Common use of Insufficiency and Losses in Trust Accounts Clause in Contracts

Insufficiency and Losses in Trust Accounts. If any amounts ------------------------------------------ are needed for disbursement from any Trust Account or the Certificate Distribution Account and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with this Section 5.06. If any losses are realized in connection with any investment in any Trust Account or in the Certificate Distribution Account pursuant to this Agreement and the Indenture, then the Servicer, with respect to the Collection Account, and the Transferor, with respect to each other such account, shall deposit the amount of such losses (to the extent not offset by income from other investments in such account) in such account immediately upon the realization of such loss or, to the extent that the Servicer or the Transferor, as applicable, fails to deposit any portion of such amount, the Transferor or the Servicer, as applicable, shall deposit any insufficiency from such failure in such account. All interest and any other investment earnings on amounts held in any Trust Account or in the Certificate Distribution Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of each Trust Account and of the Certificate Distribution Account.

Insufficiency and Losses in Trust Accounts. If any amounts ------------------------------------------ are needed for disbursement from any Trust Account held by or on behalf of the Certificate Distribution Account Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such accountTrust Account. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with this Section 5.06SECTION 5.03 hereof or the Indenture Trustee is the obligor under the Permitted Investment and has defaulted thereon. If any losses are realized in connection with any investment in any Trust Account or in the Certificate Distribution Account pursuant to this Agreement and the Indenture, then either Empire Subservicer, if acting as Subservicer, pursuant to SECTION 5.01(B)(I) hereof, otherwise the Servicer, with respect to in the case of the Collection Account, and or the TransferorMaster Servicer pursuant to SECTION 5.01(C) hereof, with respect to each other such accountin the case of the Note Payment Account, shall deposit the amount of such losses (to the extent not offset by income from other investments in such accountTrust Account) in into such account Trust Account immediately upon the realization of such loss or, to the extent that the Servicer or the Transferor, as applicable, fails to deposit any portion of such amount, the Transferor or the Servicer, as applicable, shall deposit any insufficiency from such failure in such accountloss. All interest and any other investment earnings on amounts held in any Trust Account or in (other than the Certificate Distribution Note Payment Account and the Collection Account) shall be taxed to the income of the Issuer (or, when there is a single beneficial owner of a Residual Interest Certificate, such owner), and for federal and state income tax purposes the Issuer (or such single beneficial owner) shall be deemed to be the owner of each Trust Account and (or beneficial owner in the case of the Certificate Distribution Collection Account).

Insufficiency and Losses in Trust Accounts. If any amounts ------------------------------------------ are needed for disbursement from any Trust Account held by or on behalf of the Certificate Distribution Account Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such accountTrust Account. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with this Section 5.06. If any losses are realized in connection with any investment in any Trust Account or in the Certificate Distribution Account pursuant to this Agreement and the Indenture, then the Servicer, with respect to the Collection Account, and the TransferorAffiliated Holder, with respect to each other such accountTrust Account, shall deposit the amount of such losses (to the extent not offset by income from other investments in such accountTrust Account) in such account Trust Account immediately upon the realization of such loss or, to the extent that the Servicer or the TransferorAffiliated Holder, as applicable, fails to deposit any portion of such amount, the Transferor Affiliated Holder or the Servicer, as applicable, shall deposit any insufficiency from such failure in such accountTrust Account. All interest and any other investment earnings on amounts held in any Trust Account or in the Certificate Distribution Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of each Trust Account and of the Certificate Distribution Account.

Insufficiency and Losses in Trust Accounts. If any amounts ------------------------------------------ are needed for disbursement from any Trust Account held by or on behalf of the Certificate Distribution Account Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such accountTrust Account. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with this Section 5.06. If any losses are realized in connection with any investment in any Trust Account or in the Certificate Distribution Account pursuant to this Agreement and the Indenture, then the Servicer, with respect to the Collection Account, and the Transferor, with respect to each other such accountTrust Account, shall deposit the amount of such losses (to the extent not offset by income from other investments in such accountTrust Account) in such account Trust Account immediately upon the realization of such loss or, to the extent that the Servicer or the Transferor, as applicable, fails to deposit any portion of such amount, the Transferor or the Servicer, as applicable, shall deposit any insufficiency from such failure in such accountTrust Account. All interest and any other investment earnings on amounts held in any Trust Account or in the Certificate Distribution Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of each Trust Account and of the Certificate Distribution Account.

Insufficiency and Losses in Trust Accounts. If any amounts are ------------------------------------------ are needed for disbursement from any Trust Account or the Certificate Distribution Account and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with this Section 5.06. If any losses are realized in connection with any investment in any Trust Account or in the Certificate Distribution Account pursuant to this Agreement and the Indenture, then the Servicer, with respect to the Collection Account, and the Transferor, with respect to each other such account, shall deposit the amount of such losses (to the extent not offset by income from other investments in such account) in such account immediately upon the realization of such loss or, to the extent that the Servicer or the Transferor, as applicable, fails to deposit any portion of such amount, the Transferor or the Servicer, as applicable, shall deposit any insufficiency from such failure in such account. All interest and any other investment earnings on amounts held in any Trust Account or in the Certificate Distribution Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of each Trust Account and of the Certificate Distribution Account.