Basis Risk Reserve Fund Sample Clauses
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Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the holders of the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A, Class 2-A2B, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, a Basis Risk Reserve Fund. The Basis Risk 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. The Basis Risk Reserve Fund shall not be an asset of any REMIC established hereby.
(b) On each Distribution Date, Monthly Interest Distributable Amounts that would otherwise be distributable with respect to the X-2 IO Component of the Class X-2 Certificates shall instead be deposited in the Basis Risk Reserve Fund to the extent of the Required Reserve Fund Deposit.
(c) On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw first from the Yield Maintenance Account, the amount of such Basis Risk Shortfall for distribution on such Distribution Date pursuant to Section 4.05 and Section 5.01(a)(v), and then from Basis Risk Reserve Fund, the amount of any such remaining Basis Risk Shortfall for distribution on such Distribution Date pursuant to Section 5.01(a)(iv). If on any Distribution Date the amount on deposit in the Basis Risk Reserve Fund is not sufficient to make a full distribution of the Basis Risk Shortfall with respect to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates remaining after application of funds available therefor in the Yield Maintenance Account, the Securities Administrator shall withdraw the entire amount on deposit in the Basis Risk Reserve Fund and distribute such amount to such Classes of Certificates on a pro rata basis. On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, the Securities Administrator, after making the distributions described in the immediately preceding paragraph to the Class 1-A1A, Class 2-A1A, Class 2-A1B, Class 2-A2A and Class 2-A2B Certificates, distribute the lesser of any amounts remaining on deposit in...
Basis Risk Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk 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 Trustee pursuant to this Agreement.
(b) On the Closing Date, $5,000.00 will be deposited by the Depositor into the Basis Risk Reserve Fund. On each Distribution Date, the Trustee shall transfer from the Certificate Account to the Basis Risk Reserve Fund pursuant to Section 4.02(e)(xiii) the Required Basis Risk Reserve Fund Deposit. Amounts on deposit in the Basis Risk Reserve Fund shall be withdrawn by the Trustee in connection with any Distribution Date to fund the amounts required to be distributed to holders of the LIBOR Certificates in respect of Basis Risk Shortfalls. Any distributions of Monthly Excess Cashflow to the holders of the LIBOR Certificates pursuant to Sections 4.02(e)(xiii)(A)-(L) shall be deemed to have been deposited in the Basis Risk Reserve Fund and paid to such holders. On any Distribution Date, any amounts on deposit in the Basis Risk Reserve Fund in excess of the Required Basis Risk Reserve Fund Amount shall be distributed to the Class X Certificateholder pursuant to Section 4.02(e)(xv).
(c) Funds in the Basis Risk Reserve Fund may be invested in Eligible Investments by the Trustee at the direction of the holders of the Class X Certificates maturing on or prior to the next succeeding Distribution Date. Any net investment earnings on such amounts shall be payable to the holders of the Class X Certificates. The Trustee shall account for the Basis Risk Reserve Fund as an outside reserve fund within the meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal tax purposes and the Holders thereof shall direct the Trustee in writing as to the investment of amounts therein. The Trustee shall treat amounts transferred by the Master REMIC to the Basis Risk Reserve Fund as distributions to the Class X Certificateholder for all federal tax purposes. In the absence of such written direction, all funds in the Basis Risk Reserve Fund shall remain uninvested. The Trustee shall have no liability for losses on i...
Basis Risk Reserve Fund. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Basis Risk Reserve Fund, JPMorgan Chase Bank, N.A., as trustee, in trust for registered Holders of Bear Stearns Asset Backed Securities Trust 2005-1, Asset-Backed Certificates, ▇▇▇▇▇s 2005-1." The Trustee shall, promptly upon receipt, deposit in the Basis Risk Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Trustee. On each Distribution Date, the Trustee will, to the extent of any remaining Net Monthly Excess Cashflow and any remaining Excess Yield Maintenance Amount following the distribution of any remaining Net Monthly Excess Cashflow and any remaining Excess Yield Maintenance Amount on such Distribution Date as set forth in Section 5.04(a)(iii) clauses first through third, deposit any remaining Net Monthly Excess Cashflow and any remaining Excess Yield Maintenance Amount in the Basis Risk Reserve Fund. On each Distribution Date as to which there is a Basis Risk Carry Forward Amount payable to the Holders of the Class A Certificates, the Trustee has been directed by the Class B-IO Certificateholders to, and therefore will, deposit into the Basis Risk Reserve Fund the amounts set forth in clause fifth of Section 5.04(a)(iii), rather than distributing such amounts to the Class B-IO Certificateholders. On any such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Class A Certificates, and will distribute such 77 amounts to the Holders of such Class A Certificates as set forth in clause fifth of Section 5.04(a)(iii). On each Distribution Date as to which there is a Basis Risk Carry Forward Amount payable to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, the Trustee has been directed by the Class B-IO Certificateholders to, and therefore will, deposit into the Basis Risk Reserve Fund the amounts set forth in clause sixth of Section 5.04(a)(iii), rather than distributing such amounts to the Class B-IO Certificateholders. On any such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the applicable Class M Certificates, and will distribute such amounts to the Holders of such Class M Certificates as set forth in clause sixth of Section 5.04(a)(iii). For federal and state income tax purposes, the Class B-IO Certificateholders will be deemed to be the...
