Common use of Net WAC Clause in Contracts

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AV-1, Class AV-2, Class B-1 and Class AV-1 B-2 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxii). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AV-1, Class AV-2, Class B-1 and Class AV-1 B-2 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AV-1, Class AV-2, Class B-1, Class B-2 and Class AV-1 B-3 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxv). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AV-1, Class AV-2, Class B-1, Class B-2 and Class AV-1 B-3 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AV-1, Class AV-2 and Class AV-1 B Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xvi). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AV-1, Class AV-2 and Class AV-1 B Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xvi). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xivSections 4.02(a)(ix) and (b)(ix). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f4.02(c). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates Depositor in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X CertificatesDepositor. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AV-1 and Class AV-1 B Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xvi). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AV-1 and Class AV-1 B Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xivSections 4.02(a)(ix) and (b)(ix). Any amounts deposited in the Net WAC Cap Account pursuant to Sections 4.02(a)(ix) and (b)(ix) shall be deemed to have been distributed first to the Class X Certificates and then transferred by the Holders of the Class X Certificates to the Net WAC Cap Account. The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f4.02(c). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AV-1A, Class AV-1B, Class AV-2, Class B-1, Class B-2 and Class AV-1 B-3 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxvi). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AV-1A, Class AV-1B, Class AV-2, Class B-1, Class B-2 and Class AV-1 B-3 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Offered Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund the Net WAC Cap Account under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxxi). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Offered Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f4.02(g). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Offered Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund the Net WAC Cap Account under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxxii). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Offered Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f4.02(g). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AF-1, Class AF-2, Class AV-1, Class B-1, Class B-2, Class B-3 and Class AV-1 B-4 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxviii). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AF-1, Class AF-2, Class AV-1, Class B-1, Class B-2, Class B-3 and Class AV-1 B-4 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ----------------------------------RESERVE FUND AND CLASS A-2/A-3 NET WAC PASS-THROUGH AMOUNTS. (a) The Trustee shall establish a Net WAC Reserve Fund on behalf of the holders of the Offered Certificates. The Net WAC Reserve Fund must be an Eligible Account. The Net WAC Reserve Fund shall be entitled "Net WAC Reserve Fund, U.S. Bank National Association as Trustee for the benefit of holders of Bear Xxxxxxx Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2004-AC6, Class A-1, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3". On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund $5,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to any Class of Certificates, the Trustee shall, in accordance with the Remittance Report for such Distribution Date, deposit the amounts pursuant to paragraphs 8 through 14 of clause third of Section 6.04(a) into the Net WAC Reserve Fund and the Trustee has been directed by the Class C Certificateholder to distribute such amounts to the Holders of the Offered Certificates in the amounts and priorities set forth in clause third of Section 6.04(a). (b) The Net WAC Reserve Fund is an "outside reserve fund" within the meaning of Treasury Regulation ss.1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Net WAC Reserve Fund. The Class C Certificateholders shall be the beneficial owners of the Net WAC Reserve Fund, subject to the power of the Trustee to transfer amounts under Section 6.04(a). Amounts in the Net WAC Reserve Fund shall be held either uninvested in a trust or deposit account of the Trustee with no liability for interest or other compensation thereof or, at the direction of the Majority Class C Certificateholder, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. All net income and gain from such investments shall be distributed to the Majority Class C Certificateholder, not as a distribution in respect of any interest in any REMIC, on such Distribution Date. All amounts earned on amounts on deposit in the Net WAC Reserve Fund shall be taxable to the Majority Class C Certificateholder. Any losses on such investments shall be deposited in the Net WAC Reserve Fund by the Majority Class C Certificateholder out of its own funds immediately as realized. In the event that the Majority Class C Certificateholder shall fail to provide investment instructions to the Trustee, the amounts on deposit in the Net WAC Reserve Fund shall be held uninvested. (c) For federal tax return and information reporting, the right of the holders of the Offered Certificates to receive payments from the Net WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero. (d) With respect to each Distribution Date as to which there is a positive Class A-2/A-3 Net WAC Pass-Through Amount, such amount shall be payable from the Holders of the Class A-2 Certificates to the Holders of the Class A-3 Certificates. Accordingly, on each such Distribution Date the Trustee shall establish deposit into the Net WAC Reserve Fund the Class A-2/A-3 Net WAC Pass-Through Amount, rather than distributing such amount to the Class A-2 Certificateholders. Notwithstanding the foregoing, such Class A-2/A-3 Net WAC Pass-Through Amount shall for federal, state and maintain local tax purposes be deemed distributed in its namerespect of REMIC III Regular Interest A-2 and the Class A-2 Certificates. On each such Distribution Date, in trust the Trustee shall hold the Class A-2/A-3 Net WAC Pass-Through Amount for the benefit of the Holders of the Class AF-1 and Class AV-1 A-3 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable distribute such amount to the Holders of the Class X A-3 Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable Payments to the Holders of the Class X CertificatesA-3 Certificates of any Class A-2/A-3 Net WAC Pass-Through Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860G(a)(1). The Holders of By accepting a Class A-2 Certificate, each Class A-2 Certificateholder thereby agrees to direct the Class X Certificates shall be treated as Trustee, and the owners of Trustee hereby is directed, to deposit into the Net WAC Cap Account Reserve Fund any Class A-2/A-3 Net WAC Pass-Through Amount rather than distributing such amounts to the Class A-2 Certificateholders and further agrees that such direction is given for federal good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. By accepting a Class A-2 Certificate, each Class A-2 Certificateholder acknowledges that any such Class A-2/A-3 Net WAC Pass-Through Amount shall for federal, state and local tax purposespurposes be deemed distributed in respect of REMIC III Regular Interest A-2 and the Class A-3 Certificates. The Trustee in its fiduciary capacity By accepting a Class A-3 Certificate, each Class A-3 Certificateholder acknowledges that for federal, state and local tax purposes any payments of such Class A-2/A-3 Net WAC Pass-Through Amount shall not be liable for payments with respect to a "regular interest" in a REMIC within the amount meaning of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Code Section 3A.03(c860G(a)(1). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 AV-1, Class AV-2, Class B-1 and Class AV-1 B-2 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xxii). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 AV-1, Class AV-2, Class B-1 and Class AV-1 B-2 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such accountaccount or a fund for which such institution or affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent and/or custodian or subcustodian, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ----------------------------------RESERVE FUND AND CLASS A-2/A-3 NET WAC PASS-THROUGH AMOUNTS. (a) The Trustee shall establish a Net WAC Reserve Fund on behalf of the holders of the Offered Certificates. The Net WAC Reserve Fund must be an Eligible Account. The Net WAC Reserve Fund shall be entitled "Net WAC Reserve Fund, U.S. Bank National Association as Trustee for the benefit of holders of Bear Stearns Asset Backex Xxxxxities I LLC, Asset-Backed Certificates, Series 2004-AC7, Class A-1, Class A-2, Class A-3, Claxx X-0, Xxxxx M-2, Class M-3, Class B-1, Class B-2 and Class B-3". On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund $5,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to any Class of Certificates, the Trustee shall, in accordance with the Remittance Report for such Distribution Date, deposit the amounts pursuant to paragraphs 8 through 14 of clause THIRD of Section 6.04(a) into the Net WAC Reserve Fund and the Trustee has been directed by the Class C Certificateholder to distribute such amounts to the Holders of the Offered Certificates in the amounts and priorities set forth in clause THIRD of Section 6.04(a). (b) The Net WAC Reserve Fund is an "outside reserve fund" within the meaning of Treasury Regulation ss.1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Net WAC Reserve Fund. The Class C Certificateholders shall be the beneficial owners of the Net WAC Reserve Fund, subject to the power of the Trustee to transfer amounts under Section 6.04(a). Amounts in the Net WAC Reserve Fund shall be held either uninvested in a trust or deposit account of the Trustee with no liability for interest or other compensation thereof or, at the direction of the Majority Class C Certificateholder, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. All net income and gain from such investments shall be distributed to the Majority Class C Certificateholder, not as a distribution in respect of any interest in any REMIC, on such Distribution Date. All amounts earned on amounts on deposit in the Net WAC Reserve Fund shall be taxable to the Majority Class C Certificateholder. Any losses on such investments shall be deposited in the Net WAC Reserve Fund by the Majority Class C Certificateholder out of its own funds immediately as realized. In the event that the Majority Class C Certificateholder shall fail to provide investment instructions to the Trustee, the amounts on deposit in the Net WAC Reserve Fund shall be held uninvested. (c) For federal tax return and information reporting, the right of the holders of the Offered Certificates to receive payments from the Net WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be assigned a value of zero. (d) With respect to each Distribution Date as to which there is a positive Class A-2/A-3 Net WAC Pass-Through Amount, such amount shall be payable from the Holders of the Class A-2 Certificates to the Holders of the Class A-3 Certificates. Accordingly, on each such Distribution Date the Trustee shall establish deposit into the Net WAC Reserve Fund the Class A-2/A-3 Net WAC Pass-Through Amount, rather than distributing such amount to the Class A-2 Certificateholders. Notwithstanding the foregoing, such Class A-2/A-3 Net WAC Pass-Through Amount shall for federal, state and maintain local tax purposes be deemed distributed in its namerespect of REMIC III Regular Interest A-2 and the Class A-2 Certificates. On each such Distribution Date, in trust the Trustee shall hold the Class A-2/A-3 Net WAC Pass-Through Amount for the benefit of the Holders of the Class AF-1 and Class AV-1 A-3 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable distribute such amount to the Holders of the Class X A-3 Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable Payments to the Holders of the Class X CertificatesA-3 Certificates of any Class A-2/A-3 Net WAC Pass-Through Amount will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860G(a)(1). The Holders of By accepting a Class A-2 Certificate, each Class A-2 Certificateholder thereby agrees to direct the Class X Certificates shall be treated as Trustee, and the owners of Trustee hereby is directed, to deposit into the Net WAC Cap Account Reserve Fund any Class A-2/A-3 Net WAC Pass-Through Amount rather than distributing such amounts to the Class A-2 Certificateholders and further agrees that such direction is given for federal good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. By accepting a Class A-2 Certificate, each Class A-2 Certificateholder acknowledges that any such Class A-2/A-3 Net WAC Pass-Through Amount shall for federal, state and local tax purposespurposes be deemed distributed in respect of REMIC III Regular Interest A-2 and the Class A-3 Certificates. The Trustee in its fiduciary capacity By accepting a Class A-3 Certificate, each Class A-3 Certificateholder acknowledges that for federal, state and local tax purposes any payments of such Class A-2/A-3 Net WAC Pass-Through Amount shall not be liable for payments with respect to a "regular interest" in a REMIC within the amount meaning of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Code Section 3A.03(c860G(a)(1). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.

Net WAC. Cap Account ---------------------------------- (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders. (b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv4.02(d)(xiii). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f). (c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net WAC Cap Account and made in accordance with this Section 3A.03(c). (d) Upon termination of the Trust Fund, any amounts remaining in the Net WAC Cap Account shall be distributed to the Holders of the Class X Certificates.