Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 Certificates, funds on deposit in the Class A-13 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 Certificates. Rounding of such distribution on the Class A-13 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 Certificates has been reduced to zero. The Class A-13 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are made in accordance with the provisions set forth in Section 4.03D(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates, funds on deposit in the Class A-13 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-4 Certificates. Rounding of such distribution on the Class A-13 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-4 Certificates has been reduced to zero. The Class A-13 A- 4 Rounding Account shall be an "outside xxxside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-4 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03A(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 A-4 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx XxrporationSecurxxxxx Xxxporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 A-4 Policy) will be made among the Holders of the Class A-13 A-4 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 A-4 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 A-4 Certificates, with the provisions of this Section 4.03D.4.03A.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates, funds on deposit in the Class A-13 A-8 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-8 Certificates. Rounding of such distribution on the Class A-13 A-8 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-8 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-8 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-8 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-8 Certificates has been reduced to zero. The Class A-13 A-8 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation. DxxxxxxxxCo. Inc., Lufkin and Bear, Stexxxx & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all incomeCo. Inc. shall report axx xxxxme, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-8 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteeshall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-8 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Class A-8 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-8 Rounding Account. Any funds then on deposit in such Class A-13 A-8 Rounding Account shall be distributed to DonaldsonBear, Lufkin Stearns & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003-A7)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates, funds on deposit in the Class A-13 A-3 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-3 Certificates. Rounding of such distribution on the Class A-13 A-3 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-3 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-3 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-3 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-3 Certificates has been reduced to zero. The Class A-13 A-3 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Salomon Smith Barney Inc. shall report all income, gain, deduction or loss with xx xxxx xxxx respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-3 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation Salomon Smith Barney Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein Notwithstanxxxx xxxxxxxx xxxxxx to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-3 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(f), an amount equal to the difference between $1,000 and the sum then held in the Class A-3 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-3 Rounding Account. Any funds then on deposit in such Class A-13 A-3 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Salomon Smith Barney Inc.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates, funds on deposit in the Class A-13 1-A-2 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 1-A-2 Certificates. Rounding of such distribution on the Class A-13 1-A-2 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 1-A-2 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 1-A-2 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 1-A-2 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 1-A-2 Certificates has been reduced to zero. The Class A-13 1-A-2 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonGoldman, Lufkin Sachs & Jenrette Securxxxxx Xxxporation. DxxxxxxxxCo. Inc., Lufkin and Goxxxxx, Sachs & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all incomeCo. Inc. shall rxxxxx xll xxxxme, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 1-A-2 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteeshall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-2 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Class 1-A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class 1-A-2 Rounding Account. Any funds then on deposit in such Class A-13 1-A-2 Rounding Account shall be distributed to DonaldsonGoldman, Lufkin Sachs & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates, funds on deposit in the Class A-13 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-4 Certificates. Rounding of such distribution on the Class A-13 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-4 Certificates has been reduced to zero. The Class A-13 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonMorgan Stanley & Co. Incorporated, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt xxxxh xxxxx report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-4 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin Morgan Stanley & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are made in accordance with the provisions set forth in Section 4.03D(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Incorporated xx xxe Xxxxxxe.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2002-A14j)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates, funds on deposit in the Class A-13 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-12 Certificates. Rounding of such distribution on the Class A-13 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-12 Certificates has been reduced to zero. The Class A-13 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-12 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03C(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 A-12 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx XxrporationSecurxxxxx Xxxporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 A-12 Policy) will be made among the Holders of the Class A-13 A-12 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 A-12 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 A-12 Certificates, with the provisions of this Section 4.03D.4.03C.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates, funds on deposit in the Class A-13 1-A-8 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 1-A-8 Certificates. Rounding of such distribution on the Class A-13 1-A-8 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 1-A-8 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 1-A-8 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 1-A-8 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 1-A-8 Certificates has been reduced to zero. The Class A-13 1-A-8 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Salomon Smith Barney Inc. shall report all income, gain, deduction or loss with xx xxxx xxxx respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 1-A-8 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation Salomon Smith Barney Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein to Notwithstandixx xxxxxxxx xexxxx xo the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 1-A-8 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(f), an amount equal to the difference between $1,000 and the sum then held in the Class 1-A-8 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class 1-A-8 Rounding Account. Any funds then on deposit in such Class A-13 1-A-8 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Salomon Smith Barney Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates, funds on deposit in the Class A-13 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-12 Certificates. Rounding of such distribution on the Class A-13 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-12 Certificates has been reduced to zero. The Class A-13 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Xxxxxxx & Jenrette Securxxxxx Xxxporation. DxxxxxxxxCo. Inc. Bear, Lufkin Xxxxxxx & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Co. Inc. shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, Amounts on amounts held deposit in the Class A-13 A-12 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteewill remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Class A-12 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-12 Rounding Account. Any funds then on deposit in such the Class A-13 A-12 Rounding Account shall be distributed to DonaldsonBear, Lufkin Xxxxxxx & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates, funds on deposit in the Class A-13 A-9 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-9 Certificates. Rounding of such distribution on the Class A-13 A-9 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-9 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-9 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-9 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-9 Certificates has been reduced to zero. The Class A-13 A-9 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Xxxxxx Brothers Inc. Xxxxxx Brothers Inc. shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-9 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation Xxxxxx Brothers Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-9 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(f), an amount equal to the difference between $1,000 and the sum then held in the Class A-9 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-9 Rounding Account. Any funds then on deposit in such Class A-13 A-9 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Xxxxxx Brothers Inc.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates, funds on deposit in the Class A-13 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-15 Certificates. Rounding of such distribution on the Class A-13 A-15 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-15 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-15 Certificates has been reduced to zero. The Class A-13 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonXxxxxxx Lynch, Lufkin Pierce, Xxxxxx & Jenrette Securxxxxx Xxxporation. DxxxxxxxxXxxxx Incorporated, Lufkin and Xxxxxxx Lynch, Pierce, Xxxxxx & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Xxxxx Incorporated shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteeshall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-15 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 Rounding Account shall be distributed to DonaldsonXxxxxxx Lynch, Lufkin Pierce, Xxxxxx & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Xxxxx Incorporated.
