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on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this 155 Agreement, if a Person other than the Trustee or an Affiliate manages or advises such investment, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee or an Affiliate manages or advises such investment.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 and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMIC. (c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date). (d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Whq2), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Whq2)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" R4” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" R4” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Adjustable-Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Adjustable-Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that One-Month LIBOR remains constant at the level of One-Month LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Adjustable-Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Adjustable-Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2), Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" FFH3” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" FFH3” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Fremont Home Loan Trust 2006-3, Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" 3” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Fremont Home Loan Trust 2006-3, Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" 3” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) . Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3), Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" W3” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" W3” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Adjustable-Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Adjustable-Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that One-Month LIBOR remains constant at the level of One-Month LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Adjustable-Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Adjustable-Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust), Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no later than the Closing Date, the 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2006-WHQ2" D” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2006-WHQ2" D” (the "“Group II Pre-Funding Interest Coverage 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 Amounts 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 and gain realized from investment of funds deposited deposit in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICremain uninvested.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related each Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Group I Pre-Funded Amount or Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A Certificates and Mezzanine a pro rata portion of the Subordinated Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine such Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Class Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Agreement, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ21" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ21" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the the
Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156..
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-1)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a with itself two separate, segregated non-interest bearing trust account that is an Eligible Accountaccounts, which shall be Eligible Accounts, titled (i) "Group I Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ22" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ22" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in each the Group I Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Interest Coverage Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company. In addition, the Trustee shall deposit into the Group I Interest Coverage Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group II Interest Coverage Account all income and gain on investments in the Group II Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates for the uses and purposes set forth herein
(b) At . Funds deposited in the written direction Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Depositor, Group II Certificates for 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, uses 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 Investmentspurposes set forth herein. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor Company shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The .
(b) On the first Distribution Date, the Trustee shall (a) withdraw from the Group I Interest Coverage Accounts shall not be assets of any Trust REMICAccount and deposit in the Group I Certificate Account the related Interest Coverage Addition and (b) withdraw from the Group II Interest Coverage Account and deposit in the Group II Certificate Account the related Interest Coverage Addition.
(c) On each Distribution Date during following the Funding Period and on the last day conveyance of the Funding Period, a Subsequent Mortgage Loan to the Trustee shall withdraw from for Loan Group I, funds on deposit in the related Group I Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, 1/360 of the related Original Pre-Funded Amount, over product of (i) the aggregate Stated Principal Balance of related such Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date Loan and (ii) had a Subsequent Cut-off Date prior to the first day sum of (A) the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Group I Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution DateDate minus 2.50%, with (B) the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for Group I Fixed Strip Component times a fraction equal to (x) the purposes Notional Amount of the foregoing calculationGroup I Fixed Strip Certificates immediately prior to such Distribution Date divided by (y) the Group I Pool Principal Balance as of the beginning of the immediately preceding Due Period and (C) 0.0075%, multiplied by a fraction, the numerator of which is and (iii) the actual number of days in from the Interest Accrual Period for such Class for such Distribution DateSubsequent Cut-off Date to July 23, and the denominator of which is 30. Such withdrawal and deposit 1997 shall be treated as a contribution of cash by remitted, without notice, immediately upon receipt thereof, to the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately Company. On each Distribution Date following the conveyance of any a Subsequent Mortgage Loans Loan to the Trust Fund Trustee for Loan Group II, funds on any Subsequent Transfer Date, deposit in the Trustee shall withdraw from the Group II Interest Coverage Accounts and remit to the Depositor or its designee Account in an amount equal to the excess, if any, 1/360 of the amount remaining in product of (i) the Principal Balance of such Interest Coverage Account over Subsequent Mortgage Loan and (ii) the amount that would sum of (A) the weighted average of the Group II PassThrough Rates for such Distribution Date minus 2.50%, (B) the Pass Through Rate on the Group II Fixed Strip Certificates times a fraction equal to (x) the Notional Amount of the Group II Fixed Strip Component immediately prior to such Distribution Date divided by (y) the Group II Pool Principal Balance as of the beginning of the immediately preceding due period and (C) 0.0075%, and (iii) the number of days, up to a maximum of 30 per calendar month, from the Subsequent Cut-off Date to July 23, 1997, shall be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant remitted, without notice, immediately upon receipt thereof to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date)Company.
(d) Upon On the earlier of (i) first Business Day following the first Distribution Date immediately following the end conveyance of the Funding Period, (ii) last Subsequent Mortgage Loan to the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Trustee for Loan Group I, any amount remaining on deposit in the Group I Interest Coverage Accounts Account after distributions pursuant to paragraph (cSections 6.11(b) above shall be withdrawn by the Trustee and paid to the Depositor or its designeeCompany. 156Upon the earlier of (i) the termination of the Trust Fund in accordance with Section 8.01 and (ii) the first Business Day following the first Distribution Date following the conveyance of the last Subsequent Mortgage Loan to the Trustee for Loan Group II, any amount remaining on deposit in the Group II Interest Coverage Account after distributions pursuant to Sections 6.11(b) above shall be withdrawn by the Trustee and paid to the Company.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-6, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ26" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-6, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ26" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account and retain therein the related amount applicable Interest Coverage 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Accept Corp Asset-Backed Cert Se 2002-6)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" 4” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" 4” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a with itself two separate, segregated non-interest bearing trust account that is an Eligible Accountaccounts, which shall be Eligible Accounts, titled (i) "Group I Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in each the Group I Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Interest Coverage Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company. In addition, the Trustee shall deposit into the Group I Interest Coverage Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group II Interest Coverage Account all income and gain on investments in the Group II Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein
(b) At . Funds deposited in the written direction Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Depositor, Group II Certificates and the Trustee shall direct any depository institution maintaining Certificate Insurer for the Interest Coverage Accounts to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, uses 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 Investmentspurposes set forth herein. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor Company shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The .
(b) On each of the first two Distribution Dates, the Trustee shall (a) withdraw from the Group I Interest Coverage Accounts shall not be assets of any Trust REMICAccount and deposit in the Group I Certificate Account the related Interest Coverage Addition and (b) withdraw from the Group II Interest Coverage Account and deposit in the Group II Certificate Account the related Interest Coverage Addition.
