Common use of Excess Net WAC Rate Reserve Account Clause in Contracts

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for registered Holders of Option One Mortgage Loan Trust 2003-1, Asset-Backed Certificates, Series 2003-1." On each Distribution Date as to which there is an Excess Group Net WAC Rate Amount payable on the Class A Certificates or the Class C Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C Certificates to the extent of the Excess Group Net WAC Rate Amount. For federal and state income tax purposes, the Class C Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 to the Holders of the Class C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C Certificates of Excess Group Net WAC Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Net WAC Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Fargo Deutsche Bank Minnesota, National AssociationTrust Company, as Trustee, in trust for the registered Holders Certificateholders of Option One Ameriquest Mortgage Loan Trust 2003-1, Asset-Backed CertificatesSecurities Inc., Series 20032002-1.D, Class A." On each Distribution Date as to which there is an Excess Group Net WAC Rate Amount payable on the Class A Certificates or the Class C CE Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C CE Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C CE Certificates to the extent of the Excess Group Net WAC Rate Amount. For federal and state income tax purposes, the Class C CE Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 4 to the Holders of the Class C CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C CE Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C CE Certificates of Excess Group Net WAC Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C CE Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Net WAC Pass-Through Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Wells Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered Holders holders of Option One MASTR Asset Backed Securities Trust 2002-OPT1, Mortgage Loan Trust 2003Pass-1, Asset-Backed Through Certificates, Series 2003-1." On each Distribution Date as to which there is an Excess Group Net WAC Rate Amount payable on the Class A Certificates or the Class C CE Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C CE Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C CE Certificates to the extent of the Excess Group Net WAC Rate Amount. For federal and state income tax purposes, the Class C CE Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 II to the Holders of the Class C CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C CE Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C CE Certificates of Excess Group Net WAC Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C CE Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Net WAC Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Fargo U.S. Bank Minnesota, National Association, as Trustee, in trust for the registered Holders holders of Option One MASTR Asset Backed Securities Trust 2002-NC1, Mortgage Loan Trust 2003Pass-1, Asset-Backed Through Certificates, Series 2003-1." On each Distribution Date as to which there is an Excess Group Net WAC Rate Amount payable on the Class A Certificates or the Class C CE Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C CE Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C CE Certificates to the extent of the Excess Group Net WAC Rate Amount. For federal and state income tax purposes, the Class C CE Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 III to the Holders of the Class C CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C CE Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C CE Certificates of Excess Group Net WAC Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C CE Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Net WAC Pass-Through Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Fargo Deutsche Bank Minnesota, National AssociationTrust Company, as Trustee, in trust for registered Holders of Option One Ameriquest Mortgage Securities Inc. Loan Trust 2003-1AR1, Asset-Backed Certificates, Series 20030000-1XX0." On Xx each Distribution Date as to which there is an Excess Group Net WAC Pass- Through Rate Amount payable on to the Class A Certificates or the Class C CE Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shallwill, deposit into the Excess Net WAC Rate Reserve AccountFund, the Excess Group Pool Net WAC Pass-Through Rate Amount, Amount rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C CE Certificates, and shall will distribute such amounts to the Holders of the applicable Class A Certificates and/or the Holders of the Class C CE Certificates to the extent of the Excess Group Pool Net WAC Pass-Through Rate Amount. For federal and state income tax purposes, the Class C CE Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account Fund and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 II to the Holders of the Class C CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall will be released by the Trust Fund and distributed to the Holders of the Class C Certificateholders or their designeesCE Certificates. The Excess Net WAC Rate Reserve Account shall will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C CE Certificates of Excess Group Net WAC Pass-Through Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Pass-Through Rate Amount rather than distributing such amounts to the Class A CertificateholdersCertificates or Mezzanine Certificates, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will shall remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and Holders of the Class C CE Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Pool Net WAC Pass-Through Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for registered Holders of Option One Mortgage Loan Trust 20032002-16, Asset-Backed Certificates, Series 20032002-16." On each Distribution Date as to which there is an Excess Group Net WAC Rate Amount payable on the Class A Certificates or the Class C Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C Certificates to the extent of the Excess Group Net WAC Rate Amount. For federal and state income tax purposes, the Class C Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 to the Holders of the Class C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C Certificates of Excess Group Net WAC Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will remain uninvested. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Net WAC Rate Amount shall be assigned a value of zero.

Excess Net WAC Rate Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Excess Net WAC Rate Reserve Account, Wxxxx Fargo Deutsche Bank Minnesota, National AssociationTrust Company, as Trustee, in trust for registered Holders of Option One Ameriquest Mortgage Loan Trust 2003-1Securities Inc., Asset-Backed Pass-Through Certificates, Series 20032002-14." On each Distribution Date as to which there is an Excess Group Net WAC Pass- Through Rate Amount payable on the Class A Certificates or the Class C CE Certificates, the Trustee has been directed by the Class A Certificateholders to, and therefore shall, deposit into the Excess Net WAC Rate Reserve Account, the Excess Group Net WAC Pass-Through Rate Amount, rather than distributing such amounts to the applicable Class A Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class A Certificates or the Class C CE Certificates, and shall distribute such amounts to the Holders of the applicable Class A Certificates and/or the Class C CE Certificates to the extent of the Excess Group Net WAC Pass-Through Rate Amount. For federal and state income tax purposes, the Class C CE Certificateholders will be deemed to be the owners of the Excess Net WAC Rate Reserve Account and all amounts deposited into the Excess Net WAC Rate Reserve Account shall be treated as amounts distributed by REMIC 3 III to the Holders of the Class C CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Class A Certificates and the Class S Certificates, all amounts remaining on deposit in the Excess Net WAC Rate Reserve Account shall be released by the Trust Fund and distributed to the Class C CE Certificateholders or their designees. The Excess Net WAC Rate Reserve Account shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Class A Certificates or the Class C CE Certificates of Excess Group Net WAC Pass-Through Rate Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class A Certificate, such Certificateholders hereby agree to direct the Trustee, and the Trustee hereby is directed, to deposit into the Excess Net WAC Rate Reserve Account the amounts described above on each Distribution Date as to which there is any Excess Pool Net WAC Pass-Through Rate Amount rather than distributing such amounts to the Class A Certificateholders, as applicable. By accepting a Class A Certificate, each such Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. 100 Amounts on deposit in the Excess Net WAC Rate Reserve Account will shall remain uninvested. .. For federal tax return and information reporting, the right of the Class A Certificateholders and the Class C CE Certificates to receive payments from the Excess Net WAC Rate Reserve Account in respect of any Excess Group Pool Net WAC Pass-Through Rate Amount shall be assigned a value of zero.