Common use of Carryover Reserve Fund Clause in Contracts

Carryover 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 Carryover Reserve Fund. The Carryover 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. On the Closing Date, the Seller shall remit $10,000 to the Trustee, who shall deposit said funds in the Carryover Reserve Fund. (b) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions pursuant to Section 4.04(c) hereof. (c) Funds in the Carryover Reserve Fund may be invested in Permitted Investments. Any earnings on such amounts shall be payable to the Class A-IO Certificates. The Class A-IO Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes and the Holders thereof evidencing not less than 50% of the Voting Rights of such Class shall direct the Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reserves. (d) Upon termination of the Trust Fund, any amounts remaining in the Carryover Reserve Fund shall be distributed to the Holders of the Class A-IO Certificates in the same manner as if distributed pursuant to Section 4.04(f) hereof.

Carryover 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 Carryover Reserve Fund. On the Closing Date, the Seller shall remit $10,000 to the Trustee, who shall deposit said funds in the Carryover Reserve Fund. The Carryover 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. On the Closing Date, the Seller shall remit $10,000 to the Trustee, who shall deposit said funds in the Carryover Reserve Fund. (b) [Reserved] (c) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions pursuant to Section 4.04(c4.04(a) hereof. Funds withdrawn from the Carryover Reserve Fund may not be applied pursuant to any other subsection of Section 4.04 other than as expressly provided for in this Section 4.08(c). (cd) Funds in the Carryover Reserve Fund may be invested in Permitted Investments. Any earnings on such amounts shall be payable to the Class A-IO Certificates. The Class A-IO Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes and the Holders thereof evidencing not less than 50% of the Voting Rights of such Class shall direct the Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reserves. (de) Upon termination of the Trust Fund, any amounts remaining in the Carryover Reserve Fund shall be distributed to the Holders of the Class A-IO Certificates in the same manner as if distributed pursuant to Section 4.04(f) hereof.

Carryover 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 LIBOR Certificates, the a Carryover Reserve Fund. The Carryover 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 including, without limitation, other moneys held by of the Trustee held pursuant to this Agreement. On the Closing Date, the Seller shall remit $10,000 to the Trustee, who shall deposit said funds in the The Carryover Reserve FundFund shall not be an asset of any REMIC established by this Agreement. (b) The Trustee shall withdraw funds from the Carryover Reserve Fund for distribution to the LIBOR Certificates and the Class C Certificates in the manner specified in Section 4.02(e) (and to withhold from the amounts so withdrawn the amount of any taxes that it is authorized to retain pursuant to the second to last paragraph of Section 8.11). In addition, the Trustee may from time to time make withdrawals from the Carryover Reserve Fund for the following purposes: (i) to make distributions withdraw any amount deposited in the Carryover Reserve Fund and not required to be deposited therein; and (ii) clear and terminate the Carryover Reserve Fund upon the termination of this Agreement pursuant to Section 4.04(c) hereof9.01. (c) Funds in the Carryover Reserve Fund may shall not be invested in Permitted Investments. Any earnings on such amounts shall be payable to the Class A-IO Certificatesinvested. The Class A-IO C Certificates shall evidence ownership of the Carryover Reserve Fund for federal income tax purposes and the Holders thereof evidencing not less than 50% of the Voting Rights of such Class shall direct the Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reservespurposes. (d) Upon termination of the Trust Fund, Fund any amounts remaining in the Carryover Reserve Fund shall be distributed to the Holders of the Class A-IO Certificates in the same manner as if distributed pursuant Deutsche Bank Securities Inc. and will not be available to Section 4.04(f) hereofcover any Net Rate Carryover on subsequent Distribution Dates.