Common use of Distribution Account and Excess Reserve Fund Account Clause in Contracts

Distribution Account and Excess Reserve Fund Account. (a) The Trustee shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class CE Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the Offered Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the Principal Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Account. On each Distribution Date, the Trustee shall deposit the amount of any Basis Risk Payment received by it for such date into the Excess Reserve Fund Account. The Excess Reserve Fund Account shall be a non-interest bearing account. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class or Classes of Principal Certificates, the Trustee shall (1) withdraw from the Distribution Account, to the extent of funds available therefor in the Distribution Account, and deposit in the Excess Reserve Fund Account, as set forth in Section 4.01(a)(iii)(C), the lesser of (x) the Class CE Distributable Amount (without regard to the reduction in clause (iii) of the definition thereof with respect to any Basis Risk Carry Forward Amount or any Defaulted Swap Termination Payment) (to the extent remaining after the distributions specified in Sections 4.01(a)(iii)(A)-(B)) and (y) the aggregate Basis Risk Carry Forward Amounts of the Principal Certificates for such Distribution Date and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of Principal Certificates the related Basis Risk Carry Forward Amount. Such payments shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.01(a)(iii)(D). The Trustee shall account for the Excess Reserve Fund Account as assets of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class CE Certificateholders. For all federal income tax purposes, amounts transferred by the Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as distributions by the Trustee to the Class CE Certificateholders in respect of the Class CE Interest and then contributed by the Class CE Certificateholders to the Excess Reserve Fund Account. Any Basis Risk Carry Forward Amounts distributed by the Trustee to the Principal Certificateholders pursuant to Section 4.01(a)(iii)(D) from the Excess Reserve Fund Account shall be accounted for by the Trustee, for federal income tax purposes, as amounts paid first to the Holders of the Class CE Certificates (in respect of the Class CE Interest or the Class IO Interest, respectively) and then to the respective Class or Classes of Principal Certificates. In addition, the Trustee shall account for the Principal Certificateholders' rights to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments, in the case of the LIBOR Certificates, of Basis Risk Carry Forward Amounts from the Supplemental Interest Account) and obligation to pay Class IO Shortfalls to the Supplemental Interest Account as rights and obligations in a limited recourse notional principal contract between the Class CE Certificateholders and the Holders of each such Class. Funds in the Excess Reserve Fund Account shall remain uninvested. Notwithstanding any provision contained in this Agreement, the Trustee shall not be required to make any distributions from the Excess Reserve Fund Account except as expressly set forth in this Section 3.01(a).

Distribution Account and Excess Reserve Fund Account. (a) The Trustee shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class I-CE Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the Offered Group I LIBOR Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the Group I Principal Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Account. On each Distribution Date, the Trustee shall deposit the amount of any Basis Risk Payment received by it for such date into the Excess Reserve Fund Account. The Excess Reserve Fund Account shall be a non-interest bearing account. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class or Classes of Group I Principal Certificates, the Trustee shall (1) withdraw from the Distribution Account, to the extent of funds available therefor in the Distribution Account, and deposit in the Excess Reserve Fund Account, as set forth in Section 4.01(a)(iii)(C4.01(a)(iii)(D), the lesser of (x) the Class I-CE Distributable Amount (without regard to the reduction in clause (iii) of the definition thereof with respect to any Basis Risk Carry Forward Amount or any Defaulted Swap Termination Payment) (to the extent remaining after the distributions specified in Sections 4.01(a)(iii)(A)-(B4.01(a)(iii)(A)-(C)) and (y) the aggregate Basis Risk Carry Forward Amounts of the Group I Principal Certificates for such Distribution Date and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of Group I Principal Certificates the related Basis Risk Carry Forward Amount. Such payments shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.01(a)(iii)(D4.01(a)(iii)(E). The Trustee shall account for the Excess Reserve Fund Account as assets an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class I-CE Certificateholders. For all federal income tax purposes, amounts transferred by the Group I Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as distributions by the Trustee to the Class I-CE Certificateholders in respect of the Class I-CE Interest and then contributed by the Class I-CE Certificateholders to the Excess Reserve Fund Account. Any Basis Risk Carry Forward Amounts distributed by the Trustee to the Group I Principal Certificateholders pursuant to Section 4.01(a)(iii)(D) from the Excess Reserve Fund Account shall be accounted for by the Trustee, for federal income tax purposes, as amounts paid first to the Holders of the Class I-CE Certificates (in respect of the Class I-CE Interest or the Class I-IO Interest, respectively) and then to the respective Class or Classes of Group I Principal Certificates. In addition, the Trustee shall account for the Group I Principal Certificateholders' rights to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments, in the case of the LIBOR Certificates, payments of Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts from the Supplemental Interest Account) and obligation to pay Class I-IO Shortfalls to the Supplemental Interest Account as rights and obligations in a limited recourse notional principal contract between the Class I-CE Certificateholders and the Holders of each such Class. Funds in the Excess Reserve Fund Account shall remain uninvested. Notwithstanding any provision contained in this Agreement, the Trustee shall not be required to make any distributions from the Excess Reserve Fund Account except as expressly set forth in this Section 3.01(a).

