Common use of Class X Account Clause in Contracts

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(1) hereof. (c) On each Distribution Date on or prior to the Class X Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS NIM Securities are issued, the Depositor may deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(1) hereof. (c) On each Distribution Date on or prior to the Class X Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b5.11(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(i)(1) hereof. (c) On each Distribution Date on or and prior to the Class X Account Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on to the Class X and Class C Certificates, Certificates as provided in Section 5.02(e)(15.02(i) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(i) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(f)(1) hereof. (c) On each Distribution Date on or prior to the Class X Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on the Class X and Class C Certificates, as provided in Section 5.02(e)(15.02(f)(1) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(f) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X and Class C Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b5.11(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(i)(i) hereof. (c) On each Distribution Date on or and prior to the Class X Account Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on to the Class X and Class C Certificates, Certificates as provided in Section 5.02(e)(15.02(i) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(i) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 1-X, Class 2-X and Class C Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b5.11(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(i)(i) hereof. (c) On each Distribution Date on or and prior to the Class X Account Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on to the Class 1-X, Class 2-X and Class C Certificates, Certificates as provided in Section 5.02(e)(15.02(i) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(i) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 1-X and Class 2-X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b5.11(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(i)(1) hereof. (c) On each Distribution Date on or and prior to the Class X Account Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on to the Class 1-X, Class 2-X and Class C Certificates, Certificates as provided in Section 5.02(e)(15.02(i) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(i) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(1) hereof. (c) On each Distribution Date on or prior to the Class X Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X Certificates, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(f)(1) hereof. (c) On each Distribution Date on or prior to the Class X Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of this Agreement. Any to the extent Realized Losses experienced during the related Collection Period were incurred on the Pool 1 Mortgage Loans or Pool 2 Mortgage Loans, on such Distribution Date and any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(f)(2) of this Agreement shall remain on deposit in the Class X Account. (d) On each Distribution Date, the Class C Certificates will be entitled to receive the Class C Distributable Amount. The Class X Account shall terminate on the earlier of (i) the Distribution Date occurring on or prior to the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.

Class X Account. (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 X CertificatesX, the Class X Account. No later than the first date on which any NIMS Securities are issued, the Depositor may shall deposit a dollar amount into the Class X Account. The Class X Account 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) Funds in the Class X Account may be invested in Eligible Investments having fixed maturities described in clauses (i), (iv), (v) or (vii) of the definition thereof by the Trustee at the direction of the holders of the Class C Certificates maturing on or prior to the next succeeding Distribution Date. No Eligible Investments shall be acquired or disposed of for the primary purpose of recognizing gains or decreasing losses from market value changes. Any funds held in the Class X Account that are not invested shall be held in cash. In the absence of such written direction, all funds in the Class X Account shall remain uninvested. Any investment earnings on such amounts shall be payable to the holders of the Class C Certificates. The Trustee shall account for the Class X Account 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 C Certificates shall evidence ownership of the Class X Account for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall have no liability for losses on investments in Eligible Investments made pursuant to this Section 5.12(b5.11(b) (other than as obligor on any such investments). Upon termination of the Class X Account, any amounts remaining in the Class X Account shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 5.02(e)(15.02(i)(1) hereof. (c) On each Distribution Date on or and prior to the Class X Account Termination Date, amounts on deposit in the Class X Account will be withdrawn and applied to make payments on to the Class X and Class C Certificates, Certificates as provided in Section 5.02(e)(15.02(i) of this Agreement. Any amounts that the Trustee is not required to distribute from the Class X Account pursuant to Section 5.02(e5.02(i) of this Agreement shall remain on deposit in the Class X Account. (d) The Class X Account shall terminate on the earlier of (i) the Class X Account Termination Date or (ii) the Distribution Date on which the amount on deposit in the Class X Account is reduced to zero.