(c) On each Distribution Date during following the Funding Period and on the last day conveyance of the Funding Period, a Subsequent Mortgage Loan to the Trustee shall withdraw from for Loan Group I, funds on deposit in the related Group I Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, 1/360 of the related Original Pre-Funded Amount, over product of (i) the aggregate Stated Principal Balance of related such Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date Loan and (ii) had a the sum of (A) the Group I Class A Pass-Through Rate for such Distribution Date minus 3.00% and (B) 0.01%, and (iii) the actual number of days from the Subsequent Cut-off Date prior to January 25, 1997, shall be remitted, without notice, immediately upon receipt thereof, to the first day of the month in which such Company. On each Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any a Subsequent Mortgage Loans Loan to the Trust Fund Trustee for Loan Group II, funds on any Subsequent Transfer Date, deposit in the Trustee shall withdraw from the Group II Interest Coverage Accounts and remit to the Depositor or its designee Account in an amount equal to the excess, if any, 1/360 of the amount remaining in product of (i) the Principal Balance of such Interest Coverage Account over Subsequent Mortgage Loan and (ii) the amount that would sum of (A) the weighted average Group II Class A PassThrough Rate for such Distribution Date minus 3.00% and (B) 0.01%, and (iii) the number of days, up to a maximum of 30 per calendar month, from the Subsequent Cut-off Date to January 25, 1997, shall be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant remitted, without notice, immediately upon receipt thereof to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date)Company.
(d) Upon the earlier of (i) the Distribution Date immediately following the end termination of the Funding Period, Trust Fund in accordance with Section 8.01 and (ii) the reduction first Business Day following the first Distribution Date following the conveyance of the aggregate Certificate Principal Balance of last Subsequent Mortgage Loan to the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Trustee for Loan Group I, any amount remaining on deposit in the Group I Interest Coverage Accounts Account after distributions pursuant to paragraph (cSections 6.13(b) above shall be withdrawn by the Trustee and paid to the Depositor or its designeeCompany. 156Upon the earliest of (i) the reduction of the Certificate Principal Balance of the Class A-2 Certificates to zero, (ii) the termination of the Trust Fund in accordance with Section 8.01 and (iii) the first Business Day following the first Distribution Date following the conveyance of the last Subsequent Mortgage Loan to the Trustee for Loan Group II, any amount remaining on deposit in the Group II Interest Coverage Account after distributions pursuant to Sections 6.13(b) above shall be withdrawn by the Trustee and paid to the Company.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2004-FFH4, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2FFH4" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2004-FFH4, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2FFH4" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or 118 loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ffh4)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Meritage Mortgage Loan Trust 2005-2, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ22" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Meritage Mortgage Loan Trust 2005-2, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ22" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates, the Mezzanine Certificates and Mezzanine the Class B Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Mezzanine Class B Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-2)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage AccountsAccount, no later than the Closing Date, the Trustee Trust Administrator 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 Wxxxx Fargo Bank, N.A.N.A. as Trust Administrator, as Xxxxxee in trust for the registered holders Certificateholders of Park Place Securities, Inc.Soundview Home Loan Trust 2006-3, Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" 3” (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 Trust Administrator shall, promptly upon receipt, deposit in each the Interest Coverage Account and retain therein the related amount Interest Coverage Amount, remitted on the Closing Date to the Trustee Trust Administrator by the Depositor. Funds deposited in the Interest Coverage Accounts Account shall be held in trust by the Trustee Trust Administrator 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 Amounts 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 and gain realized from investment of funds deposited deposit in the Interest Coverage Accounts Account shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICremain uninvested.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee Trust Administrator shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Floating Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Floating Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee Trust Administrator shall withdraw from the Interest Coverage Accounts Account and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Floating Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Floating Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts Account after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee Trust Administrator and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-3)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-OPT1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2OPT1" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Soundview Home Loan Trust 2005-OPT1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2OPT1" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156..
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt1)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a with itself three separate, segregated non-interest bearing trust account that is an Eligible Accountaccounts, which shall be Eligible Accounts, titled (i) "Group I Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ24" (the "Group I Interest Coverage Account"), (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ24" (the "Group II Pre-Funding Interest Coverage Account") and (iii) "Group III Pre-Funding Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ24" (the "Group III Pre-Funding Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in each the Group I Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the DepositorCompany, (b) in the Group II Interest Coverage Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company and (c) in the Group III Interest Coverage Account and retain therein the Group III Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company. In addition, the Trustee shall deposit into the Group I Interest Coverage Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group III Interest Coverage Account all income and gain on investments in the Group III Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein
(b) At . Funds deposited in the written direction Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Depositor, Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group III Interest Coverage Account shall be held in trust by the Trustee shall direct any depository institution maintaining for 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 Holders of the Depositor with respect to Group III Certificates and the Interest Coverage Accounts is received by Certificate Insurer for the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investmentsuses and purposes set forth herein. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor Company shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The .
(b) On the first Distribution Date, the Trustee shall (a) withdraw from the Group I Interest Coverage Accounts shall not be assets of any Trust REMIC.Account and deposit in the Group I Certificate Account the related Interest Coverage Addition, (b) withdraw from the Group II Interest Coverage Account and deposit in the Group II Certificate Account the related Interest Coverage Addition and (c) withdraw from the Group III Interest Coverage Account and deposit in the Group III Certificate Account the related Interest Coverage Addition. 115
(c) On each Distribution Date during following the Funding Period and on the last day conveyance of the Funding Period, a Subsequent Mortgage Loan to the Trustee shall withdraw from for Loan Group I, funds on deposit in the related Group I Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, 1/360 of the related Original Pre-Funded Amount, over product of (i) the aggregate Stated Principal Balance of related such Subsequent Mortgage Loans that both Loan and (iii) had the sum of (A) the Group I Class A Pass-Through Rate for such Distribution Date minus 2.50%, (B) the Group I Fixed Strip Effective Rate times a Due fraction equal to (x) the Notional Amount of the Group I Fixed Strip Certificates immediately prior to such Distribution Date during divided by (y) the Due Period relating Certificate Principal Balance of the Class A-1 Certificates immediately prior to such Distribution Date and (iiC) had a 0.0075%, and (iii) the actual number of days from the Subsequent Cut-off Date prior to December 31, 1997, shall be remitted, without notice, immediately upon receipt thereof, to the first day of the month in which such Company. On each Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any a Subsequent Mortgage Loans Loan to the Trust Fund Trustee for Loan Group III, funds on any Subsequent Transfer Date, deposit in the Trustee shall withdraw from the Group III Interest Coverage Accounts and remit to the Depositor or its designee Account in an amount equal to the excess, if any, 1/360 of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier product of (i) the Distribution Date immediately following the end Principal Balance of the Funding Period, such Subsequent Mortgage Loan and (ii) the reduction sum of (A) the weighted average of the Group III Class A Pass-Through Rates for such Distribution Date minus 2.50%, (B) the Pass Through Rate on the Group II Fixed Strip Certificates times a fraction equal to (x) the Notional Amount of the Group III Fixed Strip Component immediately prior to such Distribution Date divided by (y) the aggregate Certificate Principal Balance of the Group III Class A Certificates immediately prior to such Distribution Date and the Mezzanine Certificates to zero or (C) 0.0075%, and (iii) the termination number of this Agreement days, up to a maximum of 30 per calendar month, from the Subsequent Cut-off Date to December 31, 1997, shall be remitted, without notice, immediately upon receipt thereof to the Company.
