Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no later than the Closing Date, the Trustee shall establish and maintain a segregated non-interest bearing trust account that is an Eligible Account, which shall be titled (i) "Group I Interest Coverage Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group I Interest Coverage Account"), (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Interest Coverage Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein
(b) At the written direction of the Depositor, the Trustee shall direct any depository institution maintaining the Interest Coverage Accounts to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this 155 Agreement, if a Person other than the Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee or an Affiliate manages or advises such investment. If no investment direction of the Depositor with respect to the Interest Coverage Accounts is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income...
Interest Coverage Accounts. 155 SECTION 4.09. Swap Account.....................................................................157 SECTION 4.10. Net WAC Rate Carryover Reserve Account...........................................157 ARTICLE V THE CERTIFICATES 159 SECTION 5.01. The Certificates.................................................................159 SECTION 5.02. Registration of Transfer and Exchange of Certificates............................161 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates................................166 SECTION 5.04. Persons Deemed Owners............................................................166 SECTION 5.05. Certain Available Information....................................................166 ARTICLE VI THE DEPOSITOR AND THE MASTER SERVICER 168
Interest Coverage Accounts. Net WAC Rate Carryover Reserve Account.
Interest Coverage Accounts. SECTION 4.07 Net WAC Rate Carryover Reserve Account............................................... SECTION 4.08 Distributions on the REMIC Regular Interests......................................... SECTION 4.09
Interest Coverage Accounts. The Servicer may direct any depository institution maintaining the Collection Account and any REO Account to invest the funds on deposit in such accounts, the Depositor may direct any depository institution maintaining the Pre-Funding Accounts and the Interest Coverage Accounts, if any, and the Trustee may invest the funds on deposit in the Distribution Account or hold such funds uninvested (each such account, for the purposes of this Section 3.12, an "Investment Account"). All investments pursuant to this Section 3.12 shall be in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon or if such investment is managed or advised by a Person other than the Trustee or an Affiliate of the Trustee, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon or if such investment is managed or advised by the Trustee or any Affiliate. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such), or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account, any REO Account and the Pre-Funding Accounts, and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:
Interest Coverage Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain two segregated trust accounts that are each Eligible Accounts, which shall be titled, "Group I Interest Coverage Account, Deutsche Bank National Trust Company, as Trustee, in trust for registered Holders of Ameriquest Mortgage Securities Inc., Series 2002- D" (the "Group I Interest Coverage Account") and "Group II Interest Coverage Account, Deutsche Bank National Trust Company, as Trustee, in trust for registered Holders of Ameriquest Mortgage Securities Inc., Series 2002-D" (the "Group II Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in the Group I Interest Coverage Account and the Group II Interest Coverage Account, and retain therein the Group I Interest Coverage Amount and the Group II Interest Coverage Amount, respectively, remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Interest Coverage Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.
(b) For federal income tax purposes, the Master Servicer shall be the owner of the Interest
Interest Coverage Accounts. 118 SECTION 4.07 Distributions on the REMIC Regular Interests...............121 SECTION 4.08 Allocation of Realized Losses..............................124 ARTICLE V THE CERTIFICATES 127 SECTION 5.01 The Certificates...........................................127 SECTION 5.02 Registration of Transfer and Exchange of Certificates......127 SECTION 5.03 Mutilated, Destroyed, Lost or Stolen Certificates..........133 SECTION 5.04 Persons Deemed Owners......................................133 SECTION 5.05 Appointment of Paying Agent................................133
Interest Coverage Accounts. 143 SECTION 4.09. [Reserved].................................................144 SECTION 4.10. Net WAC Rate Carryover Reserve Account.....................144 ARTICLE V THE CERTIFICATES 147 SECTION 5.01. The Certificates...........................................147 SECTION 5.02. Registration of Transfer and Exchange of Certificates............................................149 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates........................................154 SECTION 5.04. Persons Deemed Owners......................................155 SECTION 5.05. Certain Available Information..............................155
Interest Coverage Accounts. 34 Section 3.28 [Reserved]....................................................................36 Section 3.29
Interest Coverage Accounts. 98 Section 6.12 DISTRIBUTIONS ON THE UNCERTIFICATED REMIC I REGULAR INTERESTS.. 99
