Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, Asset Backed Pass-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4). (b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Certificates, the Trustee has been directed by the Class CE-1 Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Certificates, and will distribute such amounts to the Holders of the Offered Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee. (c) For federal and state income tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (New Century Mortgage Securities Inc), Pooling and Servicing Agreement (New Century Mortgage Securities LLC)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________NAME OF TRUSTEE], as Trustee, in trust for the registered holders Holders of [_______________]GE-WMC Mortgage Securities, New Century Home Equity Loan TrustL.L.C., Mortgage Pass-Through Certificates, Series 200_-__, Asset Backed Pass-Through Certificates_." The On the Closing Date, the Depositor shall cause an amount on deposit in equal to the Net WAC Rate Carryover Reserve Account will consist of any amounts Deposit to be deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in The Trustee shall deposit into the Net WAC Rate Carryover Reserve Account shall be distributed to any payments received by it (i) under the Cap Contract for the benefit of the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iii).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Subordinate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contract, rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Subordinate Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Subordinate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 C Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Subordinate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Subordinate Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Subordinate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be [$ ].
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GE-WMC Mortgage Securities, L.L.C.), Pooling and Servicing Agreement (GE-WMC Mortgage Securities, L.L.C.)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-W2." ” The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset CE Interest and by from the Class CE-1 CE Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
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)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-W5." The On the Closing Date, xxx Xxxxxxxor shall deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Certificates.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover 125 Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained from the Trustee upon request. Such information will be provided to the Trustee by the Underwriter on or prior to the Closing Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004-W5), Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004-W5)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank, N.A., as TrusteeXxxxxee, in trust for the registered holders Holders of [_______________]Park Place Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-WHQ2." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)."
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as 157 amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by REMIC V to the Holders of the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de mnimis. 158
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)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2005-FFH3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through CertificatesFFH3." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Adjustable-Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Adjustable-Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).. By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor
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)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]New Century Mortgage Securities, Inc., New Century Home Equity Loan Trust, Series 200_-__2005-A, Asset Backed Pass-Through Certificates." ” The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of (i) any payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account and (ii) any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable to the Trustee. For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of $10,000.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as agent for Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2002-AR1." The On the Closixx Xxxx, xxx Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Class A-1 Certificates.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any aggregate amount on deposit therein is equal to $1,000. Any amounts deposited into the Net WAC Rate Carryover Amounts Reserve Account from payments received under the Cap Contract shall be for the sole and exclusive benefit of the Holders of the Class A-1 Certificates until the Distribution Date on which the Offered Certificate Principal Balance of such Certificates for has been reduced to zero and after such Distribution Date, payments received under the Cap Contract shall be payable made by the Trustee to the TrusteeSeller.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the Initial Deposit therein of $1,000) shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate 108
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Soundview Mortgage Loan Trust 2007-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2007-Through Certificates1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesFloating Rate Certificates (after taking into account the remaining Initial Net WAC Rate Carryover Reserve Account Deposit), the Trustee Trust Administrator has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(c)(v), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trust Administrator under the Basis Risk Cap Agreement on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trust Administrator under the Basis Risk Cap Agreement) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) Trust Administrator as additional compensation. For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Basis Risk Cap Agreement to the Trust Administrator who shall, pursuant to the terms of the Basis Risk Cap Agreement, return such amount to the counterparty thereunder. It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class C Certificates unless and all until the date when either (a) there is more than one Class C Certificateholder or (b) any Class of Certificates in addition to the Class C Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be treated as a partnership provided, that the Trust Administrator shall not be required to prepare and file partnership tax returns in respect of such partnership unless it receives additional reasonable compensation (not to exceed $10,000 per year) for the preparation of such filings, written notification recognizing the creation of a partnership agreement or comparable documentation evidencing the partnership, if any. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Basis Risk Cap Agreement) shall be treated as amounts distributed by REMIC III 4 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Holders of the Class CE-1 Certificateholders C Certificates or their designeesdesignee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Cap Carry Forward Amounts may have more than a de minimis value.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], as TrusteeTrust Administrator, in trust for the registered holders of Citigroup Mortgage Loan Trust, [_______________], New Century Home Equity Loan Trust, Series 200_-[__, Asset Backed Pass-Through Certificates_________]." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)."
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)Account, any Net WAC Rate Carryover Amounts for such Distribution Date, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such amounts Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(g). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution DateFloating Rate Certificates, any amounts remaining in the Net WAC Rate Carryover Reserve Account, shall be payable to the TrusteeTrust Administrator as additional compensation to it, subject to the immediately following paragraph.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holder of the Class CE Interest and by REMIC III to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator is hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Citibank, N.A., as TrusteeTrust Administrator, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2006-WFHE1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)."
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)Account, any Net WAC Rate Carryover Amounts for such Distribution Date, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such amounts Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(g). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution DateFloating Rate Certificates, any amounts remaining in the Net WAC Rate Carryover Reserve Account, shall be payable to the TrusteeTrust Administrator as additional compensation to it, subject to the immediately following paragraph.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holder of the Class CE Interest and by REMIC III to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). 107
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator is hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wfhe1, Asset-Backed Pass-Through Certificates, Series 2006-Wfhe1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wfhe1, Asset-Backed Pass-Through Certificates, Series 2006-Wfhe1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-R7." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable- Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 118 later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A-1 Certificates, Group II Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount will be $1,695,000.00, $495,000.00 and $1,007,500.00, respectively. 119
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve AccountXxxxx Fargo Bank, [_______________], N.A. as TrusteeTrust Administrator, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2005-HE1, Mortgage Pass-Through Certificates, Series 2005-HE1--Net WAC Rate Carryover Reserve Account." The amount on deposit Amounts deposited in the Net WAC Rate Carryover Reserve Account will consist of include any amounts payments received by the Trust Administrator under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(5)(iv), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trust Administrator shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 Agreement, if a Person other than the 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 Trust Administrator or an Affiliate manages or advises such investment. If no investment direction of the Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trust Administrator, the Trust Administrator shall invest the funds in such account in Permitted Investments managed by the Trust Administrator or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account. For federal tax return and information reporting, the value of the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount is $78,000 and $147,000, respectively.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Xxxxxxxxxx Mortgage Loan Trust, Series 200_-__0000-XX0, Asset Xxxxx Backed Pass-Through Certificates." The amount on ” On the Business Day prior to each Distribution Date, the Trustee will deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited received under the Cap Contracts into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts paid on the Cap Contracts) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of $205,000 and $256,000, respectively.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Park Place Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-WHQ2." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)."
