Yield Maintenance Account Clause Samples
Yield Maintenance Account. On or prior to the Closing Date, the Securities Administrator shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Securities Administrator pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class 2-A3, Class 2-A4A, Class 2-A4B, Class 3-A2 and Class Y Certificates. Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Securities Administrator shall deposit all amounts received from the Yield Maintenance Provider under each Yield Maintenance Agreement into the Yield Maintenance Account immediately upon receipt. On each Distribution Date, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw from the Yield Maintenance Account (i) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 2-A3, Class 2-A4A and Class 2-A4B Certificates then on deposit therein and distribute such amounts in respect of any Basis Risk Shortfalls for such Classes on such Distribution Date, pro rata, based on amounts due, (ii) the Yield Maintenance Distributable Amount with respect to the Yield Maintenance Agreement related to the Class 3-A2 Certificates then on deposit therein, and distribute such amounts in respect of any Basis Risk Shortfalls for such Class on such Distribution Date, and (iii) any amounts remaining on deposit therein after distributions made pursuant to (i) and (ii) above, and distribute such amounts to the Class Y Certificates. Each of the Class 2-A3, Class 2-A4A, Class 2-A4B and Class 3-A2 Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement. For any Distribution Date on which there is a payment under a Yield Maintenance Agreement and such Yield Maintenance Payment exceeds the related Yield Maintenance Distributable Amount, the amount representing such excess payment 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 Y Certificates and shall be distributed to the Class Y Certificates pursuant to this Section 4.04. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a distribution equal to the sum of (i) such excess and (ii) the excess of the related Yield Maintenance Distributable Amou...
Yield Maintenance Account. On or prior to the Closing Date, the Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts received by the Trustee from the Cap Counterparty pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A Certificates. On each Distribution Date, the Trustee shall withdraw from the Yield Maintenance Account to the extent funds are available therein and in accordance with the statement received from the Servicer pursuant to Section 4.02(b), the Yield Maintenance Payment Amounts for the Class A Certificates for such Distribution Date, and deposit such amounts in the Certificate Account for payment to the related Class A Certificates pursuant to Section 4.04(a). Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. The Trustee shall withdraw from the Yield Maintenance Account and pay to itself any amounts remaining in the Yield Maintenance Account after the Final Yield Maintenance Payment Date. To the extent that it constitutes a “reserve fund” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Trustee, and the Trustee shall report all amounts of income, deduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Trustee. The Servicer shall deliver to the Trustee an annual statement showing (x) the amounts received by the Trustee, in its capacity as owner of the Yield Maintenance Account for income tax purposes, as payments on the Yield Maintenance Agreements, and (y) the amounts paid to Certificateholders from such amounts received. The Servicer shall indemnify the Trustee to the extent that any tax liability of the Trustee, in its capacity as owner of the Yield Maintenance Account for income tax purposes (including the amount of any tax liability resulting from the indemnity payment), exceeds the net funds (that is, the excess of the amount in clause (x) above over the amount in clause (y) above), if any, received by the Trustee from such account.
Yield Maintenance Account. (a) (i) In order to assure that sufficient amounts to make required distributions of interest to Certificateholders will be available, the Servicer shall establish and maintain with the Trustee a trust account: the "Yield Maintenance Account" which will include the money and other property deposited and held therein pursuant to this Section. Except as otherwise provided in this Agreement, the Yield Maintenance Account shall (A) be a segregated trust account initially established with the Trustee and maintained with the Trustee so long as the commercial paper or other short-term unsecured debt obligations of the Trustee have the Required Rating and (B) in the event that the commercial paper or other short-term unsecured debt obligations of the Trustee no longer have the Required Rating, the Servicer shall, with the assistance of the Trustee as necessary, cause the Yield Maintenance Account to be moved to (1) a segregated deposit account in a bank or trust company, the commercial paper or other short-term unsecured debt obligations of which shall have the Required Rating, or (2) a segregated trust account bearing a designation clearly indicating the funds deposited therein are held in trust for the benefit of the Class A Certificateholders and the Class B Certificateholders located in the corporate trust department of a depository institution or trust company (which may include the Trustee) having a long-term deposit rating from Moody's (so long as ▇▇▇▇▇'▇ is a Rating Agency) of at least ___ (or such lower rating as Moody's shall approve in writing) and corporate trust powers under applicable federal and state laws and organized under the laws of the United States or any state thereof, the District of Columbia or the Commonwealth of Puerto Rico. On or prior to the Closing Date, the Seller [or third party] shall deposit an amount equal to the Yield Maintenance Account Initial Deposit into the Yield Maintenance Account. In addition, on each subsequent Distribution Date, the Seller [or third party] shall, pursuant to the Yield Maintenance Agreement [and the Collateral Security Agreement] deposit an amount equal to the Additional Yield Maintenance Amount into the Yield Maintenance Account. The Yield Maintenance Account shall not be part of the Trust but instead will be held for the benefit of the Holders of the Class A Certificates and the Class B Certificates. The [Seller hereby acknowledges][third party, pursuant to the Collateral Security Agreement and the Yi...