(d) On the Business Day following the Distribution Date occurring in accordance with Section 9.01January 1998, any amount remaining on deposit in the Group I, Group II and Group III Interest Coverage Accounts Account after distributions pursuant to paragraph (cSections 6.13(b) above shall be withdrawn by the Trustee and paid to the Depositor or its designeeCompany. 156116
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
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 Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc."First Franklin Mortgage Loan Trust 2004-FF11, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2FF11" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc."First Franklin Mortgage Loan Trust 2004-FF11, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2FF11" (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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-3, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ23" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-3, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ23" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account and retain therein the related amount applicable Interest Coverage 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such 119 income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156120
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Accep Corp Ast Back Certs Ser 2003-3)
Interest Coverage Accounts. (ai) 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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through CertificatesTrust, Series 2004INABS 2005-WHQ2B" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through CertificatesTrust, Series 2004INABS 2005-WHQ2B" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 hereinherein .
(bii) At the written direction of the Depositor, the The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(ciii) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the related Interest Coverage Accounts Account and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) . Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FFH4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" FFH4” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FFH4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" FFH4” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh4)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-5, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ25" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-5, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ25" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account, and retain therein the related amount 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 and the Guarantor 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to (A) the weighted average Pass-Through Rate of the related Class A Certificates and the Mezzanine Certificates for such Distribution DateDate plus (B) 0.6065% plus (C) the Guarantee Fee Rate applicable to the Guaranteed Certificates, with the Pass-Through Rate on the related Class A and Mezzanine Certificateseach such rate, solely for the purposes of the foregoing calculation, being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account 137 and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)
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 Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group I Interest Coverage Account"”), (ii) "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group II Pre-Funding I Interest Coverage Account"”) and (iii) "“Group III Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group III Pre-Funding Interest Coverage Account"”). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Adjustable-Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Adjustable-Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that One-Month LIBOR remains constant at the level of One-Month LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Adjustable-Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Adjustable-Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Wcw1)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a three segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042002-WHQ24" (the "Group I Interest Coverage Account"), (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042002-WHQ24" (the "Group II Pre-Funding Interest Coverage Account") and (iii) "Group III Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Pass- Through Certificates, Series 20042002-WHQ24" (the "Group III Pre-Funding Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the applicable Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount, the Group II Interest Coverage Amount and the Group II Interest Coverage Amount, as applicable, 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as directed by the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and 122 exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account Accounts and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Group I Original Pre-Funded Amount, Group II Original Pre- Funded Amount or Group III Original Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans, Subsequent Group II Mortgage Loans or Subsequent Group III Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) and (d) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a with itself two separate, segregated non-interest bearing trust account that is an Eligible Accountaccounts, which shall be Eligible Accounts, titled (i) "Group I Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ21" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank95 Norwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ21" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in each the Group I Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Interest Coverage Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company. In addition, the Trustee shall deposit into the Group I Interest Coverage Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group II Interest Coverage Account all income and gain on investments in the Group II Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein
(b) At . Funds deposited in the written direction Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Depositor, Group II Certificates and the Trustee shall direct any depository institution maintaining Certificate Insurer for the Interest Coverage Accounts to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, uses 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 Investmentspurposes set forth herein. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor Company shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The .
(b) On each of the first two Distribution Dates, the Trustee shall (a) withdraw from the Group I Interest Coverage Accounts shall not be assets of any Trust REMICAccount and deposit in the Group I Certificate Account the related Interest Coverage Addition and (b) withdraw from the Group II Interest Coverage Account and deposit in the Group II Certificate Account the related Interest Coverage Addition.
(c) On each Distribution Date during following the Funding Period and on the last day conveyance of the Funding Period, a Subsequent Mortgage Loan to the Trustee shall withdraw from for Loan Group I, funds on deposit in the related Group I Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, 1/360 of the related Original Pre-Funded Amount, over product of (i) the aggregate Stated Principal Balance of related such Subsequent Mortgage Loans that both Loan and (iii) had the sum of (A) the Group I Class A Pass-Through Rate for such Distribution Date minus 2.50%, (B) the Group I Fixed Strip Effective Rate times a Due fraction equal to (x) the Notional Amount of the Group I Fixed Strip Certificates immediately prior to such Distribution Date during divided by (y) the Due Period relating Certificate Principal Balance of the Class A-1 Certificates immediately prior to such Distribution Date and (iiC) had a 0.0075%, and (iii) the actual number of days from the Subsequent Cut-off Date prior to April 15, 1997, shall be remitted, without notice, immediately upon receipt thereof, to the first day Company. On each Distribution Date following the conveyance of a Subsequent Mortgage Loan to the Trustee for Loan Group II, funds on deposit in the Group II Interest Coverage Account in an amount equal to 1/360 of the month in which product of (i) the Principal Balance of such Subsequent Mortgage Loan and (ii) the sum of (A) the weighted average of the Group II Class A Pass-Through Rates for such Distribution Date occursminus 2.50%, at a per annum rate equal to (B) the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Pass Through Rate on the related Class A and Mezzanine Certificates, solely for Group II Fixed Strip Certificates times a fraction equal to (x) the purposes Notional Amount of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for Group II Fixed Strip Component immediately prior to such Distribution Date, and Date divided by (y) the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, aggregate Certificate Principal Balance of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Group II Class A Certificates immediately prior to such Distribution Date and Mezzanine Certificates for (C) 0.0075%, and (iii) the current Distribution Date)number of days, up to a maximum of 30 per calendar month, from the Subsequent Cut-off Date to April 15, 1997, shall be remitted, without notice, immediately upon receipt thereof to the Company.