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.143
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by REMIC IV to the Holders of the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis. 144
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2), Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R3." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-W9." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed consist of (i) amounts deposited therein pursuant to Section 4.01(a)(4)(IV) and (ii) any payments received by the Holders of Trustee under the Offered Certificates in the manner set forth in Section 4.01(a)(4)Cap Contracts.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). 101
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A-2 Certificates or Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained from the Trustee upon request. Such information will be provided to the Trustee by the lead Underwriter on or prior to the Closing Date.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2005-2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates2." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) ” On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute such amounts from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than any amounts deposited pursuant to the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset C Interest and by the Class CE-1 C Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an “outside reserve fund” within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(xxiv) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount (in excess of the amount received under the Cap Contract) rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of $69,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2005-2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R7." ” The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will shall distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2003-4, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xiii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees 97 that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Accep Corp Asset Back Certs Ser 2003-4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R8." ” The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset CE Interest and by from the Class CE-1 CE Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Xxxxesota, National Association, as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2003-OPT2, Mortgage Pass-Through Certificates." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts In addition, the amount deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to increased by any payments received by the Holders Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account for the benefit of the Offered Certificates in and by any payments received by the manner set forth in Section 4.01(a)(4).
(b) Trustee under the Class A-3 Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account for the benefit of the Class A-3 Certificates. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xv), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account. For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-Opt2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__2005-OPT3, Asset Backed Pass-Through Certificates." ” The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed consist of (i) any amounts deposited therein pursuant to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
) and (bii) any amounts received by the Trustee under the Cap Contracts. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(a)(4). On each Distribution Date, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and Mezzanine Certificates, any amounts remaining in the Net WAC Rate Carryover Reserve Account after (representing payments received by the payment of any Net WAC Rate Carryover Amounts on Trustee under the Offered Certificates for such Distribution DateCap Contracts), shall be payable to the Trustee.
(c) , subject to the immediately following paragraph. For so long as any Class A Certificate or Mezzanine Certificate is beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contracts to the Trustee who shall, pursuant to the terms of the related Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts payable from the Cap Contracts) shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Reserve Account shall be $104,866 and $87,304, with respect to the Class A Certificates and the Mezzanine Certificates, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Equifirst Mortgage Loan Trust 2003-2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B-1 Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xvii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates, the Mezzanine Certificates and Class B-1 Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). 91 By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(viii) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in the following Permitted Investment for so long as such Permitted Investment is managed by the Trustee or an Affiliate of the Trustee and is of the kind described in clause (vi) of the definition of Permitted Investments: Deutsche Bank Treasury Money Fund No. 835. For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Asset Back Certs Ser 03-2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________], New Century Soundview Home Equity Loan TrustTrust 2005-OPT2 Asset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). OPT2” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each or after the Distribution DateDate on which the Certificate Principal Balance of the Floating Rate Certificates are reduced to zero, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) counterparty under the Cap Contract. For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 3 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Account is $203,000,000. For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall or shall cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the Cap Contract, return such amount to the counterparty thereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2004-FF11, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through CertificatesFF11." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2005-5, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account 5” which shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) an Eligible Account. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each or after any Distribution DateDate following the reduction of the aggregate Certificate Principal Balance of the Class A and Mezzanine Certificates to zero, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holder of the Class C Interest and by REMIC 4 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the value of the right of the Holders of the Class A and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2005-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute such amounts from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than any amounts deposited pursuant to the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset C Interest and by the Class CE-1 C Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(xxiv) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount (in excess of the amount received under the Cap Contract) rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2005-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2005-3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates3." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) ” On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute such amounts from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than any amounts deposited pursuant to the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset C Interest and by the Class CE-1 C Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an “outside reserve fund” within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(iv) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount (in excess of the amount received under the Cap Contract) rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Account is $ 157,000.00.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________], New Century Soundview Home Equity Loan TrustTrust 2005-OPT4 Asset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). OPT4” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Class M Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount may have more than a de minimis value.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________], New Century Soundview Home Equity Loan TrustTrust 2006-OPT4 Asset-Backed Certificates, Series 200_-__, Asset Backed Pass2006-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). OPT4” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A and Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A or Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A and Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A and Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution DateIt is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class C Certificates unless and until the date when either (a) there is more than one Class C Certificateholder or (b) any amounts remaining Class of Certificates in addition to the Class C Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account after for federal income tax purposes, in which case it is the payment intention of any Net WAC Rate Carryover Amounts on the Offered Certificates parties hereto that, for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income and state and local franchise tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all be treated as a partnership. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A and Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Holders of the Class CE-1 Certificateholders C Certificates or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A and Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Class M Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount may have more than a de minimis value.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Opt4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2003-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The amount on deposit in Xx the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in The Trustee shall deposit into the Net WAC Rate Carryover Reserve Account shall be distributed to any payments received by the Holders of Trustee under the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On Cap Contract. In addition, on each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesClass A Certificates and the Mezzanine Certificates in excess of any payments received by the Trustee under the Cap Contract, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). In addition, without duplication on each Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, pursuant to section 4.01(d)(xii), from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000 and any deposits therein of amounts received by the Trustee under the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A-1 Certificates, the Class A-2 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates and the Class M-5 Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(xii) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in the following Permitted Investment for so long as such Permitted Investment is managed by the Trustee or an Affiliate of the Trustee and is of the kind described in clause (vi) of the definition of Permitted Investments: Deutsche Bank Treasury Money Fund No. 835. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Fremont Loan Tr 2003-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2002-3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The amount on deposit in Xx the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates and/or the Class S Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(viii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class S Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and/or the Class S Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).C
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Ser 2002-3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________NAME OF TRUSTEE], as Trustee, in trust for the registered holders of [_______________]Citigroup Mortgage Loan Trust Inc., New Century Citigroup Home Equity Loan Trust, Series 200_-20__-____, Asset Backed Pass-Through Certificates." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Account, $1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xiii), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in Deutsche Cash Management Fund 541 so long as it is a Permitted Investment or as otherwise directed in writing by the Depositor on behalf of the Holders of a majority Percentage Interest in the Class CE Certificates. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Soundview Mortgage Loan Trust 2006-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2006-Through Certificates1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(c)(v), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class C Certificates unless and all until the date when either (a) there is more than one Class C Certificateholder or (b) any Class of Certificates in addition to the Class C Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be treated as a grantor trust. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 10 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Holders of the Class CE-1 Certificateholders C Certificates or their designeesdesignee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Cap Carry Forward Amounts may have more than a de minimis value.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2003-3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The amount on deposit in Xx the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the sum of (A) the excess, if any, of $1,000 over the amount on deposit therein (exclusive of any amounts described in Section 4.01(a)(4)therein representing any investment income on such reserve account) and (B) the aggregate of any Net WAC Rate Carryover Amounts for the Class A Certificates and Mezzanine Certificates, rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such amounts Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A-1 Certificates, the Class A-2 Certificates, the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).Net
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2003-3 Asset Backed Certs)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Securities Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as TrusteeSecurities Administrator, in trust for the registered holders Holders of [_______________]SG Mortgage Securities Trust 2005-OPT1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account OPT1” which shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)an Eligible Account.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee Securities Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(45.01(d)(iii), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Securities Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a5.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Securities Administrator, and the Securities Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Securities Administrator shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 Agreement, if a Person other than the Securities 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 Securities Administrator or an Affiliate manages or advises such investment. If no investment direction of the Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Securities Administrator, the Securities Administrator shall invest the funds in such account in Permitted Investments managed by the Securities Administrator or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments.
