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Basis Risk Shortfall Reserve Fund from time to time shall continue to constitute assets of the Trust Fund, but not of the REMICs, until released from the Basis Risk Shortfall Reserve Fund pursuant to this Section 4.08. The Basis Risk Shortfall Reserve Fund constitutes an “outside reserve fund” within the meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC. The Holders of the Class C Certificates shall be the owner of the Basis Risk Shortfall Reserve Fund. The Securities Administrator shall keep records that accuratel...
Basis Risk Shortfall Reserve Fund. (a) The Securities Administrator shall establish a Basis Risk Shortfall Reserve Fund on behalf of the holders of the Senior Certificates and the Mezzanine Certificates. The Basis Risk Shortfall Reserve Fund must be an Eligible Account. The Basis Risk Shortfall Reserve Fund shall be entitled “Basis Risk Shortfall Reserve Fund, HSBC Bank USA, National Association, as Trustee for the benefit of holders of Nomura Asset Acceptance Corporation, Mortgage Pass-Through Certificates, Series 2006-AR3, Class A-1A, Class X-0X, Xxxxx X-0, Class A-3A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Basis Risk Shortfall Reserve Fund $1,000. On each Distribution Date as to which there is a Basis Risk Shortfall payable to any Class of Certificates, the Securities Administrator shall deposit the amounts pursuant to paragraphs (H) through (M) of Section 5.06(a)(iii) into the Basis Risk Shortfall Reserve Fund and the Securities Administrator has been directed by the Class X Certificateholder to distribute such amounts to the Holders of the Senior Certificates and Mezzanine Certificates in the amounts and priorities set forth in Section 5.06(a)(iii).
(b) The Basis Risk Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation §1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Securities Administrator on behalf of the Trust shall be the nominal owner of the Basis Risk Shortfall Reserve Fund. The Class X Certificateholders shall be the beneficial owners of the Basis Risk Shortfall Reserve Fund, subject to the power of the Securities Administrator to transfer amounts under Section 5.06(a)(iii). Amounts in the Basis Risk Shortfall Reserve Fund shall be held either uninvested in a trust or deposit account of the Securities Administrator with no liability for interest or other compensation thereof or, at the written direction of the Majority Class X Certificateholder, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. All net income and gain from such investments shall be distributed to the Majority Class X Certificateholder, not as a distribution in respect of any interest in any REMIC, on such Distribution Date. All amounts earned on amounts on deposit in the Basis Risk Shortfall Reserve Fund s...
Basis Risk Shortfall Reserve Fund. The segregated non-interest bearing trust account created and maintained by the Securities Administrator pursuant to Section 5.10 hereof.
Basis Risk Shortfall Reserve Fund. Section 5.12 Reports Filed with Securities and Exchange Commission.
Basis Risk Shortfall Reserve Fund. (a) The Trustee shall establish a Basis Risk Shortfall Reserve Fund on behalf of the holders of the Publicly Offered Certificates (other than the Group I Certificates). The Basic Risk Shortfall Reserve Fund must be an Eligible Account. The Basis Risk Shortfall Reserve Fund shall be entitled "Basis Risk Shortfall Reserve Fund, JPMorgan Chase Bank, N.A., as Trustee for the benefit of holders of Nomura Asset Acceptance Corporation, Mortgage Pass-Through Certificates, Series 2004-AR4, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class III-A-1, Class III-A-2, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5". Any payments received by the Trustee under the Cap Contracts shall be deposited into the Basis Risk Shortfall Reserve Fund for the benefit of the Class II-A-2, Class II-A-3, Class II-A-4 and Class III-A-2 Certificates; as applicable, provided that the amount of any Excess Cap Payments shall be held for the benefit of the Class X Certificates and payable as part of the Class X Distribution Amount for the related Distribution Date. On each Distribution Date as to which there is a Basis Risk Shortfall payable to any Class of Certificates, the Trustee shall deposit the amounts pursuant to paragraphs 8, 9, 10, 11, 12 and 13 of Section 5.06(iii) into the Basis Risk Shortfall Reserve Fund and the Trustee has been directed by the Class X Certificateholder to distribute such amounts to the Holders of the Publicly Offered Certificates (other than the Group I Certificates) in the amounts and priorities set forth in Section 5.06(iii).
Basis Risk Shortfall Reserve Fund. On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Class A Certificates and Class M Certificates, the Basis Risk Shortfall Reserve Fund.
Basis Risk Shortfall 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 Class 5-A Certificates (other than the Class 5-A-X Certificates), the Basis Risk Shortfall Reserve Fund. In addition, on the Closing Date, the Company shall deposit into the Basis Risk Shortfall Reserve Fund an amount equal to the Basis Risk Shortfall Reserve Fund Deposit. The Trustee shall demand payment of all money payable by the Corridor Contract Provider under the related Corridor Contract. The Trustee shall deposit in the Basis Risk Shortfall Reserve Fund any related Corridor Contract Payment Amounts.
(b) On each Distribution Date, to the extent required, the Trustee shall make withdrawals from the Basis Risk Shortfall Reserve Fund to the extent of any Corridor Contract Payment Amounts and distribute such amounts first, to the Holders of the related Class 5-A Certificates (other than the Class 5-A-X Certificates), pro rata, to the extent of any related Basis Risk Shortfall Amounts on such Certificates and second, to the Holders of the Class 5-A-X Certificates, any remaining amounts.
(c) The Basis Risk Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Basis Risk Shortfall Reserve Fund from time to time shall continue to constitute assets of the Trust Fund, but not of the REMICs, until released from the Basis Risk Shortfall Reserve Fund pursuant to this Section 4.08. The Basis Risk Shortfall Reserve Fund constitutes an “outside reserve fund” within the meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC. The Holders of the Class 5-A-X Certificates shall be the owner of the Basis Risk Shortfall Reserve Fund. The Trustee shall keep records that accurately reflect the funds on deposit in the Basis Risk Shortfall Reserve Fund. Amounts in the Basis Risk Shortfall Reserve Fund shall remain uninvested.