(d) Upon the earlier of (i) the Distribution Date immediately following the end termination of the Funding Period, Trust Fund in accordance with Section 8.01 and (ii) the reduction first Business Day following the first Distribution Date following the conveyance of the aggregate Certificate Principal Balance of last Subsequent Mortgage Loan to the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Trustee for Loan Group I, any amount remaining on deposit in the Group I Interest Coverage Accounts Account after distributions pursuant to paragraph (cSections 6.13(b) above shall be withdrawn by the Trustee and paid to the Depositor or its designeeCompany. 156Upon the earliest of (i) the reduction of the Certificate Principal Balance of the Class A-6 Certificates to zero, (ii) the termination of the Trust Fund in accordance with Section 8.01 and (iii) the first Business Day following the first Distribution Date following the conveyance of the last Subsequent Mortgage Loan to the Trustee for Loan Group II, any amount remaining on deposit in the Group II Interest Coverage Account after distributions pursuant to Sections 6.13(b) above shall be withdrawn by the Trustee and paid to the Company.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R10" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R10" (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 Interest Coverage 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 and the Certificate Insurer for the uses and purposes set forth herein
(b) At the written direction of the Depositor, the The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each 133 subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through CertificatesTrust, Series 2004INABS 2005-WHQ2C" (the "Group GROUP I Interest Coverage AccountINTEREST COVERAGE ACCOUNT"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through CertificatesTrust, Series 2004INABS 2005-WHQ2C" (the "Group 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 AccountINTEREST COVERAGE ACCOUNT"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of the related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Remittance Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the related Interest Coverage Accounts Account and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) . Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2005-C)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a with itself two separate, segregated non-interest bearing trust account that is an Eligible Accountaccounts, which shall be Eligible Accounts, titled (i) "Group I Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in each the Group I Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Interest Coverage Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company. In addition, the Trustee shall deposit into the Group I Interest Coverage Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group II Interest Coverage Account all income and gain on investments in the Group II Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein
(b) At . Funds deposited in the written direction Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Depositor, Group II Certificates and the Trustee shall direct any depository institution maintaining Certificate Insurer for the Interest Coverage Accounts to invest the funds in such account in one or more Permitted Investments bearing interest or sold at a discount, uses 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 Investmentspurposes set forth herein. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Certificates Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor Company shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The .
(b) On each of the first two Distribution Dates, the Trustee shall (a) withdraw from the Group I Interest Coverage Accounts shall not be assets of any Trust REMICAccount and deposit in the Group I Certificate Account the related Interest Coverage Addition and (b) withdraw from the Group II Interest Coverage Account and deposit in the Group II Certificate Account the related Interest Coverage Addition.
(c) On each Distribution Date during following the Funding Period and on the last day conveyance of the Funding Period, a Subsequent Mortgage Loan to the Trustee shall withdraw from for Loan Group I, funds on deposit in the related Group I Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, 1/360 of the related Original Pre-Funded Amount, over product of (i) the aggregate Stated Principal Balance of related such Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date Loan and (ii) had a the sum of (A) the Group I Class A Pass-Through Rate for such Distribution Date minus 3.00% and (B) 0.0075%, and (iii) the actual number of days from the Subsequent Cut-off Date prior to January 27, 1997, shall be remitted, without notice, immediately upon receipt thereof, to the first day of the month in which such Company. On each Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any a Subsequent Mortgage Loans Loan to the Trust Fund Trustee for Loan Group II, funds on any Subsequent Transfer Date, deposit in the Trustee shall withdraw from the Group II Interest Coverage Accounts and remit to the Depositor or its designee Account in an amount equal to the excess, if any, 1/360 of the amount remaining in product of (i) the Principal Balance of such Interest Coverage Account over Subsequent Mortgage Loan and (ii) the amount that would sum of (A) the weighted average Group II Class A PassThrough Rate for such Distribution Date minus 3.00% and (B) 0.0075%, and (iii) the number of days, up to a maximum of 30 per calendar month, from the Subsequent Cut-off Date to January 27, 1997, shall be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant remitted, without notice, immediately upon receipt thereof to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date)Company.
(d) Upon the earlier of (i) the Distribution Date immediately following the end termination of the Funding Period, Trust Fund in accordance with Section 8.01 and (ii) the reduction first Business Day following the first Distribution Date following the conveyance of the aggregate Certificate Principal Balance of last Subsequent Mortgage Loan to the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Trustee for Loan Group I, any amount remaining on deposit in the Group I Interest Coverage Accounts Account after distributions pursuant to paragraph (cSections 6.13(b) above shall be withdrawn by the Trustee and paid to the Depositor or its designeeCompany. 156Upon the earliest of (i) the reduction of the Certificate Principal Balance of the Class A-2 Certificates to zero, (ii) the termination of the Trust Fund in accordance with Section 8.01 and (iii) the first Business Day following the first Distribution Date following the conveyance of the last Subsequent Mortgage Loan to the Trustee for Loan Group II, any amount remaining on deposit in the Group II Interest Coverage Account after distributions pursuant to Sections 6.13(b) above shall be withdrawn by the Trustee and paid to the Company.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R11" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R11" (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 Interest Coverage 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 and the Certificate Insurer for the uses and purposes set forth herein
(b) At the written direction of the Depositor, the The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each 131 subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W10" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W10" (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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer 134 Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no later than the Closing Date, the 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2007-WHQ2" A” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2007-WHQ2" A” (the "“Group II Pre-Funding Interest Coverage 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 Amounts 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 and gain realized from investment of funds deposited deposit in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICremain uninvested.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related each Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Group I Pre-Funded Amount or Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A Certificates and Mezzanine a pro rata portion of the Subordinated Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine such Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Class Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Agreement, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
(e) In addition, on the first Distribution Date and following the foregoing withdrawals, if any, from the Interest Coverage Accounts, the Trustee shall withdraw from the Interest Coverage Accounts (pro rata, based on their group allocation percentages of the total amount to be withdrawn) that amount, if any, by which the sum of the Group I Interest Remittance Amount and Group II Interest Remittance Amount (calculated for this purpose without including the withdrawal permitted pursuant to this sentence) exceeds the sum of the Accrued Certificate Interest Distribution Amounts on such Distribution Date for each Class of Certificates (other than the Class P, Class R and Class C Certificates).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset Backed Trust, Series INABS 2007-A)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" M1” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042006-WHQ2" M1” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Adjustable-Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Adjustable-Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that One-Month LIBOR remains constant at the level of One-Month LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Adjustable-Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Adjustable-Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Trust 2006-M1)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FF4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2FF4" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.First Franklin Mortgage Loan Trust 2005-FF4, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2FF4" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff4)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-5, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ25" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-5, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ25" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account and retain therein the related amount applicable Interest Coverage 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass- Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Accep Corp Asset Back Certs Ser 2003 5)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Indenture Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I 1 Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee indenture trustee for the registered holders of Park Place SecuritiesIMH Assets Corp., Inc., Collateralized Asset-Backed Pass-Through CertificatesBonds, Series 2004-WHQ27" (the "Group I 1 Interest Coverage Account"), (ii) and "Group II Pre-Funding 2 Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee indenture trustee for the registered holders of Park Place SecuritiesIMH Assets Corp., Inc., Collateralized Asset-Backed Pass-Through CertificatesBonds, Series 2004-WHQ27" (the "Group II Pre-Funding 2 Interest Coverage Account") , and (iii) "together with the Group III Pre-Funding 1 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 III Pre-Funding AccountInterest Coverage Accounts"). The Indenture Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Interest Coverage Accounts shall be held in trust by the Indenture Trustee for the Certificateholders Bondholders 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts Accounts, which investment shall be made solely upon the written direction of the Master Servicer in Permitted Investments, shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Indenture Trustee to the Depositor on Master Servicer at the first Business Day following each Distribution Dateend of the Funding Period. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Payment Date during the Funding Period and on the last day Payment Date immediately following the end of the Funding Period, the Indenture Trustee shall withdraw from the related Interest Coverage Account Accounts and deposit in the Distribution Payment Account an amount equal to 30 days' interest on the excess, if any, of the related Group 1 Original Pre-Funded Amount and the Group 2 Original Pre- Funded Amount, respectively, over the aggregate Stated Principal Balance of related Group 1 Subsequent Mortgage Loans and the Group 2 Subsequent Mortgage Loans, respectively, that (in each case) both (i) had a Due Date during the Due Period relating to such Distribution Payment Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Payment Date occurs, at a per annum rate equal to 1.25%, plus the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30Indenture Trustee's Fee Rate. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. the Trust Fund on the date thereof. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Group 1 Subsequent Mortgage Loans or Group 2 Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Group 1 Interest Coverage Accounts Account or the Group 2 Interest Coverage Account, respectively, and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Group 1 Interest Coverage Account or Group 2 Interest Coverage Account, respectively, over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Payment Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Payment Date immediately following the end of the Funding Period, if no Group 1 Subsequent Mortgage Loans or Group 2 Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Payment Date).