Yield Maintenance Account. The separate Eligible Account designated as such and created and maintained by the Trust Administrator pursuant to Section 4.10 hereof. The Class 2-A-4 Yield Maintenance Account shall be treated as an “outside reserve fund” under applicable Treasury regulations and shall not be part of any REMIC.
Yield Maintenance Account. The Class 2-A-1 Yield Maintenance Account, Class 2-A-4 Yield Maintenance Account and the Class 4-A-3 Yield Maintenance Account.
Yield Maintenance Account. On or prior to the Closing Date, the Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts distributed pursuant to the Yield Maintenance Agreements shall be deposited for the benefit of the Class A (other than the Class 2-A-3 Certificates) and Class Y Certificates. On each Distribution Date, the Trustee shall withdraw from the Yield Maintenance Account the amounts on deposit therein, and deposit such amounts in the Certificate Account for payment to the related Class A (other than the Class 2-A-3 Certificates) and Class Y Certificates pursuant to Section 4.05(a). Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. To the extent that it constitutes a “reserve fund” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, deduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Yield Maintenance Account. On or prior to the Closing Date, the Trustee shall cause to be established and maintained the Yield Maintenance Account, into which amounts distributed pursuant to the Yield Maintenance Agreement shall be deposited for the benefit of the Class A and Class Y Certificates. On each Distribution Date, the Trustee shall withdraw from the Yield Maintenance Account the amounts on deposit therein, and deposit such amounts in the Certificate Account for payment to the Class A and Class Y Certificates pursuant to Section 4.04(a). Amounts on deposit in the Yield Maintenance Account shall not be invested and shall not be held in an interest-bearing account. To the extent that it constitutes a “reserve fund” for purposes of the REMIC Provisions, the Yield Maintenance Account established hereunder shall be an “outside reserve fund” as defined in Treasury Regulation 1.860G-2(h), and in that regard (i) such fund shall be an outside reserve fund and not an asset of any REMIC, (ii) such fund shall be owned for federal tax purposes by the Holder of the Class Y Certificates, and the Holder of the Class Y Certificates shall report all amounts of income, deduction, gain or loss accruing therefrom, and (iii) amounts transferred by the REMIC to the fund shall be treated as distributed by the REMIC to the Holder of the Class Y Certificates.
Yield Maintenance Account. (a) (i) In order to assure that sufficient amounts to make required distributions of interest to Noteholders and Certificateholders will be available, the Servicer shall establish and maintain with the Relevant Trustee a trust account (the "Yield Maintenance Account") which will include the money and other property deposited and held therein pursuant to this Section. Except as otherwise provided in this Agreement, the Yield Maintenance Account shall be a segregated trust account initially established and maintained as set forth in Section 4.01.
Yield Maintenance Account. The Eligible Account created hereunder pursuant to Section 4.7.
Yield Maintenance Account. The account maintained by the Securities Administrator pursuant to Section 4.08 which shall be entitled “Yield Maintenance Account, ▇▇▇▇▇ Fargo Bank, N.A., in trust for the registered Holders of ▇▇▇▇▇▇▇▇▇ Mortgage Securities Trust 2005-4, Mortgage Loan Pass-Through Certificates, Series 2005-4" and which must be an Eligible Account. Yield Maintenance Agreement: Each interest rate cap agreement, by and between the Yield Maintenance Counterparty and the Securities Administrator, including the ISDA Master Agreement between the Yield Maintenance Counterparty and the Securities Administrator, the schedule thereto and the related confirmations (Ref. No. IRG6899857, Ref. No. IRG6899868, Ref. No. IRG6899870 and Ref. No. IRG6899894), each dated as of December 22, 2005.