(f) For federal tax return and information reporting, the value of the right of the Holders of the Class A and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $10,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2005-Opt1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]JPMorgan Chase Bank, N.A. as Trustee, in trust for the registered holders Holders of [_______________]CHEC Loan Trust 2005-CTX1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through CertificatesCTX1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Fixed Rate Certificates and the Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Fixed Rate Certificates or the Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Fixed Rate Certificates and the Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Fixed Rate Certificates and the Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Fixed Rate Certificates and the Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 3 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Fixed Rate Certificates and the Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Fixed Rate Certificates and the Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Account is $23,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Ctx1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R2." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A 122 Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by CE Certificates (other than amounts paid under the Class CE-1 Interest to the Class CE-1 CertificatesCap Contracts). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Group I Certificates, the Group II Certificates, the Group III Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $44,000, $52,000, $51,000 and $143,000, respectively. 123
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2005-R2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Finance America Mortgage Loan Trust 2003-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2000-Through Certificates0." The Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). In addition, without duplication on each Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, pursuant to Section 4.01(d), from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset C Interest and by REMIC 7 to the Holders of the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall (upon receipt from the Depositor or an Affiliate of the Depositor of any documentation required by the Trustee to make investments) invest the funds in such account in the following Permitted Investment for so long as such Permitted Investment is managed by the Trustee or an Affiliate of the Trustee and is of the kind described in clause (vi) of the definition of Permitted Investments: Deutsche Bank Treasury Money Fund No. 835. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account (including payments made pursuant to the Cap Contract) in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Finance Amer Mo Ln Tr 2003-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2004-FFH4, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through CertificatesFFH4." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . 119 On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Adjustable-Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).. By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor 120
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ffh4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], U.S. Bank National Association as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2004-WMC2, Mortgage Pass-Through Certificates, Series 2004-WMC2--Net WAC Rate Carryover Reserve Account." The amount on deposit Amounts deposited in the Net WAC Rate Carryover Reserve Account will consist of any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xvii), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account. For federal tax return and information reporting, the value of the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be obtained from the Trustee upon request to the extent the Trustee has been provided such information from the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Wmc2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Carrington Mortgage Loax Xxxxx, New Century Home Equity Loan Trust, Series 200_-__Xeries 2004-NC2, Asset Backed PassXxxx-Through CertificatesXxxxxxx Xxrtificates." The amount on On the Business Day prior to each Distribution Date, the Trustee will deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited received under the Cap Contracts into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts paid on the Cap Contracts) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of $199,800.00 and $282,000.00, respectively.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Xxxxx Fargo Bank, N.A., as Trust Administrator, in trust for the registered Holders of MASTR Asset Backed Securities Trust 2005-AB1, Mortgage Pass-Through Certificates, Series 2005-AB1—Net WAC Rate Carryover Reserve Account, [_______________], as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, Asset Backed Pass-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.02(c).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account (i) the amounts described in Section 4.01(a)(44.02(b)(iii), rather than distributing such amounts to the Class CE-1 CertificateholdersCE Certificateholders and (ii) any amounts received under the Cap Contract. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates, as applicable, in the amounts and priorities set forth in Section 4.01(a4.02(c). On each Distribution Date; provided, however, that any amounts remaining received under the Cap Contract in excess of the Net WAC Rate Carryover Reserve Account after the payment of any amount required to pay Net WAC Rate Carryover Amounts on to the Offered Class A-1A Certificates for such Distribution Date, pursuant to Section 4.02(c) shall be payable distributed to the Trustee.
(c) Class CE Certificateholders. For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders Holder of the Class CE-1 Interset and by CE Interest. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trust Administrator or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1860G(a)(1). For federal income tax purposes, the Trust Administrator shall treat the Holders of Certificates (other than the Class P, Class CE and Class R Certificates) as having entered into a notional principal contract with respect to the Holders of the Class CE Certificates. Pursuant to each such notional principal contract, the Holder of the Class CE Certificates shall be treated as having agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates (other than the Class CE, Class P and Class R Certificates) in accordance with the terms of this Agreement. Any payments to the Certificates from amounts deemed received in respect of this notional principal contract shall not be payments with respect to a regular interest in a REMIC within the meaning of Code Section 860G(a)(1). Thus, each Certificate (other than the Class P and Class R Certificates) shall be treated as representing not only ownership of regular interests in the Master REMIC, but also ownership of an interest in, and obligations with respect to, a notional principal contract. For federal income tax purposes, the Trust Administrator shall treat such notional principal contract as having a value of $10,000 as of the Closing Date. By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-Ab1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as agent for HSBC Bank USA, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2004-B, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through Certificates.B." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any payments received by the Trust Administrator under the Cap Contract and amounts described under Section 5.01(d)(xx) and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(45.01(d)(xx), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a5.01(d). On each the Distribution DateDate after the Class A Certificates and the Mezzanine Certificates are paid in full, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution DateDate (representing payments received by the Trust Administrator under the Cap Contract), shall be payable to the Trustee.
(c) Trust Administrator. For federal and state income tax purposes, the Class CE-1 Certificateholders Trust Administrator will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund Administrator and distributed to the Class CE-1 Certificateholders Trust Administrator or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 5.01(d)(xx) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. The Trust Administrator shall hold all funds on deposit in the Net WAC Rate Carryover Reserve Account uninvested. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-B)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Xxxxesota, National Association, as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2002-OPT1, Mortgage Pass-Through Certificates." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts In addition, the amount deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to increased by any payments received by the Holders Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account for the benefit of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) Class A-2 Certificates. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xv), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account. For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cer Ser 2002-Opt1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-5." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)$1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Pas THR Certs Ser 2003 5)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank, as TrusteeN.A., xx Xrustee, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__2004-OPT1, Asset Backed Pass-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to consist of any payments received by the Holders Trustee under the Cap Contracts and deposited into the Net WAC Carryover Reserve Account for the benefit of the Offered Class A Certificates in and the manner set forth in Section 4.01(a)(4).