(d) Upon the earlier earliest of (i) the Distribution Payment Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Bond Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates Bonds to zero or (iii) the termination of this Agreement in accordance with Section 9.018.04, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Indenture Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp Impac CMB Trust Series 2004-7)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.GreenPoint Mortgage Funding Trust 2005-HY1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" HY1” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.GreenPoint Mortgage Funding Trust 2005-HY1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" HY1” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-Hy1)
Interest Coverage Accounts. (a) If amounts are required The Issuer hereby directs the Indenture Trustee to establish, at the Corporate Trust Office, one or more accounts that shall collectively be deposited in the "Interest Coverage AccountsAccount" with respect to each Class of Notes, no later than on or before 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 Indenture Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the DepositorIssuer for such Class. Funds deposited in the each Interest Coverage Accounts Account shall be held in trust by the Indenture Trustee for the Certificateholders benefit of the Noteholders of the related Class of Notes and the Note Insurer 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 and gain realized from investment of funds deposited in the each Interest Coverage Accounts Account shall be for the sole and exclusive benefit of the Depositor Issuer and shall be remitted by the Indenture Trustee to the Depositor Issuer on the first Business Day following each Distribution Payment Date. The Depositor Issuer shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(cb) On each Distribution Date during the Funding Period and on the last day of the Funding PeriodJanuary 25, 1999 Payment Date, the Trustee shall withdraw from the related each Interest Coverage Account and deposit in the Distribution related Note Account an amount equal to 30 (i) 44 days' interest on the excessrelated Original Pre-Funding Amount calculated at a rate equal to the related Note Interest Rate for such Payment date plus the Note Insurer Premium for such Payment date minus (ii) an amount equal to the sum of (A) interest payments received on Additional Mortgage Loans Granted to the Indenture Trustee for inclusion in the Trust Estate and allocated to the related Group during the related Due Period (net of the related Servicing Fee and Indenture Trustee Fee pro rated for the number of days such Mortgage Loans were included in such Group) and (B) P&I Advances in respect of interest portions of delinquent Monthly Payments on Additional Mortgage Loans in such Group conveyed to the Indenture Trustee during the related Due Period.
(c) On the February 25, if any1999 Payment Date, of the Indenture Trustee shall withdraw from each Interest Coverage Account and deposit in the related Note Account an amount equal to (i) 31 days' interest on the related Original Pre-Funded Amount, over Funding Amount minus the aggregate Stated Principal Balance of related Subsequent Additional Mortgage Loans that both (i) had Granted to the Indenture Trustee for inclusion in the Trust Estate and allocated to the related Group having a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occursJanuary 1, 1999 at a per annum rate equal to the weighted average Pass-Through related Note Interest Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with Payment date plus the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period Note Insurer Premium for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee Payment date minus (ii) an amount equal to the excess, if any, sum of (A) interest payments received on Additional Mortgage Loans Granted to the Indenture Trustee for inclusion in the Trust Estate and allocated to such Group during the related Due Period (net of the amount remaining in related Servicing Fee and Indenture Trustee Fee pro rated for the number of days such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end included in such Group) and (B) P&I Advances in respect of the Prepayment Period relating interest portions of delinquent Monthly Payments on Additional Mortgage Loans in such Group conveyed to the current Distribution Date (assuming that LIBOR remains constant at Indenture Trustee during the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date)related Due Period.
(d) On the March 25, 1999 Payment Date, the Indenture Trustee shall withdraw from each Interest Coverage Account and deposit in the related Note Account an amount equal to (i) 28 days' interest on the related Original Pre-Funding Amount minus the Aggregate Stated Principal Balance of Additional Mortgage Loans Granted to the Indenture Trustee for inclusion in the Trust Estate and allocated to the related Group having a Due Date prior to February 1, 1999 at a rate equal to the related Note Interest Rate for such Payment date plus the Note Insurer Premium for such Payment date minus (ii) an amount equal to the sum of (A) interest payments received on Additional Mortgage Loans Granted to the Indenture Trustee for inclusion in the Trust Estate and allocated to such Group during the related Due Period (net of the related Servicing Fee and Indenture Trustee pro rated for the number of days such Mortgage Loans were included in such Group) and (B) P&I Advances in respect of interest portions of delinquent Monthly Payments on related Additional Mortgage Loans conveyed to the Indenture Trustee during the related Due Period.
(e) On the date of Grant of an Additional Mortgage Loan to the Indenture Trustee (for allocation to a Group), funds on deposit in the related Interest Coverage Account in an amount equal to one-three hundred sixty-fifth (1/365th) of the product of (i) the Stated Principal Balance of such Additional Mortgage Loan and (ii) the weighted average Coupon Rate of the Cut-off Date Mortgage Loans in the related Group and (iii) the number of days from the related Additional Cut-off Date to March 11, 1999, shall be remitted immediately to RBMG.
(f) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding PeriodMarch 25, 1999 Payment Date, (ii) the reduction of the aggregate Certificate Principal related Note Balance of the Class A Certificates and the Mezzanine Certificates to zero or zero, (iii) the termination satisfaction and discharge of this Agreement Indenture in accordance with Section 9.014.01, and (iv) the date of the Grant of the last Additional Mortgage Loan to the Indenture Trustee (for allocation to a Group), as set forth in a written letter of instruction by the Issuer to the Indenture Trustee, any amount remaining on deposit in the related Interest Coverage Accounts Account after distributions payments pursuant to paragraph (cSections 8.04(b), 8.04(c) and 8.04(d) above shall be withdrawn by the Indenture Trustee and paid to the Depositor Issuer.
