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. 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 A-1A, Class X-0X, Xxxxx X-0X, Xxxxx X-0X 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. On each Distribution Date, the Securities Administrator shall withdraw from the Yield Maintenance Account the Yield Maintenance Distributable Amounts then on deposit therein, and deposit such amounts in the Distribution Account for payment to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates. With respect to each Distribution Date on which a Yield Maintenance Payment is received under a Yield Maintenance Agreement, the Securities Administrator, as Paying Agent for the Trustee, will pay to the related Certificateholders from the Yield Maintenance Distributable Amount, up to the amount of Current Interest that each such Class would have been entitled to receive had the applicable note interest rate been calculated at the lesser of (a) One-Month LIBOR plus the applicable margin for the related Accrual Period and (b) 10.50% per annum, to the extent not paid out of the Available Funds for such Payment Date. Each of the Class A-1A, Class A-1B, Class A-2A and Class A-2B will only receive payment from amounts received from the related Yield Maintenance Agreement. Any amounts remaining in the Distribution Account after distributions are made to the Class A-1A, Class A-1B, Class A-2A and Class A-2B Certificates from the Yield Maintenance Distributable Amounts shall be distributed to the Class X-2 Certificates. 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 4.05. Under each Yield Maintenance Agreement and for each Distribution Date, the Class Y Certificates shall be entitled to a payment equal to the product of (i) the excess, if any, of (...
Yield Maintenance Account. The separate Eligible Account designated as such and created and maintained by the Trust Administrator pursuant to Section 4.11 hereof. The Class 4-A-3 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. 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, Senior Subordinate 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, Senior Subordinate 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. 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. (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. (1) 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. (a) On or prior to the Closing Date, the Issuer shall cause to have deposited an amount equal to the Yield Maintenance Amount into the Yield Maintenance Account from the net proceeds of the sale of the Notes. On each Determination Date, the Servicer shall recalculate the Yield Maintenance Amount. Amounts held in the Yield Maintenance Account shall be invested by the Indenture Trustee in Eligible Investments pursuant to 5.02(b)(vii). Upon termination of this Agreement pursuant to Section 9.01, any amounts on deposit in the Yield Maintenance Account, after payments of amounts due to the Noteholders, shall be paid to the Certificateholders.
(b) On each Determination Date, by delivery of a Servicer's Certificate pursuant to Section 4.09, the Servicer shall notify the Indenture Trustee of the Yield Maintenance Deposit Amount for the related Distribution Date. No later than 12:00 noon, New York City time, on the Business Day prior to the related Distribution Date, the Indenture Trustee shall withdraw from the Yield Maintenance Account an amount equal to the Yield Maintenance Deposit Amount and deposit such amount into the Collection Account.
(c) To the extent that the amount on deposit in the Yield Maintenance Account exceeds the Yield Maintenance Amount for the related Distribution Date, such excess shall be deposited one Business Day prior to the related Distribution Date into the Certificate Distribution Account.