(b) Mezzanine Certificates. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(a)(4). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by REMIC IV to the Holders of the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Reserve Account shall be $285,000.00, $52,000.00 and $135,000.00 , with respect to the Group I Certificates, Group II Certificates and the Mezzanine Certificates, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Opt1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Wac Rate Carryover Reserve Account, [_______________]Citibank, N.A., as agent for U.S. Bank National Association, as Trustee, in trust for the registered holders of [_______________]Salomon Brothers Mortgage Securities VII, New Century Inc., Salomon Home Equity Loan Trust, Series 200_-__2002-WMC2, Asset Backed Pass-Through Certificates." The amount on deposit in On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Wac Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Account, $1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Wac Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(5)(xiii), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any If no Net WAC Rate Carryover Amounts are payable on the Offered Certificates for such a Distribution Date, the Trust Administrator shall be payable deposit into the Net Wac Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts otherwise distributable to the TrusteeClass CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net Wac Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Wac Rate Carryover Reserve Account and all amounts deposited into the Net WAC Wac Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Wac Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Wac Rate Carryover Reserve Account will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed to deposit into the Net Wac Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trust Administrator shall direct any depository institution maintaining the Net Wac Rate Carryover Reserve Account 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 Agreement, if a Person other than the 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 Trust Administrator or an Affiliate manages or advises such investment. If no investment direction of the Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net Wac Rate Carryover Reserve Account is received by the Trust Administrator, the Trust Administrator shall invest the funds in such account in Permitted Investments managed by the Trust Administrator or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net Wac Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net Wac Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brother Mort Sec Inc Sal Hm Eq Ln Tr Ser 2002 Wmc2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2003-5, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the Initial Deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Accep Corp Asset Back Certs Ser 2003 5)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated non-interest bearing trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the registered holders of [_______________]GreenPoint Mortgage Funding Trust 2005-HE1, New Century Home Equity Loan TrustAsset-Backed Notes, Series 200_-__, Asset Backed Pass2005-Through CertificatesHE1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include any amounts payments received by the Indenture Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Class A-1B Notes and any amounts deposited therein pursuant to Section 4.01(a)(45.03(IV)(v).
(b) On each Distribution Payment Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesNotes, the Indenture Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Certificate Paying Agent for distribution to the Class CE-1 C Certificateholders. On each such Distribution Payment Date, the Indenture Trustee shall hold all such amounts for the benefit of the Holders of the Offered CertificatesNotes, and will shall distribute such amounts to the Holders of the Offered Certificates Floating Rate Notes in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trusteebelow.
(c) For federal and state income tax purposes, the Class CE-1 C Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset C Interest and by REMIC 4 to the Holders of the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered CertificatesNotes, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund Indenture Trustee and distributed to the Certificate Paying Agent for distribution to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund Estate but not part of any REMIC created pursuant to the Indenture and any payments to the Holders of the Offered Certificates Notes of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Indenture Trustee, and the Indenture Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Payment Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) For federal tax return and information reporting, the right of the Holders of the Class A Notes to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero. Further, for federal tax return and information reporting, the right of the Holders of the Subordinate Notes to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount may be obtained from the Indenture Trustee upon request. Such information will be provided to the Indenture Trustee by the Underwriter on or prior to the Closing Date.
(f) All amounts on deposit in the Net WAC Carryover Reserve Account shall remain uninvested. On each Payment Date, after making the distributions of Available Funds as set forth in Section 5.03 above, the Indenture Trustee shall withdraw from the Net WAC Rate Carryover Reserve Account, to the extent of amounts remaining on deposit therein, the amount of any Net WAC Rate Carryover Amount for such Payment Date and pay such amount as follows: FIRST, from payments made under the Cap Contract, to the Class A-1B Notes up to the related Net WAC Carryover Amount for such Payment Date; SECOND, concurrently to each Class of the Class A Notes, in each case up to any Net WAC Carryover Amounts for such Payment Date (to the extent not paid not paid pursuant to clause FIRST above with respect to the Class A-1B Notes), on a pro rata basis based on such respective Net WAC Rate Carryover Amounts (or remaining Net WAC Carryover Amount with respect to the Class A-1B Notes); THIRD, sequentially, to the Class M-1 Notes, the Class M-2 Notes, the Class M-3 Notes. the Class M-4 Notes, the Class M-5 Notes, the Class M-6 Notes, the Class M-7 Notes, the Class M-8 Notes, the Class B-1 Notes, the Class B-2 Notes and the Class B-3 Notes, in that order, in each case up to any Net WAC Carryover Amounts for such Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Citigroup Mortgage Loan Trust Inc., New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__2004-RES1, Asset Backed Pass-Through Certificates." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it (i) under the Cap Contracts and (ii) pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(II)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account such Net WAC Rate Carryover Amount, after taking into account amounts received under the amounts described in Section 4.01(a)(4)Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will 101 distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(a)(4)(II)(iv). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset CE Interest and by REMIC VIII to the Holders of the Class CE-1 Interest CE Certificates (other than payments made to the Class CE-1 CertificatesNet WAC Rate Carryover Reserve Account from amounts received under the Cap Contracts). Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the value of the right of the Class A-1 Certificateholders, the Class A-2 Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $146,000, $55,598 and $195,902, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2004-Res1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-6." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)$1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, 144 the Class S Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Class S Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Series 2003-6)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2002-FF2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2002-Through CertificatesFF2." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(viii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable to the Trustee.
(c) Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp First Frank Mort Ln Tr 2002-Ff2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Wxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Park Place Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-WHQ3." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).”
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by REMIC IV to the Holders of the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2004-3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through Certificates3." The amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of include any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xix), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holder of the Class C Interest and by REMIC 4 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the value of the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained by any Certificateholder or Certificate Owner from the Trustee upon request. Such information will be provided to the Trustee by an Underwriter, on behalf of the Depositor, on or prior to the Closing Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2004-3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Wxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Park Place Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-WHQ4." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).”
