Common use of Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund Clause in Contracts

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class I-X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1, Class I-M, Class I-B-1, Class I-B-2 and Class I-B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent Trustee shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class MA-2, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent Trustee shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent Trustee by the Mortgage Loan Seller. On each Distribution Date, the Paying Agent Trustee shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B5.01(e). On each Distribution Date, to the extent required, the Paying Agent Trustee shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class MA-2, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III II to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class X-0X, Xxxxx X-0, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the SellerDepositor. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X X-1 Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III II to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.

Distribution of Carryover Shortfall Amount; Carryover Shortfall Reserve Fund. (a) On the Closing Date, the Paying Agent shall establish and maintain in its name, in trust for the benefit of Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates, the Carryover Shortfall Reserve Fund. The Paying Agent shall, promptly upon receipt, deposit in the Carryover Shortfall Reserve Fund an amount equal to $5,000 to be remitted on the Closing Date to the Paying Agent by the Seller. On each Distribution Date, the Paying Agent shall transfer from the Distribution Account to the Carryover Shortfall Reserve Fund the amounts specified pursuant to Section 6.01(a)(A) and (B). On each Distribution Date, to the extent required, the Paying Agent shall make withdrawals from the Carryover Shortfall Reserve Fund and use the amounts in the Carryover Shortfall Reserve Fund to make distributions to the Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates, in an amount equal to the amount of any Carryover Shortfall Amount on such Certificate. Any such amounts transferred shall be treated for federal tax purposes as amounts distributed by REMIC III to the Class X Certificateholders as transferee thereof. For federal tax return and information reporting purposes, the rights of the Holders of the Class I-AA-1A, Class MA-1B, Class A-2, Xxxxx X, Xxxxx B-1, Class B-2 and Class B-3 Certificates to receive such distributions shall be assigned a value determined by the Depositor and reported by it to the Securities Administrator.