LIBOR Carryover Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Class A-1A Certificateholders, the LIBOR Carryover Fund and deposit therein the amount of $5,000 paid to the Trustee by the Seller therefor. The LIBOR Carryover Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The LIBOR Carryover Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the LIBOR Carryover Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made to any outside reserve fund under this document shall be treated as made to the owner of such fund.
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Samples: Custodial Agreement (Delta Funding Corp /De/), Custodial Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B), Custodial Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3)
LIBOR Carryover Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Class A-1A Certificateholders, the LIBOR Carryover Fund and deposit therein the amount of $5,000 paid to the Trustee by the Seller therefor. The LIBOR Carryover Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The LIBOR Carryover Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the LIBOR Carryover Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made to any outside reserve fund under this document Agreement shall be treated as made to the owner of such fund.
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Samples: Custodial Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2)
LIBOR Carryover Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Class A-1A Certificateholders, the LIBOR Carryover Fund and deposit therein the amount of $5,000 paid to the Trustee by the Seller therefor. The LIBOR Carryover Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The LIBOR Carryover Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the LIBOR Carryover Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made to any outside reserve fund under this document Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the LIBOR Carryover Fund as having a nominal (zero) value for the Class A-1A Certificateholders.
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