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by REMIC IV to the Holders of the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Wxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________], New Century Soundview Home Equity Loan TrustTrust 2007-OPT2 Asset-Backed Certificates, Series 200_-__, Asset Backed Pass2007-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). OPT2” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(c)(iii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Basis Risk Cap Agreement) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) Trustee as additional compensation. For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Basis Risk Cap Agreement to the Trustee who shall, pursuant to the terms of the Basis Risk Cap Agreement, return such amount to the counterparty thereunder. It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class C Certificates unless and all until the date when either (a) there is more than one Class C Certificateholder or (b) any Class of Certificates in addition to the Class C Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be treated as a partnership; provided, that the Trustee shall not be required to prepare and file partnership tax returns in respect of such partnership unless it receives additional reasonable compensation (not to exceed $10,000 per year) for the preparation of such filings, written notification recognizing the creation of a partnership agreement or comparable documentation evidencing the partnership, if any. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Holders of the Class CE-1 Certificateholders C Certificates or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount may have more than a de minimis value.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-13." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)$1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be provided to the Trustee as of the Closing Date and may be obtained from the Trustee upon request. 107
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc as Bk Pas THR Cers Ser 2004 Fr1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-8." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in In addition, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account shall be distributed to any payments received by it under the Cap Contracts for the benefit of the Holders of the Offered Mezzanine Certificates in (other than the manner set forth in Section 4.01(a)(4Class MF-6 Certificates).. 138
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover 139 Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Class S Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Pas THR Certs Ser 03 8)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R4." ” The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will shall distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2005-R4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]U.S. Bank National Association, as Trustee, in trust for the registered holders Holders of [_______________], New Century Home Equity Loan 2007-CB3 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 200_-__, Asset Backed Pass2000-Through Certificates." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)XX0. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On Xx each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.02(B)(vi), rather than distributing such amounts to the Class CE-1 Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and/or the Class B Certificates in the amounts and priorities set forth in Section 4.01(a)4.02. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 8 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). By accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 Certificateholders. By accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right of Class A Certificates, the Mezzanine Certificates and the Class B Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Trust 2007-Cb3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Soundview Mortgage Loan Trust 2005-2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates2." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). ” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Account is $26,000.00.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Minnesoxx, Xational Association, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2003-FFC, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2003-Through CertificatesFFC." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xi), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable to the Trustee.
(c) Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 3 to the Holder of the Class C Interest and by REMIC 4 to the Holders of the Class CE-1 Interset and by C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine 106 Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFC)
Net WAC Rate Carryover Reserve Account. (a) No With respect to the Class A Certificates and no later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Minnesota, N.A., as TrusteeXxxxtee, in trust for the registered holders Certificateholders of [_______________]Option One Mortgage Loan Trust 2000-5, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__2000-5, Asset Backed Pass-Through Certificates.Class A." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$500. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Trustee has been directed by the Class CE-1 B-IO Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a), rather than distributing such amounts to the Class CE-1 B-IO Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts on deposit in the Net WAC Rate Carryover Reserve Account or deposited therein pursuant to Section 4.01(a) for the benefit of the Holders of the Offered CertificatesClass A Certificateholders, and will distribute such amounts to the Class A Certificateholders pursuant to Section 4.01(a) to the extent of any Net WAC Rate Carryover Amount for such Class for such Distribution Date. If no Net WAC Rate Carryover Amount is payable to the Holders of the Offered Class A Certificates in the amounts and priorities set forth in Section 4.01(a). On each on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class B-IO Certificateholders, from amounts remaining otherwise distributable to the Class B-IO Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $500. For federal and state income tax purposes, the Class CE-1 B-IO Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $500) shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 B-IO Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund Trustee and distributed to the Class CE-1 B-IO Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Class A Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1860G(a)(1). By accepting a Class B-IO Certificate, each Class B-IO Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class B-IO Certificateholders. By accepting a Class B-IO Certificate, each Class B-IO Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class B-IO Certificates, the Trustee shall direct any depository institution maintaining the New WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class B-IO Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an affiliate of the kind described in clause (vi) of Permitted Investments.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], as Trustee, in trust for the registered holders Holders of [_______________]Boardwalk Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series [_]." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset CE Interest and by from the Class CE-1 CE Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2002-FF1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2002-Through CertificatesFF1." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(viii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]New Century Mortgage Securities, Inc., New Century Home Equity Loan Trust, Series 200_-__2003-2, Asset Backed PassPxxx-Through CertificatesXxxxxxx Xertificates." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A-2 Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Class A-IO Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Class A-IO Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Class A-IO Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates, the Class A-IO Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Class A-IO Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in Deutsche Cash Management Fund 541 so long as it is a Permitted Investment or as otherwise directed in writing by the Depositor on behalf of the Holders of a majority Percentage Interest in the Class CE Certificates. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Class A Certificateholders, the Class A-IO Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Loan Tr Ser 2003 2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2004- FFH2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through CertificatesFFH2." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xxiii), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). 121 On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ffh2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-W1." The On the Closing Date, xxx Xxxxxxtor shall deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Certificates.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from 121 amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained from the Trustee upon request. Such information will be provided to the Trustee by the Underwriter on or prior to the Closing Date. 122
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2004-W1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-W8." The On the Closing Date, xxx Xxxxxxtor shall deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Certificates.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). 121
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained from the Trustee upon request. Such information will be provided to the Trustee by the Underwriter on or prior to the Closing Date.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-R10." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holders of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Group I Certificates, Group II Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $297,000, $80,000 and $200,000, respectively. 135
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Finance America Mortgage Loan Trust 2004-3, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through Certificates3." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute such amounts from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable to the Trustee. On each Distribution Date, any amounts remaining in the Net WAC Rate Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Floating Rate Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Floating Rate Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee from Net Monthly Excess Cashflow only) and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Floating Rate Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than any amounts deposited pursuant to the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset C Interest and by the Class CE-1 C Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate 103 Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(iv) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount (in excess of the amount received under the Cap Contract) rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of $49,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Mortgage Loan Trust 2004-3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2002-5." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include by any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders benefit of the Offered Class AV Certificates in and the manner set forth in Section 4.01(a)(4).Mezzanine Certificates..
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).CE
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Backed Thru Cer Ser 2002-5)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-R1." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).. 121
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by CE Certificates (other than amounts paid under the Class CE-1 Interest to the Class CE-1 CertificatesCap Contracts). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Group I Certificates, the Group II Certificates, the Group III Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $46,000, $33,000, $63,000 and $152,000, respectively. 123
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2005-FF4, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through CertificatesFF4." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Adjustable-Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Adjustable-Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).. By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]New Century Mortgage Securities, Inc., New Century Home Equity Loan Trust, Series 200_-__2005-C, Asset Backed Pass-Through Certificates." ” The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Certificates, the Trustee has been directed by the Class CE-1 Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Certificates, and will distribute such amounts to the Holders of the Offered Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2005-C)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated non-interest bearing trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the registered holders of [_______________]GreenPoint Mortgage Funding Trust 2005-HE4, New Century Home Equity Loan TrustAsset-Backed Notes, Series 200_-__, Asset Backed Pass2005-Through CertificatesHE4." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).”
(b) On each Distribution Payment Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesNotes, the Indenture Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Certificate Paying Agent for distribution to the Class CE-1 C Certificateholders. On each such Distribution Payment Date, the Indenture Trustee shall hold all such amounts for the benefit of the Holders of the Offered CertificatesNotes, and will shall distribute such amounts to the Holders of the Offered Certificates Floating Rate Notes in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trusteebelow.