(g) So long as no Default or its designeeEvent of Default shall have occurred and be continuing, amounts held in each Interest Coverage Account shall be invested in Permitted Investments, which Permitted Investments shall mature no later than the Business Day preceding the immediately following Payment Date. 156All income or other gains, if any, from investment of moneys deposited in each Note Account shall be for the benefit of the Issuer and on each Payment Date, any such amounts may be released from the Interest Coverage Account and paid to the Issuer. Any loss resulting from such investment of moneys deposited in the Interest Coverage Account shall be reimbursed immediately as incurred to the Interest Coverage Account by the Issuer. Subject to Section 6.01 and the preceding sentence, the Issuer shall not in any way be held liable by reason of any insufficiency in each Interest Coverage Account.
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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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" R4” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" R4” (the "“Group II Pre-Funding Interest Coverage 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 Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Adjustable-Rate Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Adjustable-Rate Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that One-Month LIBOR remains constant at the level of One-Month LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Adjustable-Rate Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Adjustable-Rate Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2005-R4)
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 Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group I Interest Coverage Account"), (ii) "Group II Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group III Pre-Funding Account"). The Trustee Trust Administrator shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount remitted on the Closing Date to the Trustee Trust Administrator by the Depositor. Funds deposited in the Interest Coverage Accounts shall be held in trust by the Trustee Trust Administrator for the Certificateholders for the uses and purposes set forth herein
(b) At the written direction of the Depositor, the Trustee Trust Administrator 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 Trust Administrator 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 Trust Administrator 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 TrusteeTrust Administrator, the Trustee Trust Administrator 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 and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee Trust Administrator to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMIC.. 143
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee Trust Administrator shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee Trust Administrator shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee Trust Administrator and paid to the Depositor or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Wxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-1, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ21" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Wxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2003-1, Asset-Backed Pass-Through Certificates, Series 20042003-WHQ21" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account and retain therein the related amount applicable Interest Coverage 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt 113 of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Certs Ser 2003 1)
Interest Coverage Accounts. (a) If amounts are required the amount to be deposited in the an Interest Coverage Accounts, no later Account is greater than the Closing Datezero, 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2007-WHQ2" B” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2007-WHQ2" B” (the "“Group II Pre-Funding Interest Coverage 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 Amounts 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 and gain realized from investment of funds deposited deposit in the Interest Coverage Accounts shall be for the sole and exclusive benefit invested in Permitted Investments of the Depositor kind described in clauses (i), (iii) and shall be remitted by (ix) of the Trustee to definition thereof, as specified in the Depositor on written direction from the first Servicer, with a maturity date no later than the second Business Day following preceding each Distribution Date. The Depositor shall deposit Any income earned on deposits in the applicable Interest Coverage Account Accounts, net of any losses, shall be remitted to the Holders of the Class C Certificates. The Trustee shall not be liable for the amount of any net loss losses incurred in respect of any such Permitted Investment immediately upon realization investment or lack of such loss without any right investment of reimbursement therefor. The funds held in the Interest Coverage Accounts shall not be assets of any Trust REMICand made in accordance with Section 3.23.
(c) On each Distribution Date during the Funding Period and on the Distribution Date following the last day of the Funding Period, the Trustee shall withdraw from the related each Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Group I Pre-Funded Amount or Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A Certificates and Mezzanine the Subordinated Certificates for such Distribution Date, with weighted on the Pass-Through Rate on basis of the Class Certificate Balance of the related Class A Certificates and Mezzanine Certificatesthe Group I Subordination Balance or Group II Subordination Balance, solely for the purposes of the foregoing calculationas applicable, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).I.
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Periodoccurring in August 2007, (ii) the reduction of the aggregate Class Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Agreement, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
(e) In addition, on the first Distribution Date and following the foregoing withdrawals, if any, from the Interest Coverage Accounts, the Trustee shall withdraw from the Interest Coverage Accounts (pro rata, based on their group allocation percentages of the total amount to be withdrawn) that amount, if any, by which the sum of the Group I Interest Remittance Amount and Group II Interest Remittance Amount (calculated for this purpose without including the withdrawal permitted pursuant to this sentence) exceeds the sum of the Accrued Certificate Interest Distribution Amounts on such Distribution Date for each Class of Certificates (other than the Class L, Class P, Class R and Class C Certificates).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inabs 2007-B)
Interest Coverage Accounts. (a) If any amounts are required to be deposited in the an Interest Coverage AccountsAccount, 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W11" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W11" (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 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 and the Certificate Insurerfor the uses and purposes set forth herein
(b) At the written direction of the Depositor, the The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no later than the Closing Date, the 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.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2006-WHQ2" E” (the "“Group I Interest Coverage Account"), ”) and (ii) "“Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee and Supplemental Interest Trust Trustee for the registered holders of Park Place Securities, Inc., Home Equity Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004INABS 2006-WHQ2" E” (the "“Group II Pre-Funding Interest Coverage 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 Amounts 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 and gain realized from investment of funds deposited deposit in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICremain uninvested.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related each Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Original Group I Pre-Funded Amount or Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A Certificates and Mezzanine a pro rata portion of the Subordinated Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine such Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Class Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01Agreement, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
(e) In addition, on the first Distribution Date and following the foregoing withdrawals, if any, from the Interest Coverage Accounts, the Trustee shall withdraw from the Interest Coverage Accounts (pro rata, based on their group allocation percentages of the total amount to be withdrawn) that amount, if any, by which the sum of the Group I Interest Remittance Amount and Group II Interest Remittance Amount (calculated for this purpose without including the withdrawal permitted pursuant to this sentence) exceeds the sum of the Accrued Certificate Interest Distribution Amounts on such Distribution Date for each Class of Certificates (other than the Class P, Class R and Class C Certificates).
