Common use of Net Rate Cap Fund Clause in Contracts

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (Certificates, other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor Seller therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (Certificates, other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor Seller therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Group F Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (Certificates, other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor Seller therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The For tax purposes, the Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates other than the Class IO Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (other than the Class A-IO S Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee by the Depositor therefor. The Net Rate Cap 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 Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.

Net Rate Cap Fund. (a) On the Closing Date, the Trustee Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Offered Certificates (other than the Class A-IO Certificates), the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the Trustee Securities Administrator by the Depositor therefor. The Net Rate Cap 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 Securities Administrator pursuant to this Agreement. The Net Rate Cap 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 Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder. Distributions made or deemed deposited to any outside reserve fund under this Agreement shall be treated as made to the owner of such fund. The Securities Administrator and the Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.