Common use of Pre-Funding Accounts Clause in Contracts

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group I Pre-Funding Account"), (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit in the applicable Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041996-WHQ24" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit (a) in the applicable Group I Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Amount with respect to Loan Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, I remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to Loan Group II remitted on the Closing Date to the Trustee by the Company. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Company, the Trustee will invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the Company shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Group I Pre-Funding Account shall be transferred to the Group I Interest Coverage Account on the Business Day immediately preceding each Distribution Date. All income and gain realized from investment of funds deposited in the Group II Pre- Funding Account shall be transferred to the Group II Interest Coverage Account. The Company shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three two segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "“Group I Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group I Pre-Funding Account"”), (ii) "Group II Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group II Pre-Funding Account"”) and (iiiii) "“Group III Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trustee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 20042005-WHQ2" WCW1” (the "“Group III Pre-Funding Account"”). The Trustee shall, promptly upon receipt, deposit in the applicable Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Group II Pre-Funding Account Funded Amount or the Original Group III Pre-Funding Account, as applicable, remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ24" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II III Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ2" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ24" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit (a) in the applicable Group I Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Amount with respect to Loan Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, I remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group III Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to Loan 113 Group III remitted on the Closing Date to the Trustee by the Company. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group III Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group III Certificates and the Certificate Insurer for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Company, the Trustee will invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the Company shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Group I Pre-Funding Account shall be transferred to the Group I Interest Coverage Account on the Business Day immediately preceding each Distribution Date. All income and gain realized from investment of funds deposited in the Group III Pre-Funding Account shall be transferred to the Group III Interest Coverage Account. The Company shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three two segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W10" (the "Group I Pre-Funding Account"), ) and (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2W10" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit in the applicable Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, Amount or the Original Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein. (b) The Trustee shall invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clauses (i), (v) or (vi) of the definition of Permitted Investments, as specified in a written direction from the Master Servicer, with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the holder of the largest Percentage Interest of the Residual Certificates shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Master Servicer shall deposit in the applicable Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. The Pre-Funding Accounts shall not be assets of any Trust REMIC.

Pre-Funding Accounts. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain three on behalf of itself one or more segregated non-interest bearing trust accounts that are each Eligible Accountsaccounts, which shall be Eligible Accounts, titled (i) "Group I Pre-Funding Account, Wells Fargo BankThe Bank of New York Trust Company, N.A., as Xxxxxee Indenture Trustee for the registered holders of Park Place Securities, Inc., AssetGMACM Home Equity Loan Trust 2006-Backed Pass-Through Certificates, Series 2004-WHQ2HE5" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts, (ii) which shall be Eligible Accounts, titled "Group II Pre-Funding Account, Wells Fargo BankThe Bank of New York Trust Company, N.A., as Xxxxxee Indenture Trustee for the registered holders of Park Place Securities, Inc., AssetGMACM Home Equity Loan Trust 2006-Backed Pass-Through Certificates, Series 2004-WHQ2HE5" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding funding Account"). The Trustee shallNotwithstanding anything herein to the contrary, promptly upon receipt, deposit in the applicable Pre-Funding Account and retain therein Accounts shall not be an asset of any REMIC. To the Original Group I Pre-Funded Amount, extent that the Original Group II Pre-Funding Account or the Original Group III Pre-Funding AccountAccounts constitute a reserve fund for federal income tax purposes, (1) they shall be an outside reserve fund and not an asset any REMIC, (2) they shall be owned by GMACM, as applicable, remitted on the Closing Date Seller and (3) amounts transferred any REMIC to the Trustee by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held treated as transferred to GMACM, as Seller, or any successor, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations. On the Closing Date, GMACM shall deposit into the Pre-Funding Accounts an amount equal to the related Original Pre-Funded Amount from the proceeds of the sale of the Securities. On each Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee in trust by writing to withdraw from the Trustee for Group I Pre-Funding Account an amount equal to the Certificateholders for aggregate Principal Balance as of the uses related Subsequent Cut-Off Date of the Subsequent Mortgage Loans relating to Loan Group I to be sold to the Trust on such Subsequent Transfer Date and purposes purchased with funds on deposit in the Group I Pre-Funding Account, and to pay such amount to or upon the order of GMACM upon satisfaction of the conditions set forth hereinin this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect thereto. On each Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee in writing to withdraw from the Group II Pre-Funding Account an amount equal to the aggregate Principal Balance as of the related Subsequent Cut-Off Date of the Subsequent Mortgage Loans relating to Loan Group II to be sold to the Trust on such Subsequent Transfer Date and purchased with funds on deposit in the Group II Pre-Funding Account, and to pay such amount to or upon the order of GMACM upon satisfaction of the conditions set forth in this Agreement, in the Purchase Agreement and in the related Subsequent Transfer Agreement with respect thereto.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ21" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ21" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit (a) in the applicable Group I Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Amount with respect to Loan Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, I remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to Loan Group II remitted on the Closing Date to the Trustee by the Company. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Company, the Trustee will invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the Company shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Group I Pre-Funding Account shall be transferred to the Group I Interest Coverage Account on the Business Day immediately preceding each Distribution Date. All income and gain realized from investment of funds deposited in the Group II PreFunding Account shall be transferred to the Group II Interest Coverage Account. The Company shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three four segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Pre- Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, 141 Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042003-WHQ26" (the "Group I Pre-Funding Account"), ; (ii) "Group II Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place SecuritiesAmeriquest Mortgage Securities Inc., Asset- Backed Pass-Through Certificates, Series 2003-6" (the "Group II Pre-Funding Account"); (iii) "Group III Pre-Funding Account, Deutsche Bank National Trust Company, as Trustee for the registered holders of Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042003-WHQ26" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account"); and (iv) "Group IV Pre-Funding Account, Wells Fargo Bank, N.A.Deutsche Bank National Trust Company, as Xxxxxee Trustee for the registered holders of Park Place Securities, Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 20042003-WHQ26" (the "Group III IV Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit in the applicable Pre-Pre- Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Group II Pre-Funding Account or Account, the Original Group III Pre-Funding Account or the Group IV Pre-Funding Account, as applicable, remitted on the Closing Date to the Trustee by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held in trust by the Trustee for the Certificateholders for the uses and purposes set forth herein.

