Common use of Interest Coverage Accounts Clause in Contracts

Interest Coverage Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself two separate, segregated trust accounts, which shall be Eligible Accounts, titled "Group I Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-4" (the "Group I Interest Coverage Account") and "Group II Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-4" (the "Group II Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in the Group I Interest Coverage Account and retain therein the Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company 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 Account shall be held in trust by the Trustee for the Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. For federal income tax purposes, the Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Company shall deposit in the 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.

Interest Coverage Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself two three separate, segregated trust accounts, which shall be Eligible Accounts, titled "Group I Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-4" (the "Group I Interest Coverage Account") and ), "Group II Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-4" (the "Group II Interest Coverage Account") and "Group III Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-4" (the "Group III Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in the Group I Interest Coverage Account and retain therein the Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company and Company, (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 II III Interest Coverage Account all income and gain on investments in the Group II III Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the 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 for the Holders of the Group III Certificates and the Certificate Insurer for the uses and purposes set forth herein. For federal income tax purposes, the Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Company shall deposit in the 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.

Interest Coverage Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself two separate, segregated trust accounts, which shall be Eligible Accounts, titled "Group I Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-42" (the "Group I Interest Coverage Account") and "Group II Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-42" (the "Group II Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in the Group I Interest Coverage Account and retain therein the Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company 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 Account shall be held in trust by the Trustee for the Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. For federal income tax purposes, the Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Company shall deposit in the 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.

Interest Coverage Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself two separate, segregated trust accounts, which shall be Eligible Accounts, titled "Group I Interest Coverage Account, Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-41" (the "Group I Interest Coverage Account") and "Group II Interest Coverage Account, 95 Norwest Bank Minnesota, N.A., as trustee for the registered holders of Southern Pacific Mortgage Loan Asset-Backed Pass-Through Certificates, Series 19961997-41" (the "Group II Interest Coverage Account"). The Trustee shall, promptly upon receipt, deposit (a) in the Group I Interest Coverage Account and retain therein the Group I Interest Coverage Amount remitted on the Closing Date to the Trustee by the Company 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 Account shall be held in trust by the Trustee for the Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Interest Coverage Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. For federal income tax purposes, the Company shall be the owner of the Interest Coverage Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Company shall deposit in the 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.