Common use of Net Rate Cap Fund Clause in Contracts

Net Rate Cap Fund. The Trustee will establish the Net Rate Cap Fund on the Closing Date. On the Closing Date, the Class C Certificateholders will deposit, or cause to be deposited, into the Net Rate Cap Fund $10,000. On each Distribution Date as to which there is a Net Rate Cap Carryover, the Trustee has been directed by the Class C Certificateholders to, and therefor will, deposit into the Net Rate Cap Fund the amounts described in Section 5.01(c)(12), rather than distributing such amounts to the Class C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Offered Certificateholders, and will distribute such amounts to the applicable Certificateholders pursuant to Section 5.01(c)(12). If no Net Rate Cap Carryover is payable on a Distribution Date, the Trustee shall deposit into the Net Rate Cap Fund on behalf of the Class C Certificateholders an amount such that when added to other amounts already on deposit in the fund, the aggregate amount on deposit therein is equal to $10,000. For federal and state income tax purposes, the Class C Certificateholders will be deemed to be the owners of the Net Rate Cap Fund and all amounts deposited into the Net Rate Cap Fund (other than the initial $10,000 deposit) shall be treated as amounts distributed by REMIC I with respect to the Class C Distribution Amount and Class C Carryforward Amount. Related amounts held in the Net Rate Cap Fund and not distributable to any Offered Certificateholders on any Distribution Date will be invested by the Trustee in investments designated in writing by the Class C Certificateholders having maturities on or prior to the next succeeding Distribution Date on which such related amounts will be distributable to the applicable Class of Certificateholders; provided, that, if no such designation is made by the Class C Certificateholders, all such amounts shall remain uninvested. Upon the termination of the Trust, or the payment in full of the Offered Certificateholders, all amounts remaining on deposit in the Net Rate Cap Fund, including any investment earnings remaining therein, will be released from the lien of the Trust and distributed to the Class C Certificateholders or their designees. The Net Rate Cap Fund will be part of the Trust but not part of any REMIC Pool and any payments to the applicable Offered Certificateholders of related Net Rate Cap Carryover will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860G(a)(1).

Net Rate Cap Fund. The Trustee will establish the Net Rate Cap Fund on the Closing Date. On the Closing Date, the Class C Certificateholders will deposit, or cause to be deposited, into the Net Rate Cap Fund $10,000. On each Distribution Date as to which there is a Net Rate Cap Carryover, the Trustee has been directed by the Class C Certificateholders to, and therefor will, deposit into the Net Rate Cap Fund the amounts described in Section 5.01(c)(125.01(e)(5), rather than distributing such amounts to the Class C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Offered Certificateholders, other than the Class A-IO Certificateholders, and will distribute such amounts to the applicable Certificateholders pursuant to Section 5.01(c)(125.01(e)(5). If no Net Rate Cap Carryover is payable on a Distribution Date, the Trustee shall deposit into the Net Rate Cap Fund on behalf of the Class C Certificateholders an amount such that when added to other amounts already on deposit in the fund, the aggregate amount on deposit therein is equal to $10,000. For federal and state income tax purposes, the Class C Certificateholders will be deemed to be the owners of the Net Rate Cap Fund and all amounts deposited into the Net Rate Cap Fund (other than the initial $10,000 deposit) shall be treated as amounts distributed by REMIC I III with respect to the Class C Distribution Amount and Class C Carryforward Amount. Related amounts held in the Net Rate Cap Fund and not distributable to any Offered Certificateholders on any Distribution Date will be invested by the Trustee in investments designated in writing by the Class C Certificateholders having maturities on or prior to the next succeeding Distribution Date on which such related amounts will be distributable to the applicable Class of Certificateholders; provided, that, if no such designation is made by the Class C Certificateholders, all such amounts shall remain uninvested. Upon the termination of the Trust, or the payment in full of the Offered Certificateholders, other than the Class A-IO Certicateholders, all amounts remaining on deposit in the Net Rate Cap Fund, including any investment earnings remaining therein, Fund will be released from the lien of the Trust and distributed to the Class C Certificateholders or their designees. The Net Rate Cap Fund will be part of the Trust but not part of any REMIC Pool and any payments to the applicable Offered Certificateholders of related Net Rate Cap Carryover will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860G(a)(1).

Net Rate Cap Fund. The Trustee will establish the Net Rate Cap Fund on the Closing Date. On the Closing Date, the Class C Certificateholders will deposit, or cause to be deposited, into the Net Rate Cap Fund $10,000. On each Distribution Date as to which there is a Net Rate Cap Carryover, the Trustee has been directed by the Class C Certificateholders to, and therefor will, deposit into the Net Rate Cap Fund the amounts described in Section 5.01(c)(125.01(e)(7), rather than distributing such amounts to the Class C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Offered Certificateholders, Certificateholders and will distribute such amounts to the applicable Certificateholders pursuant to Section 5.01(c)(125.01(e)(7). If no Net Rate Cap Carryover is payable on a Distribution Date, the Trustee shall deposit into the Net Rate Cap Fund on behalf of the Class C Certificateholders an amount such that when added to other amounts already on deposit in the fund, the aggregate amount on deposit therein is equal to $10,000. For federal and state income tax purposes, the Class C Certificateholders will be deemed to be the owners of the Net Rate Cap Fund and all amounts deposited into the Net Rate Cap Fund (other than the initial $10,000 deposit) shall be treated as amounts distributed by REMIC I III with respect to the Class C Distribution Amount and Class C Carryforward Amount. Related amounts held in the Net Rate Cap Fund and not distributable to any Offered Certificateholders on any Distribution Date will be invested by the Trustee in investments designated in writing by the Class C Certificateholders having maturities on or prior to the next succeeding Distribution Date on which such related amounts will be distributable to the applicable Class of Certificateholders; provided, that, if no such designation is made by the Class C Certificateholders, all such amounts shall remain uninvested. Upon the termination of the Trust, or the payment in full of the Offered Certificateholders, Certificateholders all amounts remaining on deposit in the Net Rate Cap Fund, including any investment earnings remaining therein, will be released from the lien of the Trust and distributed to the Class C Certificateholders or their designees. The Net Rate Cap Fund will be part of the Trust but not part of any REMIC Pool and any payments to the applicable Offered Certificateholders of related Net Rate Cap Carryover will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860G(a)(1).