Interest Coverage Account. (a) No later than the Closing Date, the Trustee shall establish and maintain a segregated trust account or a sub-account of a trust account, which shall be titled “Interest Coverage Account, Deutsche Bank National Trust Company, as trustee for the benefit of holders of Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3” (the “Interest Coverage Account”). The Interest Coverage Account shall be an Eligible Account or a sub-account of an Eligible Account. The Trustee shall, promptly upon receipt, deposit in the Interest Coverage Account and retain therein the Initial Interest Coverage Deposit remitted on the Closing Date to the Trustee by the Depositor and all income and gain realized from investment of funds on deposit in the Pre-Funding Account pursuant to Section 4.14(b). Funds deposited in the Interest Coverage Account shall be held in trust by the Trustee for the Certificateholders and the Certificate Insurer for the uses and purposes set forth herein.
(b) For federal income tax purposes, the Depositor shall be the owner of the Interest Coverage Account and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Account be an asset of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Account, which investment shall be made solely upon the written direction of the Depositor, shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor no later than the first Business Day following receipt of such income and gain by the Trustee. If no written direction with respect to such investment shall be received by the Trustee from the Depositor, then funds in such Account shall remain uninvested. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon. The Depositor shall deposit in the Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss and any additional amounts necessary to make the distributions pursuant to paragraph (c) to the extent that amounts on deposit in the Interest Coverage Account are insufficient.
(c) On each Distribution Date during the Pre-Funding Period and on the day of termination of the Pre-Funding Period, the Trustee shall withdraw from the Interest Coverage Account and deposit in the Distribution Ac...
Interest Coverage Account. (a) No later than the Closing Date, the Trustee will establish and maintain, pursuant to the Pooling and Servicing Agreement the Interest Coverage Account. On the Closing Date, the Seller will deposit in the Interest Coverage Account the Interest Coverage Amount from the net proceeds of the sale of the Underwritten Certificates.
Interest Coverage Account. 105 ARTICLE V THE CERTIFICATES 5.01. The Certificates..............................................................................106 5.02. Registration of Transfer and Exchange of Certificates.........................................108 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.............................................112 5.04. Persons Deemed Owners.........................................................................113 5.05. Certain Available Information.................................................................113 SECTION PAGE ------- ----
Interest Coverage Account. 9 ARTICLE III
Interest Coverage Account. 109 SECTION 4.09. [Reserved]...........................................................................110 SECTION 4.10 Net WAC Rate Carryover Reserve Account...............................................110 ARTICLE V THE CERTIFICATES SECTION 5.01. The Certificates.....................................................................111 SECTION 5.02. Registration of Transfer and Exchange of Certificates................................113 SECTION PAGE SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................................119 SECTION 5.04. Persons Deemed Owners................................................................119 SECTION 5.05. Certain Available Information........................................................119 ARTICLE VI
Interest Coverage Account. 95 Section 4.07. DISTRIBUTIONS ON THE REMIC REGULAR INTERESTS..........................................96 Section 4.08. ALLOCATION OF REALIZED LOSSES.........................................................97 ARTICLE V THE CERTIFICATES
Interest Coverage Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain on behalf of itself one or more segregated trust accounts, which shall be Eligible Accounts, titled "Interest Coverage Account, First Union National Bank, as indenture trustee for the registered Bondholders of NovaStar Home Equity Loan Asset-Backed Notes, Series 1997-2" (the "Interest Coverage Account"). On the Closing Date, the Interest Coverage Amount shall be deposited into the Interest Coverage Account and retained therein. In addition, the Indenture Trustee shall deposit into the Interest Coverage Account all income and gain on investments in the Pre-Funding Account pursuant to Section 8.
Interest Coverage Account. 44 Section 4.07. Allocation of Realized Losses ..................................................................45 ARTICLE V THE CERTIFICATES Section 5.01. The Certificates ...............................................................................46 Section 5.02. Registration of Transfer and Exchange of Certificates ..........................................47 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates ..............................................51 Section 5.04. Persons Deemed Owners ..........................................................................52 Section 5.05. Appointment of Paying Agent ....................................................................52
Interest Coverage Account. (a) If the Interest Coverage Account on the Closing Date is greater than zero on the Closing Date, the Trustee will establish and maintain, pursuant to the Pooling and Servicing Agreement the Interest Coverage Account. On the Closing Date, the Sponsor will deposit in the Interest Coverage Account the Interest Coverage Amount from the net proceeds of the sale of the Underwritten Certificates.
Interest Coverage Account. 93 Section 4.06. Distributions on the REMIC 1 Regular Interests...................................94 Section 4.07. Allocation of Realized Losses....................................................95 Section 4.08. Information Reports to Be Filed by the Master Servicer...........................96 Section 4.09.
