Common use of Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund Clause in Contracts

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class I-X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class I-X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class I-X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class I-X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent Trustee shall establish and maintain in its name, in trust for the benefit of Class I-A, Class MA-1, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent Trustee shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent Trustee by the Mortgage Loan Seller. On each Distribution Date, the Paying Agent Trustee shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B5.01(e). On each Distribution Date, to the extent required, the Paying Agent Trustee shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-A, Class MA-1, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III IV to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.064.08. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent Trustee shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent Trustee shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class MA-2, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent Trustee shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent Trustee by the Mortgage Loan Seller. On each Distribution Date, the Paying Agent Trustee shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B5.01(e). On each Distribution Date, to the extent required, the Paying Agent Trustee shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class MA-2, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III II to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.064.08. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent Trustee shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III II to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the SellerDepositor. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X X-1 Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator. (b) The Carryover Shortfall Reserve Fund shall be an Eligible Account. Amounts held in the Carryover 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 Carryover Shortfall Reserve Fund pursuant to this Section 4.06. The Carryover Shortfall Reserve Fund constitutes an "outside reserve fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of the REMICs. The Class X Certificateholders shall be the owners of the Carryover Shortfall Reserve Fund, and for all federal tax purposes, amounts transferred by the REMICs to the Carryover Shortfall Reserve Fund shall be treated as amounts distributed by the REMICs to the Class X Certificateholders. The Paying Agent shall keep records that accurately reflect the funds on deposit in the Carryover Shortfall Reserve Fund.