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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates, funds on deposit in the Class A-13 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-4 Certificates. Rounding of such distribution on the Class A-13 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-4 Certificates has been reduced to zero. The Class A-13 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Xxxxxx Brothers Inc. shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-4 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation Xxxxxx Brothers Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(f), an amount equal to the difference between $1,000 and the sum then held in the Class A-4 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-4 Rounding Account. Any funds then on deposit in such Class A-13 A-4 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Xxxxxx Brothers Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates, funds on deposit in the Class A-13 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-4 Certificates. Rounding of such distribution on the Class A-13 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-4 Certificates has been reduced to zero. The Class A-13 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonMorgan Stanley & Co. Incorporated, Lufkin xxx Mxxxxx Xtanley & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Co. Incorporated xxxxx xxxxxx all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are made in accordance with the provisions set forth in Section 4.03D(b), an amount equal to the difference between $1,000 and the sum then held in the A-4 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.remain uninvested.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates, funds on deposit in the Class A-13 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-12 Certificates. Rounding of such distribution on the Class A-13 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-12 Certificates has been reduced to zero. The Class A-13 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all incomeCo. Inc. shall report axx xxxxme, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-12 Rounding Account as such interest is earned pursuant to written instructions from DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation Co. Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 and the sum then held in the Class A-12 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-12 Rounding Account. Any funds then on deposit in such Class A-13 A-12 Rounding Account shall be distributed to DonaldsonBear, Lufkin Stearns & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates, funds on deposit in the Class A-13 A-2 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-2 Certificates. Rounding of such distribution on the Class A-13 A-2 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-2 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-2 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-2 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-2 Certificates has been reduced to zero. The Class A-13 A-2 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation. DxxxxxxxxCo. Inc., Lufkin and Bear, Stexxxx & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all incomeCo. Inc. shall report axx xxxxme, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-2 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteeshall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-2 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-13 A-2 Rounding Account shall be distributed to DonaldsonBear, Lufkin Stearns & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003 A10)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates, funds on deposit in the Class A-13 A-5 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-5 Certificates. Rounding of such distribution on the Class A-13 A-5 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-5 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-5 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-5 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-5 Certificates has been reduced to zero. The Class A-13 A-5 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx XxxporationCo. Inc., and Bear, Steaxxx & Xo. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all incomeInc. shall report alx xxxxxe, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-5 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxsteeshall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-5 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(g), an amount equal to the difference between $1,000 999.99 and the sum then held in the Class A-5 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-5 Rounding Account. Any funds then on deposit in such Class A-13 A-5 Rounding Account shall be distributed to DonaldsonBear, Lufkin Stearns & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates, funds on deposit in the Class A-13 A-10 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-10 Certificates. Rounding of such distribution on the Class A-13 A-10 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-10 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-10 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-10 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-10 Certificates has been reduced to zero. The Class A-13 A-10 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt Co. Inc. shall report all income, gain, deduction or loss with losx xxxx respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-10 Rounding Account as such interest is earned pursuant to written instructions from DonaldsonBear, Lufkin Stearns & Jenrette Securxxxxx Xxxporation Co. Inc. to xxx Xxxsteethe Trustee. Notwithstanding anything herein anytxxxx xxrein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-10 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03(f), an amount equal to the difference between $1,000 and the sum then held in the Class A-10 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-10 Rounding Account. Any funds then on deposit in such Class A-13 A-10 Rounding Account shall be distributed to DonaldsonBear, Lufkin Stearns & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates, funds on deposit in the Class A-13 A-11 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-11 Certificates. Rounding of such distribution on the Class A-13 A-11 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-11 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-11 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-11 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-11 Certificates has been reduced to zero. The Class A-13 A-11 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-11 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates are made in accordance with the provisions set forth in Section 4.03D(b4.03B(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 A-11 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 A-11 Policy) will be made among the Holders of the Class A-13 A-11 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 A-11 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 A-11 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 A-11 Certificates, with the provisions of this Section 4.03D.4.03B.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates, funds on deposit in the Class A-13 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-13 A-4 Certificates. Rounding of such distribution on the Class A-13 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-13 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-13 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-13 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-13 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-13 A-4 Certificates has been reduced to zero. Amounts withdrawn from or deposited in the Class A-4 Rounding Account shall be allocated between Loan Groups and the Class A-4 Components in accordance with the Allocation Percentage (excluding therefrom amounts available from the Class A-4 Rounding Account). The Class A-13 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by DonaldsonXxxxxx Xxxxxxx & Co. Incorporated, Lufkin & Jenrette Securxxxxx Xxxporation. Dxxxxxxxx, Lufkin & Jenrette Securxxxxx Xxxporation shxxx xxxxrt which shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-13 A-4 Rounding Account as such interest is earned pursuant to written instructions from Donaldson, Lufkin Xxxxxx Xxxxxxx & Jenrette Securxxxxx Xxxporation to xxx Xxxstee. Notwithstanding anything herein Co. Incorporated to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are made in accordance with the provisions set forth in Section 4.03D(b), an amount equal to the difference between $1,000 and the sum then held in the Rounding Account shall be paid from the Available Funds for such Distribution Date to the Rounding Account. Any funds then on deposit in such Class A-13 Rounding Account shall be distributed to Donaldson, Lufkin & Jenrette Secuxxxxxx Xxrporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2002-A12)