Distribution Account and Excess Reserve Fund Account. (a) The Trustee Securities Administrator shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class CE Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the Offered Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Interest Rate Cap Payments or Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the Principal Offered Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Account. On each Distribution Date, the Trustee Securities Administrator shall deposit the amount of any Basis Risk Payment received by it for such date into the Excess Reserve Fund Account. The Excess Reserve Fund Account shall be a non-interest bearing account. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class or Classes of Principal Offered Certificates, the Trustee Securities Administrator shall (1) withdraw from the Distribution Account, to the extent of funds available therefor in the Distribution Account, and deposit in the Excess Reserve Fund Account, as set forth in Section 4.01(a)(iii)(C4.01(a)(iii)(D), the lesser of (x) the Class CE Distributable Amount (without regard to the reduction in clause (iii) of the definition thereof with respect to any Basis Risk Carry Forward Amount or any Defaulted Swap Termination Payment) (to the extent remaining after the distributions specified in Sections 4.01(a)(iii)(A)-(B4.01(a)(iii)(A)-(C)) and (y) the aggregate Basis Risk Carry Forward Amounts of the Principal Offered Certificates for such Distribution Date and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of Principal Offered Certificates the related Basis Risk Carry Forward Amount. Such payments shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.01(a)(iii)(D4.01(a)(iii)(E). The Trustee Securities Administrator shall account for the Excess Reserve Fund Account as assets an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class CE Certificateholders. For all federal income tax purposes, amounts transferred by the Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as distributions by the Trustee Securities Administrator to the Class CE Certificateholders in respect of the Class CE Interest and then contributed by the Class CE Certificateholders to the Excess Reserve Fund Account. Any Basis Risk Carry Forward Amounts distributed by the Trustee Securities Administrator to the Principal Offered Certificateholders pursuant to Section 4.01(a)(iii)(D4.01(a)(iii)(E) from the Excess Reserve Fund Account shall be accounted for by the TrusteeSecurities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class CE Certificates (in respect of the Class CE Interest or the Class IO Interest, respectively) and then to the respective Class or Classes of Principal Offered Certificates. In addition, the Trustee Securities Administrator shall account for the Principal Offered Certificateholders' rights to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments, in the case of the LIBOR Certificates, payments of Basis Risk Carry Forward Amounts from the Supplemental Interest Account) and obligation to pay Class IO Shortfalls to the Supplemental Interest Account as rights and obligations in a limited recourse notional principal contract between the Class CE Certificateholders and the Holders of each such Class. Funds in the Excess Reserve Fund Account shall remain uninvested. Notwithstanding any provision contained in this Agreement, the Trustee Securities Administrator shall not be required to make any distributions from the Excess Reserve Fund Account except as expressly set forth in this Section 3.01(a).

Distribution Account and Excess Reserve Fund Account. (a) The Trustee Securities Administrator shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class CE Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the Offered Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the Principal Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Account. On each Distribution Date, the Trustee Securities Administrator shall deposit the amount of any Basis Risk Payment received by it for such date into the Excess Reserve Fund Account. The Excess Reserve Fund Account shall be a non-interest bearing account. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class or Classes of Principal Certificates, the Trustee Securities Administrator shall (1) withdraw from the Distribution Account, to the extent of funds available therefor in the Distribution Account, and deposit in the Excess Reserve Fund Account, as set forth in Section 4.01(a)(iii)(C4.01(a)(iii)(D), the lesser of (x) the Class CE Distributable Amount (without regard to the reduction in clause (iii) of the definition thereof with respect to any Basis Risk Carry Forward Amount or any Defaulted Swap Termination Payment) (to the extent remaining after the distributions specified in Sections 4.01(a)(iii)(A)-(B4.01(a)(iii)(A)-(C)) and (y) the aggregate Basis Risk Carry Forward Amounts of the Principal Certificates for such Distribution Date and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of Principal Certificates the related Basis Risk Carry Forward Amount. Such payments shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.01(a)(iii)(D4.01(a)(iii)(E). The Trustee Securities Administrator shall account for the Excess Reserve Fund Account as assets an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class CE Certificateholders. For all federal income tax purposes, amounts transferred by the Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as distributions by the Trustee Securities Administrator to the Class CE Certificateholders in respect of the Class CE Interest and then contributed by the Class CE Certificateholders to the Excess Reserve Fund Account. Any Basis Risk Carry Forward Amounts distributed by the Trustee Securities Administrator to the Principal Certificateholders pursuant to Section 4.01(a)(iii)(D) from the Excess Reserve Fund Account shall be accounted for by the TrusteeSecurities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class CE Certificates (in respect of the Class CE Interest or the Class IO Interest, respectively) and then to the respective Class or Classes of Principal Certificates. In addition, the Trustee Securities Administrator shall account for the Principal Certificateholders' rights to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments, in the case of the LIBOR Certificates, payments of Basis Risk Carry Forward Amounts and, without duplication, Upper Tier Carry Forward Amounts from the Supplemental Interest Account) and obligation to pay Class IO Shortfalls shortfalls to the Supplemental Interest Account as rights and obligations allegations in a limited recourse notional principal contract between the Class CE Certificateholders and the Holders of each such Class. Funds in the Excess Reserve Fund Account shall remain uninvested. Notwithstanding any provision contained in this Agreement, the Trustee Securities Administrator shall not be required to make any distributions from the Excess Reserve Fund Account except as expressly set forth in this Section 3.01(a).