(c) For federal and state income tax purposes, the Class CE-1 C Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset C Interest and by REMIC 4 to the Holders of the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered CertificatesNotes, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund Indenture Trustee and distributed to the Certificate Paying Agent for distribution to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund Estate but not part of any REMIC created pursuant to the Indenture and any payments to the Holders of the Offered Certificates Notes of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Indenture Trustee, and the Indenture Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Payment Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) For federal tax return and information reporting, the right of the Holders of the Class A Notes to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero. Further, for federal tax return and information reporting, the right of the Holders of the Subordinate Notes to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount may be obtained from the Indenture Trustee upon request. Such information will be provided to the Indenture Trustee by the Underwriter on or prior to the Closing Date.
(f) All amounts on deposit in the Net WAC Carryover Reserve Account shall remain uninvested. On each Payment Date, after making the distributions of Available Funds as set forth in Section 5.03 above, the Indenture Trustee shall withdraw from the Net WAC Rate Carryover Reserve Account, to the extent of amounts remaining on deposit therein, the amount of any Net WAC Rate Carryover Amount for such Payment Date and pay such amount as follows:
(i) concurrently to each Class of Class A Notes, the related Net WAC Rate Carryover Amount, on a pro rata basis based on such respective Net WAC Rate Carryover Amounts;
(ii) sequentially, to the Class M-1 Notes, the Class M-2 Notes, the Class M-3 Notes. the Class M-4 Notes, the Class M-5 Notes, the Class M-6 Notes, the Class M-7 Notes, the Class M-8 Notes, the Class M-9 Notes, the Class M-10 Notes, the Class M-11 Notes, the Class B-1 Notes and the Class B-2 Notes, in that order, the related Net WAC Carryover Amount for such Class for such Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-He4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account (the "Net WAC Rate Carryover Reserve Account") titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Xxxxxxxxxx Mortgage Loan Trust, Series 200_-__0000-XX0, Asset Xxxxx Backed Pass-Through Certificates." The amount on On the Business Day prior to each Distribution Date, the Trustee will deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited received under the Cap Contracts into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(a)(4). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts paid on the Cap Contracts) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of $1,000 and $1,000, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2004-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2000-Through Certificates0." The Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of include any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xix), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the value of the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount may be obtained by any Certificateholder or Certificate Owner from the Trustee upon request. Such information will be provided to the Trustee by an Underwriter, on behalf of the Depositor, on or prior to the Closing Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2004-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Soundview Mortgage Loan Trust 2005-A, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates.A." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Floating Rate Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Floating Rate Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will distribute such amounts to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Floating Rate Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For so long as any Floating Rate Certificates are beneficially owned by the Depositor or any of its Affiliates, the Depositor shall refund or cause such Affiliate to refund any amounts paid to it under the Cap Contract to the Trustee who shall, pursuant to the terms of the Cap Contract, return such amount to the counterparty thereunder. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 2 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 3 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the value of the right to receive payments from the Net WAC Rate Carryover Account is $16,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-A)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], as TrusteeU.S. Bank National Association, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2003-NC1, Mortgage Pass-Through Certificates." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)$1,000.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xiv), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC II to the Holder of the Class CE Interest and by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mort Asset Sec Transactions Inc Mastr as Bk Sec Tr 03 Nc1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________]Argent Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-W3." The On the Closing Date, xxx Xxxxxxtor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of shall include any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in for the Net WAC Rate Carryover Reserve Account shall be distributed to benefit of the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Certificates.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(b). On each If no Net 117 WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero. 118
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 2003-W3)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account“Xxxxx Fargo Bank, [_______________]N.A., as TrusteeTrust Administrator, in trust for the registered holders of [_______________]MASTR Adjustable Rate Mortgages Trust 2005-8, New Century Home Equity Loan Trust, Series 200_-__, Asset Backed Mortgage Pass-Through Certificates." The amount on deposit in the , Series 2005-8—Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Senior Certificates (other than the Group 3 Certificates) and/or the Subordinate Certificates in the manner set forth in Section 4.01(a)(44.01(b).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Senior Certificates (other than the Group 3 Certificates) and/or the Subordinate Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(b)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Senior Certificates (other than the Group 3 Certificates) and the Subordinate Certificates, and will distribute such amounts to the Holders of the Offered Senior Certificates (other than the Group 3 Certificates) and the Subordinate Certificates, as applicable, in the amounts and priorities set forth in Section 4.01(a4.01(b). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders Holder of the Class CE-1 Interset and by C Interest. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Senior Certificates (other than the Group 3 Certificates) and the Subordinate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesC Certificateholder. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Senior Certificates and the Subordinate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1860G(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-8)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as agent for HSBC Bank USA, as Trustee, in trust for the registered holders Holders of [_______________]Fremont Home Loan Trust 2003-A, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__2003-A." On the Closing Date, Asset Backed Pass-Through Certificates." The the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist be increased by any payments received by or on behalf of any amounts the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(45.01(d)(xii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a5.01(d). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trust Adminsitrator shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trust Administrator shall withdraw therefrom the lesser of $1,000 and the amount remaining on deposit therein and shall distribute such amount to the Holders of the Class C Certificates, and after making such distribution to the Holders of the Class C Certificates, shall withdraw the remainder on deposit therein and shall distribute such amount to the Trustee.
(c) . In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates, the Trust Administrator shall withdraw from the Net WAC Rate Carryover Account the lesser of $1,000 and the amount remaining on deposit therein and shall distribute such amount to the Holders of the Class C Certificates, and after making such distribution to the Holders of the Class C Certificates, shall withdraw the remainder on deposit therein and shall distribute such amount to the Trustee. For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CertificatesAccount. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 5.01(d)(xii) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. The Trust Administrator shall hold all funds on deposit in the Net WAC Rate Carryover Reserve Account uninvested. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Fremont Home Loan Trust 2003 A)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-R9." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable-Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will shall distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1860G(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Minnesota, Nationax Xxxociation, as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2003-6, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2003-Through Certificates6." The On the Closing Date, the Dxxxxxxxx xxll deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts remaining otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee.
