Establishment of Certain Accounts. (a) (i) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account as an asset of the Supplemental Interest Trust, on behalf of the Class X Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the LIBOR Certificateholders any Basis Risk Carryover Amounts. The Excess Reserve Fund Account shall be funded on the Closing Date with an initial deposit of $1,000 by the Depositor.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2007-He1), Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Establishment of Certain Accounts. (a) (i) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account as an asset of the Supplemental Interest Trust, on behalf of the Class X Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the LIBOR Certificateholders and the Class A-IO Certificateholders any Basis Risk Carryover Amounts. The Excess Reserve Fund Account shall be funded on the Closing Date with an initial deposit of $1,000 by the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2)
