Reserve Fund and Yield Maintenance Agreement. (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 AV-1 Certificates, the Reserve Fund to cover certain payments on the Class AV-1 Certificates. The Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. The Reserve Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Reserve Fund 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.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Equity One Mortgage Pass-Through Trust 2003-2), Pooling and Servicing Agreement (Equity One Abs Inc Equity One Mortgage Pass-THR Trust 2002-5), Pooling and Servicing Agreement (Equity One Abs Inc Mortgage Pas Th Cert Series 2002-4)
Reserve Fund and Yield Maintenance Agreement. (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 AV-1 Hedged Certificates, the Reserve Fund to cover certain payments on to the Class AV-1 Hedged Certificates. The Reserve Fund shall be an Eligible Account, and funds on deposit therein in such fund 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 Reserve Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on funds on deposit in the Reserve Fund will be treated as owned by the Holders of the Class X Certificates Trustee and will be taxable to the Holders of the Class X CertificatesTrustee. Distributions made to any outside reserve fund the Reserve Fund under this document shall be treated as made to the Class X CertificateholdersTrustee.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-C), Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-D), Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-A)
Reserve Fund and Yield Maintenance Agreement. (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 AV-1 Hedged Certificates, the Reserve Fund to cover certain payments on to the Class AV-1 Hedged Certificates. The Reserve Fund shall be an Eligible Account, and funds on deposit therein in such fund 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 Reserve Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on funds on deposit in the Reserve Fund 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 Reserve Fund under this document shall be treated as made to the Holders of the Class X CertificateholdersCertificates.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-6), Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-4)
Reserve Fund and Yield Maintenance Agreement. (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 AV-1 Hedged Certificates, the Reserve Fund to cover certain payments on to the Class AV-1 Hedged Certificates. The Reserve Fund shall be an Eligible Account, and funds on deposit therein in such fund 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 Reserve Fund shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on funds on deposit in the Reserve Fund 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 Reserve Fund under this document shall be treated as made to the Holders of the Class X Certificateholders.Certificates. 77
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2005-5)
