The Reserve Fund. (a) On the Closing Date, the Seller shall deposit $1,000 into the Reserve Fund. In addition, the Trustee shall hold the Cap Agreement as an asset in the Reserve Fund. The Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.
(b) On each Distribution Date on which there is a payment received by the Trustee under the Cap Agreement that is based on a notional amount in excess of the aggregate Class Principal Balance of the LIBOR Certificates (such amount, the “Class X Excess Cap Amount”), the Trustee shall not treat such payments as amounts on deposit in the Reserve Fund for purposes of determining the Reserve Fund Requirement for any Distribution Date. Any such Class X Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class X Certificateholders, and the Trustee shall distribute such amount to the Class X Certificateholders pursuant to Section 6.05(d)(ix). On each Distribution Date the Trustee shall distribute in the order of priority and to the extent specified in Section 6.05(d) and (e) of this Agreement the sum of (without duplication) (i) any payments made by the Cap Provider to the Trust Fund for such Distribution Date with respect to the Cap Agreement, (ii) any amounts then on deposit in the Reserve Fund, including any earnings thereon, in respect of the Cap Agreement (iii) any amounts in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) any amounts in respect of Loss Amounts, (v) any amounts in respect of Deferred Principal Amounts and (vi) any amounts in respect of Class F Shortfalls and Unpaid Class F Shortfalls. On each Distribution Date, any amounts that the Trustee is not required to distribute from the Reserve Fund pursuant to Section 6.05(d) and (e) of this Agreement shall remain on deposit in the Reserve Fund and shall be invested as provided in this Agreement.
(c) The Class X Certificate shall evidence ownership of the Reserve Fund for federal income tax purposes.
The Reserve Fund. The Securities Administrator shall establish and maintain in the name of the Securities Intermediary for the benefit of the Indenture Trustee and the Noteholders the Reserve Fund which shall be an Eligible Account. Amounts deposited into the Reserve Fund pursuant to Section 5.01(f)(i) may be invested in Permitted Investments for the benefit of the Securityholders at the written direction of Txxxxxxxx to the Securities Administrator (or, if no such written direction is received, in investments of the type specified in clause (vi) of the definition of Permitted Investments (which investments shall mature on or before, and shall be held until, the next succeeding Payment Date). Any risk of loss of moneys resulting from such Permitted Investments shall be borne by, and be the risk of Txxxxxxxx and Txxxxxxxx shall deposit the amount of any such loss in the Reserve Fund within two Business Days of receipt of notification of such loss from the Securities Administrator, but not later than the Business Day prior to the next succeeding Payment Date. The Securities Administrator will keep records by Mortgage Loan Group of the source of deposits made into the Reserve Fund pursuant to Section 5.01(f)(i). Amounts on deposit in the Reserve Fund will be applied in accordance with Section 5.01(f)(i).
The Reserve Fund. (a) On the Closing Date, the Seller shall deposit $1,000 into the Reserve Fund. In addition, the Trustee shall hold the Cap Agreement as an asset in the Reserve Fund. The Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement.
(b) On each Distribution Date the Trustee shall distribute in the order of priority and to the extent specified in Section 6.05(d) and (e) of this Agreement the sum of (without duplication) (i) any payments made to the Trust Fund for such Distribution Date with respect to the Cap Agreement, (ii) any amounts then on deposit in the Reserve Fund, including any earnings thereon, in respect of the Cap Agreement (iii) any amounts in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) any amounts in respect of Loss Amounts and (v) any amounts in respect of Deferred Principal Amounts . On any Distribution Date, any amounts that the Trustee is not required to distribute from the Reserve Fund pursuant to Section 6.05(d) and (e) of this Agreement shall remain on deposit in the Reserve Fund and shall be invested as provided in this Agreement.
(c) The Class X Certificate shall evidence ownership of the Reserve Fund for federal income tax purposes.
The Reserve Fund. On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the Group 1 Certificates, the Group 1 Reserve Fund and shall deposit $1,000 therein upon receipt of such amount from or on behalf of the Underwriter. On each Distribution Date, the Securities Administrator shall transfer from the Distribution Account to the Group 1 Reserve Fund the amounts specified pursuant to Section 5.02(a)(1)(C)(viii). Any such amounts transferred shall be treated for federal tax purposes as amounts distributed to the Holders of the Class OC Certificates. On each Distribution Date, to the extent required, the Securities Administrator shall withdraw amounts in the Group 1 Reserve Fund to make distributions to the Classes of Group 1 Certificates in accordance with the priorities set forth in Section 5.02(a)(1)(C) (viii). On the Distribution Date on which the termination of the Group 1 Certificates occurs pursuant to Section 7.02, after making all distributions required in connection with the Group 1 Certificates, the Securities Administrator shall withdraw from the Group 1 Reserve Fund (to the extent of funds available on deposit therein) any remaining amounts and distribute them to the Holders of the Class OC Certificates. The Group 1 Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Securities Administrator on behalf of the Trustee pursuant to this Agreement. Amounts held in the Group 1 Reserve Fund from time to time shall continue to constitute assets of the Trust Fund, but not of any REMIC created under this Agreement, until released from the Group 1 Reserve Fund pursuant to this Section 5.10. The Group 1 Reserve Fund constitutes an "outside Reserve Fund" within the meaning of Treasury Regulation ss. 1.860G-2(h) and is not an asset of any REMIC. The Holders of the Class OC Certificates shall be the owner of the Group 1 Reserve Fund. The Securities Administrator shall keep records that accurately reflect the funds on deposit in the Group 1 Reserve Fund. Funds in 124 the Group 1 Reserve Fund may be invested in Permitted Investments at the written direction of the Majority of the Holders of the Class OC Certificates, which Permitted Investments shall mature not later than the Business Day immediately preceding the first Distribution Date that follows the...