Appears in 1 contract
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042002-WHQ25" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042002-WHQ25" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the applicable Interest Coverage Account and retain therein the related amount Group I Interest Coverage Amount and the Group II Interest Coverage Amount, as applicable, 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as directed by the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account Accounts and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Group I Original Pre-Funded Amount or Group II Original Pre- Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A AV Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such the Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom 119 (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A AV Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) and (d) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Backed Thru Cer Ser 2002-5)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee Securities Administrator shall establish and maintain a two separate segregated non-interest bearing trust account accounts that is are each an Eligible Account, which shall be titled (i) "Group I 1 Interest Coverage Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee securities administrator on behalf of the Trustee for the registered holders of Park Place SecuritiesImpac Secured Assets Corp., Inc.Mortgage Pass- Through Certificates, AssetSeries 2004-Backed 3" (the "Group 1 Interest Coverage Account") and "Group 2 Interest Coverage Account, Xxxxx Fargo Bank, N.A., as securities administrator on behalf of the Trustee for the registered holders of Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2004-WHQ23" (the "Group I 2 Interest Coverage Account"), (ii) "" and together with the Group II Pre-Funding 1 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 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 AccountInterest Coverage Accounts"). The Trustee Securities Administrator shall, promptly upon receipt, deposit in each the Interest Coverage Account and retain therein the related amount Interest Coverage Amount remitted on the Closing Date to the Trustee Securities Administrator by the DepositorCompany. Funds deposited in the Interest Coverage Accounts Account shall be held in trust by the Securities Administrator on behalf of 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be an asset of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts Accounts, which investment shall be made solely upon the written direction of the Master Servicer, shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee paid to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee Securities Administrator shall withdraw from the related Interest Coverage Account Accounts and deposit in the Distribution Certificate Account an amount equal to 30 days' interest on the excess, if any, of the related Group 1 Original Pre-Funded Amount and the Group 2 Original Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the Net Mortgage Rates of the related Class A and Mezzanine Certificates for such Distribution DateMortgage Loans, with plus the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30Securities Administrator's Fee Rate. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1 on the date thereof. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee Securities Administrator shall withdraw from the Interest Coverage Accounts Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account Accounts over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts Account after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee Securities Administrator and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are each Eligible AccountAccounts, which shall be titled (i) titled, "Group I Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee, in trust for the registered holders Holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ22002- C" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee, in trust for the registered holders Holders of Park Place Securities, Ameriquest Mortgage Securities Inc., AssetSeries 2002-Backed Pass-Through Certificates, Series 2004-WHQ2C" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account, and retain therein the related amount 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) 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be an asset of any Trust REMIC. All income and gain realized from investment of funds 92 deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Group I Original Pre-Funded Amount or the Group II Original Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to (A) the weighted average Pass-Through Rate of the related Class A Certificates and the Mezzanine Certificates for such Distribution Date, with Date plus (B) 0.5516% plus (C) the Pass-Through Guarantee Fee Rate on applicable to the related Class A and Mezzanine Guaranteed Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2, REMIC 3 and REMIC 4 on the date thereof with REMIC 4 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Guaranteed Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid remitted to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Bk Pass THR Cert Ser 2002-C)
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.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R12" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2R12" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any Trust REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor Master Servicer on the first Business Day following each Distribution Date. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2004-R12)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Indenture Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is are an Eligible Account, which shall be titled (i) "Group I 1 Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee indenture trustee for the registered holders of Park Place SecuritiesIMH Assets Corp., Inc., Collateralized Asset-Backed Pass-Through CertificatesBonds, Series 20042005-WHQ21" (the "Group I 1 Interest Coverage Account"), (ii) and "Group II Pre-Funding 1 Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee indenture trustee for the registered holders of Park Place SecuritiesIMH Assets Corp., Inc., Collateralized Asset-Backed Pass-Through CertificatesBonds, Series 20042005-WHQ21" (the "Group II Pre-Funding 1 Interest Coverage Account") " and (iii) "together with the Group III Pre-Funding 1 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 III Pre-Funding AccountInterest Coverage Accounts"). The Indenture Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Interest Coverage Accounts shall be held in trust by the Indenture Trustee for the Certificateholders Bondholders 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts Accounts, which investment shall be made solely upon the written direction of the Master Servicer in Permitted Investments, shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Indenture Trustee to the Depositor on Master Servicer at the first Business Day following each Distribution Dateend of the Funding Period. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Payment Date during the Funding Period and on the last day Payment Date immediately following the end of the Funding Period, the Indenture Trustee shall withdraw from the related Interest Coverage Account Accounts and deposit in the Distribution Payment Account an amount equal to 30 days' interest on the excess, if any, of the related Group 1 Original Pre-Funded Amount and Group 2 Original Pre-Funded Amount, respectively, over the aggregate Stated Principal Balance of related Group 1 Subsequent Mortgage Loans and the Group 2 Subsequent Mortgage Loans, respectively, that (in each case) both (i) had a Due Date during the Due Period relating to such Distribution Payment Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Payment Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 301.25%. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. the Trust Fund on the date thereof. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Group 1 Subsequent Mortgage Loans or Group 2 Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Group 1 Interest Coverage Accounts Account or Group 2 Subsequent Mortgage Loans and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Group 1 Interest Coverage Account or Group 2 Interest Coverage Account, respectively, over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Payment Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Payment Date immediately following the end of the Funding Period, if no Group 1 Subsequent Mortgage Loans or Group 2 Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Payment Date).
(d) Upon the earlier earliest of (i) the Distribution Payment Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Bond Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates Bonds to zero or (iii) the termination of this Agreement in accordance with Section 9.018.04, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Indenture Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp Impac CMB Trust Series 2005-1)
Interest Coverage Accounts. (a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee Securities Administrator shall establish and maintain two segregated trust accounts or a segregated non-interest bearing sub accounts of a trust account that is an Eligible Accountaccount, which shall be titled (i) "“Group I Interest Coverage Account, Wells Fargo Bank, N.A.U.S. Bank National Association, as Xxxxxee trustee for the registered benefit of holders of Park Place Securities, Structured Asset Mortgage Investments II Inc., AssetBear Xxxxxxx ARM Trust, Mortgage-Backed Pass-Through CertificatesNotes, Series 20042005-WHQ2" 7” and “Group II Interest Coverage Account, U.S. Bank National Association, as trustee for the benefit of holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ARM Trust, Mortgage-Backed Notes, Series 2005-7” (the "“Interest Coverage Accounts”). Each of the Group I Interest Coverage Account"), (ii) "Account and the Group II Pre-Funding Interest Coverage Account shall be an Eligible Account or a sub account of an Eligible 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 Securities Administrator shall, promptly upon receipt, deposit in each the related Interest Coverage Account and retain therein the related amount Interest Coverage Amount remitted on the Closing Date to the Trustee Securities Administrator by the DepositorSeller and all income and gain realized from investment of funds deposited in the Pre-Funding Account pursuant to Section 3.27(b). Funds deposited in the related Interest Coverage Accounts Account shall be held in trust by the Trustee Securities Administrator for the Certificateholders benefit of the related Noteholders 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 Seller shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the related Interest Coverage Accounts Account, which investment shall be made solely upon the written direction of the Seller, shall be for the sole and exclusive benefit of the Depositor Seller and shall be remitted by the Trustee Securities Administrator to the Depositor on Seller no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Securities Administrator. If no written direction with respect to such investment shall be received by the Securities Administrator from the Seller, then funds in such Account shall remain uninvested. The Depositor Seller shall deposit in the applicable related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Payment Date during the Pre-Funding Period and on the last day of termination of the Pre-Funding Period, the Trustee Securities Administrator shall withdraw from the related Interest Coverage Account and deposit in the Distribution Payment Account an amount equal to 30 days' ’ interest on the excess, if any, of the related Group I Original Pre-Funded Amount and Group II Original Pre-Funded Amount, respectively, over the aggregate Stated Scheduled Principal Balance of related the Group I Subsequent Mortgage Loans and the Group II Subsequent Mortgage Loans, respectively, that (in each case) both (i) had a Due Date during the Due Period relating to such Distribution Payment Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Payment Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor to REMIC I. Seller on the date thereof. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Group I Subsequent Mortgage Loans or Group II Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall Securities Administrator shall, at the request of the Seller, withdraw from the Group I Interest Coverage Accounts Account or Group II Interest Coverage Account and remit to the Depositor Seller or its designee an amount equal to the excess, if any, of the amount remaining in such Group I Interest Coverage Account or Group II Interest Coverage Account, respectively, over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Payment Date, if any, that shall will occur during the Pre-Funding Period or that shall will be the Distribution Payment Date immediately following the end of the Pre-Funding Period, if no related Group I Subsequent Mortgage Loans or Group II Subsequent Mortgage Loans were acquired by the Trust Fund Estate after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Payment Date).