Basis Risk Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the holders of the Certificates, a Basis Risk Reserve Fund, into which ▇▇▇▇▇▇ Brothers Holdings Inc. (“LBH”) shall deposit $1,000. The Basis Risk 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) The Trustee shall make withdrawals from the Basis Risk Reserve Fund to make distributions pursuant to Section 5.02(g)(iii) hereof in accordance with the Distribution Date reports prepared by the Securities Administrator.
(c) Funds in the Basis Risk Reserve Fund shall be invested in Eligible Investments. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and LBH on behalf of the Holder thereof shall direct the Trustee, in writing, as to investment of amounts on deposit therein. LBH shall be liable for any losses incurred on such investments. In the absence of written instructions from LBH as to investment of funds on deposit in the Basis Risk Reserve Fund, such funds shall be invested in the U.S. Bank First American Prime Obligation Fund.
Basis Risk Reserve Fund. The separate Eligible Account created and initially maintained by the Trust Administrator pursuant to Section 4.08 in the name of the Trust Administrator, as agent for the Trustee, for the benefit of the Certificateholders and designated “Bank One, National Association in trust for registered holders of Credit Suisse First Boston Mortgage Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AR5.” Funds in the Basis Risk Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.
Basis Risk Reserve Fund. A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs for the benefit of the Group 2 Certificates.
Basis Risk Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the holders of the Certificates, a Basis Risk Reserve Fund. The Basis Risk 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) [Reserved]
(c) Funds in the Basis Risk Reserve Fund shall be invested in Eligible Investments. The Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and LBH, on behalf of the Holders thereof, shall direct the Trustee, in writing, as to investment of amounts on deposit therein. LBH shall be liable for any losses incurred on such investments. In the absence of written instructions from LBH as to investment funds on deposit in the Basis Risk Reserve Fund, such funds shall remain uninvested.
Basis Risk Reserve Fund. The separate Eligible Account created and initially maintained by the Trust Administrator pursuant to Section 4.12 in the name of the Trust Administrator for the benefit of the Certificateholders and designated “▇▇▇▇▇ Fargo Bank, N.A., as Trust Administrator in trust for registered holders of Credit Suisse First Boston Mortgage Securities Corp., Mortgage-Backed Trust Series 2007-3, Mortgage-Backed Pass-Through Certificates, Series 2007-3.” The Basis Risk Reserve Fund shall not be part of any REMIC. Funds in the Basis Risk Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.
Basis Risk Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and maintain in its name, in trust for the benefit of the holders of the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, a Basis Risk Reserve Fund. The Basis Risk 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. The Basis Risk Reserve Fund shall not be an asset of any REMIC established hereby.
(b) On each Distribution Date, other than the Distribution Date following the optional purchase of the Mortgage Loans pursuant to Section 10.01, Net Monthly Excess Cashflow shall be deposited in the Basis Risk Reserve Fund to the extent of the Required Reserve Fund Deposit pursuant to Section 5.01(a)(v)(U).
(c) On any Distribution Date for which a Basis Risk Shortfall exists with respect to the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, the Securities Administrator, as Paying Agent for the Trustee, shall withdraw from the Basis Risk Reserve Fund, the amount of any such remaining Basis Risk Shortfall for distribution on such Distribution Date to the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B and Class 2A-1C any related Basis Risk Shortfall for such Distribution Date on a pro rata basis, based on the respective amounts of Basis Risk Shortfalls for such Distribution Date and then sequentially to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates in that order up to the amount of Basis Risk Shortfalls due each such Class for such Distribution Date.
(d) Funds in the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit of the Class C Certificateholders. The Class C Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal income tax purposes and the Holders thereof shall direct the Trustee, in writing, as to investment of amounts on deposit therein. The Class C Certificateholder(s) shall be liable for any losses i...
Basis Risk Reserve Fund. Any fund created hereunder and held as part of the Trust Fund but not as part of any REMIC created hereunder, to provide a source for payments of Cap Carryover Amounts.