(c) $1,000. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2003-6)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Option One Mortgage Loan Trust 2005-2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2005-Through Certificates2." ” The amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of include any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(iv), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each or after any Distribution DateDate following the reduction of the aggregate Certificate Principal Balance of the Class A and Mezzanine Certificates to zero, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contract) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holder of the Class C Interest and by REMIC 4 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the value of the right of the Holders of the Class A and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be $273,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2005-2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Equifirst Mortgage Loan Trust 2003-1, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass0000-Through Certificates0." The amount on deposit in Xx the Net WAC Rate Carryover Reserve Account Closing Date, the Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Senior Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(viii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Senior Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Senior Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Senior Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Senior Certificates and the Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Senior Certificates and the Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Senior Certificates and the Mezzanine Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Senior Certificates and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(viii) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in the following Permitted Investment for so long as such Permitted Investment is managed by the Trustee or an Affiliate of the Trustee and is of the kind described in clause (vi) of the definition of Permitted Investments: Deutsche Bank Treasury Money Fund No. 835. For federal tax return and information reporting, the right of the Holders of the Senior Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Asset Back Cert Ser 2003-1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Paying Agent shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Citibank, N.A., as TrusteePaying Agent, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-HE1." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)."
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee Paying Agent has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amount by which any Net WAC Rate Carryover Amounts for such Distribution Date exceed the amounts described in Section 4.01(a)(4)received by the Paying Agent under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Paying Agent shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such amounts Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(g). On each Distribution Date, after the payment of any Net WAC Rate Carryover Amounts on the Floating Rate Certificates, any amounts remaining in the Net WAC Rate Carryover Reserve Account after (representing payments received by the payment of any Net WAC Rate Carryover Amounts on Paying Agent under the Offered Certificates for such Distribution DateCap Contracts), shall be payable to the TrusteePaying Agent as additional compensation to it, subject to the immediately following paragraph.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Paying Agent, and the Paying Agent is hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of 32,000 (with respect to the Group I Certificates), 27,000 (with respect to the Group II Certificates), 65,000 (with respect to the Group III Certificates) and 143,000 (with respect to the Mezzanine Certificates).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He 1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Citibank, N.A., as Trust Administrator, for Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__Trust Inc., Asset Backed Pass-Through Certificates, Series 2003-HE2." The amount on deposit in Any payments received by the Net WAC Rate Carryover Reserve Account will consist of any amounts Trust Administrator under the Cap Contract shall be deposited by the Trust Administrator into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Account.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(xvi), rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than any amounts therein representing payments received by the Trust Administrator under the Cap Contract) shall be treated as amounts distributed by REMIC III VII to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trust Administrator shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 Agreement, if a Person other than the 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 Trust Administrator or an Affiliate manages or advises such investment. If no investment direction of the Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trust Administrator, the Trust Administrator shall invest the funds in Permitted Investments of the kind described in clause (vi) of the definition thereof or as otherwise directed in writing by the Holders of a majority Percentage Interest in the Class CE Certificates. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the value assigned to the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount (including, in the case of the Class A Certificates, the Class M-1 Certificates, the Class M-2 Certificates and the Class M-3 Certificates, payments made pursuant to the Cap Contract) may be obtained from the Trust Administrator upon request.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mort Loan Trust Inc Asset Bk Pas THR Ce Se 03 He2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Finance America Mortgage Loan Trust 2004-2, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through Certificates2." The amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xvii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the amounts and priorities set forth in Section 4.01(a4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates, the Mezzanine Certificates and Class B-1 Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Trustee.
(c) Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates, the Mezzanine Certificates and the Class B Certificates, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III 2 to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 C Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Certificates, all amounts remaining on deposit in the The Net WAC Rate Carryover Reserve Account will be released by an "outside reserve fund" within the Trust Fund and distributed to the Class CE-1 Certificateholders or their designeesmeaning of Treasury regulation Section 1.860G-2(h). The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(d)(viii) on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Mortgage Loan Trust 2004-2)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________], “U.S. Bank National Association as Trustee, in trust for the registered holders of [_______________], New Century Home Equity Loan Trust, Series 200_-__, MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates." The amount on deposit in the , Series 2005-WMC1—Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(a)(4)(iv), rather than distributing such amounts to the Class CE-1 CE Certificateholders. In addition, any payments received by the Trustee under the Cap Contracts on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates, as applicable, in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (representing payments received by the Trustee under the Cap Contracts) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates, as applicable, for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all (other than amounts paid by the Cap Contracts). All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contracts) shall be treated as amounts distributed by REMIC II to the Holder of the Class CE Interest and by REMIC III to the Holders Holder of the Class CE-1 Interset and by CE Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to each applicable Cap Contract in respect of any Net WAC Rate Carryover Amount shall be $146,900, $195,200 and $ 503,900 with respect to the Group I Certificates, Group II Certificate and Mezzanine Certificates, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2003-IA1." The amount on deposit in On the Net WAC Rate Carryover Reserve Account Closixx Xxxx, xxx Depositor will consist of any amounts deposited deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)$1,000. All amounts deposited in In addition, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account shall be distributed to any payments received by it under the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Cap Contract.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Class S Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Class S Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Holders of the Class A Certificates, the Class S Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset/Pass Thru Cert 2003-Ia1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2004- FF5, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2004-Through CertificatesFF5." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates, the Mezzanine Certificates or the Class B Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(xxiii), rather than distributing such amounts to the Class CE-1 C Certificateholders. In addition, any payments received by the Trustee under the Cap Contract on each Distribution Date will be deposited into the Net WAC Rate Carryover Reserve Account. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates for such Distribution Date, shall be payable to the Trustee.
(c) . For federal and state income tax purposes, the Class CE-1 Certificateholders Trustee will be deemed to be the owners owner of the Net WAC Rate Carryover Reserve Account and all Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account (other than amounts received under the Cap Contract) shall be treated as amounts distributed by REMIC III 3 to the Holders Holder of the Class CE-1 Interset C Interest and by REMIC 4 to the Holder of the Class CE-1 Interest to C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates, the Mezzanine Certificates and the Class B Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 Certificateholders Trustee or their designeesits designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates, the Mezzanine Certificates 120 or the Class B Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested. For federal tax return and information reporting, the purchase price allocated to the Cap Contract in respect of any Net WAC Rate Carryover Amount may be obtained from the Trustee, upon receipt from the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff5)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank Minnesota, National Association, as Trustee, in trust for the registered holders Holders of [_______________]First Franklin Mortgage Loan Trust 2002-FF4, New Century Home Equity Loan TrustAsset-Backed Certificates, Series 200_-__, Asset Backed Pass2002-Through CertificatesFF4." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contracts and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4)Account. All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the manner set forth in Section 4.01(a)(44.01(d).
(b) . On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 C Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(44.01(d)(viii), rather than distributing such amounts to the Class CE-1 C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class C Certificateholders, from amounts otherwise distributable to the Class C Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account, the aggregate amount on deposit therein is equal to $1,000. On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Offered Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be payable to the Trustee.
