Common use of Staged-Funding Contract Reserve Account Clause in Contracts

Staged-Funding Contract Reserve Account. (a) The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2002-1." (b) Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(1) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) If the Originator fails to satisfy its obligations under Section 3.06(c)(2) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(2), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(2). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(2).

Staged-Funding Contract Reserve Account. (a) a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(t). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022000-16." (b) b. Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(13.06(c)(i) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator Seller that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) c. If the Originator fails to satisfy its obligations under Section 3.06(c)(23.06(c)(ii) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(23.06(c)(ii), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(23.06(c)(ii). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) d. The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(23.06(c)(ii). Funds in the Staged-Funding Contract Reserve Account shall, at the direction of the Originator, be invested in Eligible Investments that mature no later than the Funding Termination Date. All net income and gain from such investments shall be distributed to the Originator on the Funding Termination Date. Any losses on such investments shall be deposited in the Staged-Funding Contract Reserve Account by the Originator out of its own funds immediately as realized. All amounts earned on amounts on deposit in the Staged-Funding Contract Reserve Account shall be taxable to the Originator. e. Any funds remaining in the Staged-Funding Contract Reserve Account after the Funding Termination Date shall be distributed to the Originator.

Staged-Funding Contract Reserve Account. (a) a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(t). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022000-15." (b) b. Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(13.06(c)(i) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator Seller that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) c. If the Originator fails to satisfy its obligations under Section 3.06(c)(23.06(c)(ii) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(23.06(c)(ii), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(23.06(c)(ii). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) d. The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(23.06(c)(ii). Funds in the Staged-Funding Contract Reserve Account shall, at the direction of the Originator, be invested in Eligible Investments that mature no later than the Funding Termination Date. All net income and gain from such investments shall be distributed to the Originator on the Funding Termination Date. Any losses on such investments shall be deposited in the Staged-Funding Contract Reserve Account by the Originator out of its own funds immediately as realized. All amounts earned on amounts on deposit in the Staged-Funding Contract Reserve Account shall be taxable to the Originator. e. Any funds remaining in the Staged-Funding Contract Reserve Account after the Funding Termination Date shall be distributed to the Originator.

Staged-Funding Contract Reserve Account. (a) The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(xix). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2002-12." (b) Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(1) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) If the Originator fails to satisfy its obligations under Section 3.06(c)(2) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(2), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(2). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(2).

Staged-Funding Contract Reserve Account. (a) a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(r). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022000-14." (b) b. Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(13.06(c)(i) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator Seller that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) c. If the Originator fails to satisfy its obligations under Section 3.06(c)(23.06(c)(ii) hereof the Trustee shall withdraw the Unfunded Contract Shortfall from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(2), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(23.06(c)(iii). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) d. The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(23.06(c)(ii). Funds in the Staged- Funding Contract Reserve Account shall, at the direction of the Originator, be invested in Eligible Investments that mature no later than the Funding Termination Date. All net income and gain from such investments shall be distributed to the Originator on the Funding Termination Date. Any losses on such investments shall be deposited in the Staged-Funding Contract Reserve Account by the Originator out of its own funds immediately as realized. All amounts earned on amounts on deposit in the Staged-Funding Contract Reserve Account shall be taxable to the Originator. e. Any funds remaining in the Staged-Funding Contract Reserve Account after the Funding Termination Date shall be distributed to the Originator.

Staged-Funding Contract Reserve Account. (a) The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022001-14." (b) Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(1) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) If the Originator fails to satisfy its obligations under Section 3.06(c)(2) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(2), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(2). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(2).

Staged-Funding Contract Reserve Account. (a) a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(s). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022001-13." (b) b. Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(13.06(c)(i) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) c. If the Originator fails to satisfy its obligations under Section 3.06(c)(23.06(c)(ii) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(23.06(c)(ii), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(53.06(c)(v) in the amount of such deficiency, deficiency and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(23.06(c)(ii). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) d. The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(23.06(c)(ii). Funds in the Staged-Funding Contract Reserve Account shall, at the direction of the Originator, be invested in Eligible Investments that mature no later than the Funding Termination Date. All net income and gain from such investments shall be distributed to the Originator on the Funding Termination Date. Any losses on such investments shall be deposited in the Staged-Funding Contract Reserve Account by the Originator out of its own funds immediately as realized. All amounts earned on amounts on deposit in the Staged-Funding Contract Reserve Account shall be taxable to the Originator. e. Any funds remaining in the Staged-Funding Contract Reserve Account after the Funding Termination Date shall be distributed to the Originator.

Staged-Funding Contract Reserve Account. (a) The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022001-12, and the Certificate Insurer." (b) Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(1) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator Seller that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) If the Originator fails to satisfy its obligations under Section 3.06(c)(2) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(2), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(2). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(2).

Staged-Funding Contract Reserve Account. (a) a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(xx2.02(t). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 20022001-1." (b) b. Upon receipt by the Trustee of an Officer's Certificate pursuant to Section 3.06(c)(13.06(c)(i) to the effect that one or more Staged-Funding Contracts have been fully disbursed in accordance with the terms of such Contract, on or before the Funding Termination Date, the Trustee shall release to the Originator Seller that portion of the funds held in the Staged-Funding Contract Reserve Account attributable to those Staged-Funding Contracts (as specified in such Officer's Certificate). (c) c. If the Originator fails to satisfy its obligations under Section 3.06(c)(23.06(c)(ii) hereof the Trustee shall withdraw from the Staged-Funding Contract Reserve Account that amount necessary to satisfy the Originator's obligations under Section 3.06(c)(23.06(c)(ii), and if the funds withdrawn from the Staged-Funding Contract Reserve Account are insufficient to satisfy such obligations, the Trustee shall demand payment under the demand note delivered pursuant to Section 3.06(c)(5) in the amount of such deficiency, and shall apply said funds in the fashion provided in the second sentence in Section 3.06(c)(23.06(c)(ii). Any amount so applied shall be deposited in the Certificate Account and treated for all purposes under this Agreement as an amount paid by the Originator to repurchase Contracts under Section 3.06(c). (d) d. The Staged-Funding Contract Reserve Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Staged-Funding Contract Reserve Account. The Originator shall be the beneficial owner of the Staged-Funding Contract Reserve Account, subject to the foregoing power of the Trustee to apply amounts in the Staged-Funding Contract Reserve Account to satisfy the obligations of the Originator under Section 3.06(c)(23.06(c)(ii). Funds in the Staged-Funding Contract Reserve Account shall, at the direction of the Originator, be invested in Eligible Investments that mature no later than the Funding Termination Date. All net income and gain from such investments shall be distributed to the Originator on the Funding Termination Date. Any losses on such investments shall be deposited in the Staged-Funding Contract Reserve Account by the Originator out of its own funds immediately as realized. All amounts earned on amounts on deposit in the Staged-Funding Contract Reserve Account shall be taxable to the Originator. e. Any funds remaining in the Staged-Funding Contract Reserve Account after the Funding Termination Date shall be distributed to the Originator.