(d) Upon the earlier earliest of (i) the Distribution Payment Date immediately following the end of the Pre-Funding Period, (ii) the reduction of the aggregate Certificate Note Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates Notes to zero or (iii) the termination of this Agreement Indenture in accordance with Section 9.018.03, any amount remaining on deposit in the related Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee Securities Administrator and paid to the Depositor Seller or its designee. 156.
Appears in 1 contract
Interest Coverage Accounts. 110
(a) If amounts are required to be deposited in the Interest Coverage Accounts, no No later than the Closing Date, the Trustee shall establish and maintain a two segregated non-interest bearing trust account accounts that is an are Eligible AccountAccounts, which shall be titled (i) "Group I Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-3, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ23" (the "Group I Interest Coverage Account"), (ii) and "Group II Pre-Funding Interest Coverage Account, Wells Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Option One Mortgage Loan Trust 2002-3, Asset-Backed Pass-Through Certificates, Series 20042002-WHQ23" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each the Group I Interest Coverage Account and the Group II Interest Coverage Account and retain therein the related amount applicable Interest Coverage 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 Master Servicer shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Interest Coverage Accounts be assets of any REMIC created hereunder. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor Master Servicer and shall be remitted by the Trustee to the Depositor on Master Servicer no later than the first Business Day following each Distribution Datereceipt of such income and gain by the Trustee. The Depositor Master Servicer shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day Distribution Date immediately following the end of the Funding Period, the Trustee shall withdraw from the related Group I Interest Coverage Account and the Group II Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Group I Pre-Funded Amount or the Original Group II Pre-Funded Amount, as applicable, over the aggregate Stated Principal Balance of related Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A Certificates and the Mezzanine Certificates, solely for the purposes of the foregoing calculation, each being multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Master Servicer to REMIC I. 1, REMIC 2 and REMIC 3 on the date thereof with REMIC 3 receiving that portion of the contribution, if any, to the extent that the rate of LIBOR used to calculate the Pass-Through Rate on the Class A Certificates and the Mezzanine Certificates for such Distribution Date exceeds LIBOR for the first Accrual Period. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Group I Interest Coverage Accounts Account and the Group II Interest Coverage Account and remit to the Depositor Master Servicer or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding 111 sentence on each subsequent Distribution Date, if any, that shall will occur during the Funding Period or that shall will be the Distribution Date immediately following the end of the Funding Period, if no Subsequent Group I Mortgage Loans or Subsequent Group II Mortgage Loans, as applicable, were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier earliest of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor Master Servicer or its designee. 156.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Ser 2002-3)
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.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Meritage Mortgage Loan Trust 2005-1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ21" (the "Group I Interest Coverage Account"), ) and (ii) "Group II Pre-Funding Interest Coverage Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc.Meritage Mortgage Loan Trust 2005-1, Asset-Backed Pass-Through Certificates, Series 20042005-WHQ21" (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 Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit in each Interest Coverage Account and retain therein the related amount Interest Coverage 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 The Trustee shall direct any depository institution maintaining invest funds deposited in 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 demandof the kind described in clauses (i), (iv) 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, as specified in a written direction from the Depositor, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Class R Residual Certificates shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. At no time shall either Interest Coverage Account be an asset of any REMIC. All income and gain realized from investment of funds deposited in the Interest Coverage Accounts shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Distribution Date. The Depositor shall deposit in the applicable Interest Coverage Account Accounts the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Interest Coverage Accounts shall not be assets of any Trust REMICloss.
(c) On each Distribution Date during the Funding Period and on the last day of the Funding Period, the Trustee shall withdraw from the related Interest Coverage Account and deposit in the Distribution Account an amount equal to 30 days' interest on the excess, if any, of the related Original Pre-Funded Amount, over the aggregate Stated Principal Balance of related Subsequent Mortgage Loans that both (i) had a Due Date during the Due Period relating to such Distribution Date and (ii) had a Subsequent Cut-off Date prior to the first day of the month in which such Distribution Date occurs, at a per annum rate equal to the weighted average Pass-Through Rate of the related Class A and Mezzanine Offered Certificates for such Distribution Date, with the Pass-Through Rate on the related Class A and Mezzanine Offered Certificates, solely for the purposes of the foregoing calculation, multiplied by a fraction, the numerator of which is the actual number of days in the Interest Accrual Period for such Class for such Distribution Date, and the denominator of which is 30. Such withdrawal and deposit shall be treated as a contribution of cash by the Depositor Servicer to REMIC I. Immediately following any such withdrawal and deposit, and immediately following the conveyance of any Subsequent Mortgage Loans to the Trust Fund on any Subsequent Transfer Date, the Trustee shall withdraw from the Interest Coverage Accounts and remit to the Depositor or its designee an amount equal to the excess, if any, of the amount remaining in such Interest Coverage Account over the amount that would be required to be withdrawn therefrom (assuming sufficient funds therein) pursuant to the second preceding sentence on each subsequent Distribution Date, if any, that shall occur during the Funding Period or that shall be the Distribution Date immediately following the end last day of the Funding Period, if no Subsequent Mortgage Loans were acquired by the Trust Fund after the end of the Prepayment Period relating to the current Distribution Date (assuming that LIBOR remains constant at the level of LIBOR applicable to the calculation of the Pass-Through Rate for the Class A Certificates and Mezzanine Certificates for the current Distribution Date).
(d) Upon the earlier of (i) the Distribution Date immediately following the end of the Funding Period, (ii) the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates to zero or (iii) the termination of this Agreement in accordance with Section 9.0110.01, any amount remaining on deposit in the Interest Coverage Accounts after distributions pursuant to paragraph (c) above shall be withdrawn by the Trustee and paid to the Depositor or its designee. 156.
Appears in 1 contract