The Reserve Fund. (a) The Class 1-A-1
The Reserve Fund. (a) The Trustee, for the benefit of the Series 2001-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Series 2001-1 Certificateholders, a segregated trust account (the "Reserve Fund") within its corporate trust department, which shall be a Qualified Account within the meaning of clause (a) of the definition thereof, and which shall bear a designation clearly indicating that such account is the Reserve Fund and that the funds deposited therein are held in trust for the benefit of the Series 2001-1 Certificateholders. The Reserve Fund may have one or more subaccounts which shall also be so designated and each such subaccount may be either a "deposit account" or a "securities account" (as defined in the UCC as in effect from time to time in Illinois). The Transferor does hereby transfer, assign, set-over, and otherwise convey to the Trust, for the benefit of the Series 2001-1 Certificateholders, without recourse, all of its right, title and interest in, to and under the Reserve Fund, including without limitation (i) all monies, funds and amounts deposited into or credited to the Reserve Fund from time to time, (ii) all Cash Equivalents in which amounts in the Reserve Fund are invested or which are otherwise credited to the Reserve Fund, (iii) any interest and investment earnings on any such deposited or credited amounts, and (iv) all proceeds of the foregoing. The Trustee shall possess all right, title and interest in, to and under all property described in the preceding sentence. The Reserve Fund shall, except as otherwise provided herein, be under the sole dominion and control of the Trustee for the benefit of the Series 2001-1 Certificateholders. Pursuant to subsection 3.1(b) of the Agreement, the Servicer shall have the power, revocable by the Trustee upon the occurrence of a Servicer Default pursuant to Section 10.1 of the Agreement or upon the occurrence of a Pay-Out-Event, to instruct the Trustee in writing pursuant to the Daily Report or otherwise to make withdrawals from the Reserve Fund for the purpose of carrying out the Servicer’s or the Trustee’s duties under the Agreement and this Series Supplement. If, at any time, the Reserve Fund ceases to be a Qualified Account by reason of the Trustee holding such account, then the Trustee shall establish within 10 Business Days a new Reserve Fund as a Qualified Account and otherwise meeting the conditions specified above (provided that the insti...
The Reserve Fund. (a) On the Closing Date, there is hereby established a separate trust (the "Supplemental Interest Trust"), the assets of which shall consist of the Reserve Fund and the Securities Administrator's rights and obligations under the Corridor Contract. The Securities Administrator shall establish and maintain the Reserve Fund, a separate trust account for the benefit of the holders of the Class 1-A-1 Certificates (the "Reserve Fund") on behalf of the trustee of the Supplemental Interest Trust, into which the Depositor shall cause to be deposited $1,000 on the Closing Date. The Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Securities Administrator, on behalf of the Trustee, held pursuant to this Agreement. The Supplemental Interest Trust shall not be an asset of any REMIC. For the avoidance of doubt, any amounts paid from the Reserve Fund to the Class 1-A-1 Certificates shall be deemed to have been distributed from the Supplemental Interest Trust.
(b) On each Distribution Date, the Securities Administrator shall deposit into the Reserve Fund all amounts received in respect of the Corridor Contract for the related Interest Accrual Period.
The Reserve Fund. The Securities Administrator shall establish and maintain in the name of the Securities Intermediary for the benefit of the Indenture Trustee and the Senior Noteholders, the Reserve Fund which shall be an Eligible Account. If the Reserve Fund ceases to be an Eligible Account, the Securities Administrator shall establish a new Reserve Fund that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in the existing Reserve Fund into such new Reserve Fund. Amounts on deposit in the Reserve Fund shall remain uninvested. The Securities Administrator will keep records by Loan Group of the source of deposits made into the Reserve Fund pursuant to Section 5.01(f)(i). Amounts on deposit in the Reserve Fund will be withdrawn by the Securities Administrator on each Payment Date and applied in accordance with Section 5.01(f)(ii) prior to giving effect to amounts otherwise distributable as principal on the Notes in accordance with Section 5.01(f)(ii). The Reserve Fund may be a sub-account of the Class I-A-X Reserve Fund.
The Reserve Fund. The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Reserve Fund and made in accordance with this Section 3A.02.
The Reserve Fund. Securities Intermediary shall not be bound to make any investigation into the facts or matters stated in any resolution, order, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document.