(c) Holders of the Class C Certificates. For federal and state income tax purposes, the Class CE-1 C Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III 3 to the Holders of the Class CE-1 Interset and by C Certificates. The Net WAC Rate Carryover Reserve Account will be an "outside reserve fund" within the Class CE-1 Interest to the Class CE-1 Certificatesmeaning of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 C Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class C Certificate, each Class C Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class C Certificateholders. By accepting a Class C Certificate, each Class C Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. At the direction of the Holders of a majority in Percentage Interest in the Class C Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class C Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. For federal tax return and information reporting, the right of the Holders of the Class A Certificates and the Holders of the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Secs Corp First Franklin Mort Ln Tr 2002-Ff4)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders Holders of [_______________]Ameriquest Mortgage Securities Inc., New Century Home Equity Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2004-R8." The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in any payments received by it (i) under the Net WAC Rate Carryover Reserve Account shall be distributed to Cap Contracts for the benefit of the Holders of the Offered Adjustable- Rate Certificates in the manner set forth in and (ii) pursuant to Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts described in Section 4.01(a)(4)received under the Cap Contracts, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III II to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust FundTrust, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in the Deutsche Bank Institutional Cash Management Fund 541 so long as it is a Permitted Investment. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A-1 Certificates, Group II Certificates and the Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount will be $1,400,000, $500,000 and $820,000, respectively. 116
Appears in 1 contract
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, [_______________]Wells Fargo Bank Xxxxxsota, National Association, as Trustee, in trust for the registered holders of [_______________]Salomon Brothers Mortgage Securities VII, New Century Inc., Salomon Home Equity Loan Trust, Series 200_-__2002-CIT1, Asset Backed Pass-Through Certificates." The On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account, $1,000. In addition the amount on deposit deposited in the Net WAC Rate Carryover Reserve Account will consist of be increased by any amounts payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4)Account.
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)amount of such Net WAC Rate Carryover Amount for such Distribution Date, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Offered Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). On each If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, any the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account on behalf of the Class CE Certificateholders, from amounts remaining otherwise distributable to the Class CE Certificateholders, an amount such that when added to other amounts already on deposit in the Net WAC Rate Carryover Reserve Account after Account, the payment of any Net WAC Rate Carryover Amounts aggregate amount on the Offered Certificates for such Distribution Date, shall be payable deposit therein is equal to the Trustee$1,000.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account (other than the initial deposit therein of $1,000) shall be treated as amounts distributed by REMIC III to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Class A Certificates and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Class A Certificates or the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds in such account in Permitted Investments managed by the Trustee or an Affiliate of the kind described in clause (vi) of the definition of Permitted Investments. All income and gain earned upon such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal tax return and information reporting, the right of the Class A Certificateholders and the Mezzanine Certificateholders to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net Wac Rate Carryover Amount shall be assigned a value of zero.
(g) The Depositor hereby instructs the Trustee to enter into the Cap Contract and to perform its duties and satisfy its obligations thereunder. Every provision of this Pooling and Servicing Agreement relating to the conduct or affecting the liability of or affording protection to the Trustee shall apply to the Trustee's execution of the Cap Contract, and the performance of its duties and satisfaction of its obligations thereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Eq Loan Trust Ser 2002 Cit1 Asst Back Pass Thru Certs)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Xxxxx Fargo Bank, N.A., as Trustee, in trust for the registered holders Holders of [_______________]Park Place Securities, New Century Home Equity Loan TrustInc., Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-WCW1." ” The amount on Trustee shall deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account any payments received by it pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(44.01(a)(4)(iv).
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered Adjustable-Rate Certificates, the Trustee has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4), amount of such Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Offered Adjustable-Rate Certificates, and will shall distribute such amounts to the Holders of the Offered Adjustable-Rate Certificates in the amounts and priorities set forth in Section 4.01(a). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution Date, shall be payable to the Trustee.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III IV to the Holders of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Adjustable-Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any REMIC and any payments to the Holders of the Offered Adjustable-Rate Certificates of Net WAC Rate Carryover Amounts will shall not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trustee, and the Trustee hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) At the written direction of the Holders of a majority in Percentage Interest in the Class CE Certificates, the Trustee shall direct any depository institution maintaining the Net WAC Rate Carryover Reserve Account 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 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 Holders of a majority in Percentage Interest in the Class CE Certificates with respect to the Net WAC Rate Carryover Reserve Account is received by the Trustee, the Trustee shall invest the funds pursuant to clause (vi) of the definition of Permitted Investments. Interest earned on such investment shall be deposited into the Net WAC Rate Carryover Reserve Account.
(f) For federal income tax return and information reporting, the value assigned to the right of the Holders of the Class A and Mezzanine Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be de minimis.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Wcw1)
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "“Net WAC Rate Carryover Reserve Account, [_______________]Citibank, N.A., as TrusteeTrust Administrator, in trust for the registered holders of [_______________], New Century Home Equity Citigroup Mortgage Loan Trust, Series 200_-__, Asset Asset-Backed Pass-Through Certificates, Series 2005-HE4." The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Offered Certificates in the manner set forth in Section 4.01(a)(4).”
(b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Offered CertificatesDate, the Trustee Trust Administrator has been directed by the Class CE-1 CE Certificateholders to, and therefore willshall, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(a)(4)Account, any Net WAC Rate Carryover Amounts for such Distribution Date, rather than distributing such amounts to the Class CE-1 CE Certificateholders. On each such Distribution Date, the Trustee Trust Administrator shall hold all such amounts for the benefit of the Holders of the Offered Floating Rate Certificates, and will shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such amounts Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Offered Floating Rate Certificates in the amounts and priorities set forth in Section 4.01(a4.01(g). On each Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve Account after the payment of any Net WAC Rate Carryover Amounts on the Offered Certificates for such Distribution DateFloating Rate Certificates, any amounts remaining in the Net WAC Rate Carryover Reserve Account, shall be payable to the TrusteeTrust Administrator as additional compensation to it, subject to the immediately following paragraph.
(c) For federal and state income tax purposes, the Class CE-1 CE Certificateholders will shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC II to the Holder of the Class CE Interest and by REMIC III to the Holders Holder of the Class CE-1 Interset and by the Class CE-1 Interest to the Class CE-1 CE Certificates. Upon the termination of the Trust Fund, or the payment in full of the Offered Floating Rate Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will shall be released by the Trust Fund and distributed to the Class CE-1 CE Certificateholders or their designees. The Net WAC Rate Carryover Reserve Account will shall be part of the Trust Fund but not part of any Trust REMIC and any payments to the Holders of the Offered Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a "“regular interest" ” in a REMIC within the meaning of Code Section 860(G)(a)(1).
(d) By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator is hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance.
(e) All amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.
(f) For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-He4)