Pre-Funding Accounts. (abh) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Pre- Funding Account, Wells Fargo Bank, N.A.[_________________________________], as Xxxxxee trustee for the registered holders of Park Place Securities[Morgxx Xxxnxxx XXX Capital I Inc.], Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004-WHQ2199__-__" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II Pre-Funding Account, Wells Fargo Bank, N.A.[_________________________________], as Xxxxxee trustee for the registered holders of Park Place Securities[Morgxx Xxxnxxx XXX Capital I Inc.], Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 2004-WHQ2199__-__" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit (a) in the applicable Pre-Group I Pre- Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Amount with respect to Loan Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, I remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to Loan Group II remitted on the Closing Date to the Trustee by the Company. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Company, the Trustee will invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the 75 81 Company shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Group I Pre-Funding Account shall be transferred to the Group I Interest Coverage Account on the Business Day immediately preceding each Distribution Date. All income and gain realized from investment of funds deposited in the Group II Pre-Funding Account shall be transferred to the Group II Interest Coverage Account. The Company shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Life Bank Asset-Backed Pass-Through Certificates, Series 20041998-WHQ21" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A.National Association, as Xxxxxee trustee for the registered holders of Park Place Securities, Inc., Life Bank Asset-Backed Pass-Through Certificates, Series 20041998-WHQ21" (the "Group II Pre-Funding Account") and (iii) "Group III ). Such Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders Accounts shall not be an asset of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account")either REMIC I or REMIC II. The Trustee shall, promptly upon receipt, deposit (a) in the applicable Group I Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Group II Pre-Funding Account or Amount with respect to the Original Group III Pre-Funding Account, as applicable, Fixed Rate Pool remitted on the Closing Date to the Trustee by from the Depositorsale of the Certificates and (b) in the Group II Pre-Funding Account and retain therein the Original Pre-Funding Amount with respect to the Adjustable Rate Pool remitted on the Closing Date to the Trustee from the sale of the Certificates. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Servicer, the Trustee will invest funds deposited in the Pre-Funding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Determination Date. For federal income tax purposes, the Transferor shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Transferor shall deposit in the related Pre-Funding Account the amount of any 105 net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain three with itself one or more segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ22" (the "Group I Pre-Funding Account")) and one or more segregated trust accounts that are Eligible Accounts, (ii) which shall be titled "Group II Pre-Funding Account, Wells Fargo BankNorwest Bank Minnesota, N.A., as Xxxxxee trustee for the registered holders of Park Place SecuritiesSouthern Pacific Secured Assets Corp., Inc., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 20041997-WHQ22" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Fargo Bank, N.A., as Xxxxxee for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2" (the "Group III Pre-Funding Account"). The Trustee shall, promptly upon receipt, deposit (a) in the applicable Group I Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Amount with respect to Loan Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, I remitted on the Closing Date to the Trustee by the DepositorCompany and (b) in the Group II Pre-Funding Account and retain therein the Original Pre-Funded Amount with respect to Loan Group II remitted on the Closing Date to the Trustee by the Company. Funds deposited in the Group I Pre-Funding Accounts Account shall be held in trust by the Trustee for the Certificateholders Holders of the Group I Certificates for the uses and purposes set forth herein. Funds deposited in the Group II Pre-Funding Account shall be held in trust by the Trustee for the Holders of the Group II Certificates for the uses and purposes set forth herein. If the Trustee shall not have received an investment direction from the Company, the Trustee will invest funds deposited in the PreFunding Accounts in Permitted Investments of the kind described in clause (d) of the definition of Permitted Investments with a maturity date no later than the second Business Day preceding each Distribution Date. For federal income tax purposes, the Company shall be the owner of the Pre-Funding Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Company shall deposit in the related Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.

Pre-Funding Accounts. (a) No later than the Closing Date, the Trustee Trust Administrator shall establish and maintain three segregated non-interest bearing trust accounts that are each Eligible Accounts, which shall be titled (i) "Group I Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group I Pre-Funding Account"), (ii) "Group II Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders 141 of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group II Pre-Funding Account") and (iii) "Group III Pre-Funding Account, Wells Xxxxx Fargo Bank, N.A., as Xxxxxee Trust Administrator for the registered holders of Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2WWF1" (the "Group III Pre-Funding Account"). The Trustee Trust Administrator shall, promptly upon receipt, deposit in the applicable Pre-Funding Account and retain therein the Original Group I Pre-Funded Amount, the Original Group II Pre-Funding Account or the Original Group III Pre-Funding Account, as applicable, remitted on the Closing Date to the Trustee Trust Administrator by the Depositor. Funds deposited in the Pre-Funding Accounts shall be held in trust by the Trustee Trust Administrator for the Certificateholders for the uses and purposes set forth herein.