Common use of Rounding Account Clause in Contracts

Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Principal Balance of the Class 2-A-4 Certificates, funds on deposit in the Class 2-A-4 Rounding Account shall be, to the extent needed, withdrawn by the Securities Administrator and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Principal Balance to be made on the Class 2-A-4 Certificates. Rounding of such distribution on the Class 2-A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class 2-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 Principal Balance of the Class 2-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 Principal Balance of the Class 2-A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class 2-A-4 Certificates shall be applied first to repay any funds withdrawn from the Class 2-A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and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 Principal Balance of the Class 2-A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Principal Balance of the Class 2-A-4 Certificates has been reduced to zero. The Class 2-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 Morgan Stanley & Co. Incorporated, xxx Mxxxxx Xtanley & Co. Incorporated xxxxx xxxxxx all income, gain, deduction or loss with respect thereto. The Class 2-A-4 Rounding Account shall remain uninvested.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2004-3)

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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Principal Balance of the Class 2III-A-4 A-5 Certificates, funds on deposit in the Class 2III-A-4 A-5 Rounding Account shall be, to the extent needed, withdrawn by the Securities Trust Administrator and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Principal Balance to be made on the Class 2III-A-4 A-5 Certificates. Rounding of such distribution on the Class 2III-A-4 A-5 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class 2III-A-4 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 Principal Balance of the Class 2III-A-4 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 Principal Balance of the Class 2III-A-4 A-5 Certificates are to be made, the aggregate amount of such distributions allocable to the a Class 2III-A-4 Certificates A-5 Certificate shall be applied first to repay any funds withdrawn from the Class 2III-A-4 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 Principal Balance of the Class 2III-A-4 A-5 Certificates; this process shall continue on succeeding Distribution Dates until the Class Principal Balance of the Class 2III-A-4 A-5 Certificates has been reduced to zero. The Class 2III-A-4 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 Morgan Stanley & Co. Incorporated, xxx Mxxxxx Xtanley & Co. Incorporated xxxxx xxxxxx Credit Suisse First Boston Corporation. Credit Suisse First Boston Corporation shall report all income, gain, deduction or loss with respect thereto. The Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class 2Principal Balance of the Class III-A-4 A-5 Certificates will reduce the Class Principal Balance thereof to zero or in the event that distributions in reduction of the Class Principal Balance of the Class III-A-5 Certificates are made in accordance with the provisions set forth in Section 4.07(f), an amount equal to the difference between $1,000 and the sum then held in the Class III-A-5 Rounding Account shall remain uninvestedbe paid from the Available Distribution Amount for such Distribution Date to the Class III-A-5 Rounding Account. Any funds then on deposit in a Rounding Account shall be distributed to Credit Suisse First Boston Corporation.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse Fir Bo Sec Cor CSFB Mort Ps Th CRT Ser 2001-11)

Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Principal Certificate Balance of the Class 21-A-4 Certificates, funds on deposit in the Class 21-A-4 Rounding Account shall be, to the extent needed, withdrawn by the Securities Administrator Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Principal Certificate Balance to be made on the Class 21-A-4 Certificates. Rounding of such distribution on the Class 21-A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class 21-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 Principal Certificate Balance of the Class 21-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 Principal Certificate Balance of the Class 21-A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class 21-A-4 Certificates shall be applied first to repay any funds withdrawn from the Class 21-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 Principal Certificate Balance of the Class 21-A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Principal Certificate Balance of the Class 21-A-4 Certificates has been reduced to zero. The Class 21-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 Morgan Stanley & Co. Incorporated, xxx Mxxxxx Xtanley and Morgan Stanley & Co. Incorporated Incorpxxxxxx xxxxx xxxxxx xeport all income, gain, deduction or loss dxxxxxxox xx xxss with respect thereto. The Class 21-A-4 Rounding Account shall remain uninvested.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CWMBS Inc)

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Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Principal Balance of the Class 2-A-4 Certificates, funds on deposit in the Class 2-A-4 Rounding Account shall be, to the extent needed, withdrawn by the Securities Administrator and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Principal Balance to be made on the Class 2-A-4 Certificates. Rounding of such distribution on the Class 2-A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class 2-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 Principal Balance of the Class 2-A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date, prior to the earlier of (i) the Group D-B Credit Support Depletion Date and (ii) the date on which distributions in reduction of any loss is allocated to the Class Principal Balance of the Class 2IV-A-4 Certificates are by Pro Rata Allocation, with respect to which the Master Servicer determines that principal is required to be madedistributed to such Class pursuant to Section 4.05, the aggregate amount of such distributions allocable to the Class 2-A-4 Certificates shall principal will be applied first to repay any funds withdrawn from the Class 2-A-4 applicable Rounding Account and on prior Distribution Dates which have not previously been repaid, and then . If the remainder of such allocable amountaggregate amount of principal is not an amount equal to an integral multiple of $1,000, if any, the Master Servicer shall be similarly rounded upward and applied as distributions in reduction notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the Class Principal Balance of applicable Rounding Amount, and the Trustee shall withdraw from the applicable Rounding Account, to the extent funds are available therein, the amount so notified by the Master Servicer. Any amounts withdrawn by the Trustee from the Class 2-A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Principal Balance of the Class 2-A-4 Certificates has been reduced to zero. The Class 2IV-A-4 Rounding Account shall be an "outside reserve fund" under deposited in the REMIC Provisions that is beneficially owned Certificate Account for all federal income tax purposes by Morgan Stanley & Co. Incorporated, xxx Mxxxxx Xtanley & Co. Incorporated xxxxx xxxxxx all income, gain, deduction or loss distribution to the Holders of the Class IV-A-4 Certificates as described in the immediately preceding paragraph (and shall be deemed to have been distributed to the Class IV-A-4-L Regular Interest and deposited for its benefit into the Certificate Account in accordance with respect theretoSection 4.04). The Amounts on deposit in the Class 2IV-A-4 Rounding Account shall remain uninvestednot be invested. On the first Distribution Date after the earliest of (i) the Group D-B Credit Support Depletion Date, (ii) the date on which any loss is allocated to the Class IV-A-4 Certificates by Pro Rata Allocation and (iii) the date on which the Class IV-A-4 Principal Balance has been reduced to zero, the Trustee shall remit any amounts then remaining on deposit in the Class IV-A- 4 Rounding Account to the Holders of the Class R-2 Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (PNC Mortgage Securities Corp 1999-3)

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