Net WAC Rate Carryover Reserve Account Sample Clauses

Net WAC Rate Carryover Reserve Account. No later than the Closing Date, the Trust Administrator shall establish and maintain with itself a separate, segregated trust account titled, “Xxxxx Fargo Bank, N.A., as Trust Administrator, in trust for the registered holders of MASTR Second Lien Trust 2006-1, Mortgage Pass-Through Certificates, Series 2006-1—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01(b). On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates and/or the Mezzanine Certificates, the Trust Administrator has been directed by the Class CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(b)(iii), rather than distributing such amounts to the Class CE Certificateholders. On each such Distribution Date, the Trust Administrator shall hold all such amounts for the benefit of the Holders of the Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Class A Certificates and the Mezzanine Certificates, as applicable, in the amounts and priorities set forth in Section 4.01(b). For federal and state income tax purposes, the Class CE Certificateholders will be deemed to be the owner of the Net WAC Rate Carryover Reserve Account. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed to the Holder of the Class CE Interest. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust and distributed to the Trust Administrator or its designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust but not part of any REMIC and any payments to the Holders of the Class A Certificates and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the T...
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Deutsche Bank National Trust Company, as Trustee, in trust for the registered Holders of Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2003-13." On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. In addition, the Trustee shall deposit into the Net WAC Rate Carryover Reserve Account any payments received by it under the Cap Contracts for the benefit of the Holders of the Adjustable-Rate Certificates.
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Wells Fargo Bank, N.A., as Xxxxxee, in trust for the registered Holders of Park Place Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2."
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, “Net WAC Rate Carryover Reserve Account, Deutsche Bank National Trust Company, as Trustee, in trust for the registered holders of New Century Mortgage Securities, Inc., New Century Home Equity Loan Trust, Series 2005-A, Asset Backed Pass-Through Certificates.” The amount on deposit in the Net WAC Rate Carryover Reserve Account will consist of (i) any payments received by the Trustee under the Cap Contract and deposited into the Net WAC Rate Carryover Reserve Account and (ii) any amounts deposited into the Net WAC Rate Carryover Reserve Account pursuant to Section 4.01(a)(4). All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates in the manner set forth in Section 4.01(a)(4).
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trust Administrator shall establish and maintain a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Citibank, N.A., as Trust Administrator, in trust for the registered holders of Citigroup Mortgage Loan Trust, Asset-Backed Pass-Through Certificates, Series 2006-WFHE1."
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Paying Agent shall establish and maintain a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Citibank, N.A., as Paying Agent, in trust for the registered holders of Citigroup Mortgage Loan 103 Trust, Mortgage Pass-Through Certificates, Series 2004-HYB4." On the Closing Date, the Depositor shall deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000.
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Trust Administrator shall establish and maintain with itself, as agent for the Trustee, a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Wells Fargo Bank Minnesxxx, National Association, as Trust Administrator, for HSBC Bank USA, as Trustee, in trust for the registered holders of Citigroup Mortgage Loan Trust Inc., Asset-Backed Pass-Through Certificates, Series 2003-HE3." Any payments received by the Trust Administrator under the Cap Contract shall be deposited by the Trust Administrator into the Net WAC Rate Carryover Reserve Account.
Net WAC Rate Carryover Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Deutsche Bank National Trust Company, as Trustee, in trust for registered Holders of Fremont Home Loan Trust 2003-3, Asset-Backed Certificates, Series 0000-0." Xx the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Rate Carryover Reserve Account $1,000. On each Distribution Date, the Trustee has been directed by the Class C Certificateholders to, and therefore shall, deposit into the Net WAC Rate Carryover Reserve Account the sum of (A) the excess, if any, of $1,000 over the amount on deposit therein (exclusive of any amounts therein representing any investment income on such reserve account) and (B) the aggregate of any Net WAC Rate Carryover Amounts for the Class A Certificates and Mezzanine Certificates, rather than distributing such amounts to the Class C Certificateholders. On each such Distribution Date, the Trustee shall hold all such amounts for the benefit of the Holders of the Class A Certificates and the Mezzanine Certificates, and shall distribute the aggregate Net WAC Rate Carryover Amount, if any, for such Distribution Date from the Net WAC Rate Carryover Reserve Account to the Holders of the Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(e). On each Distribution Date, any amounts remaining in the Net WAC Rate Reserve Account (other than $1,000 as set forth above) after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates for such Distribution Date, shall be retained in the Net WAC Rate Carryover Reserve Account. On the Distribution Date on which the Certificate Principal Balances of the Class A Certificates and Mezzanine Certificates have been reduced to zero, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and Mezzanine Certificates for such Distribution Date, and on each Distribution Date thereafter, the Trustee shall withdraw any amount on deposit in the Net WAC Rate Carryover Reserve Account and shall distribute such amount to the Holders of the Class C Certificates. In addition, upon any earlier termination of the Trust, after the payment of any Net WAC Rate Carryover Amounts on the Class A Certificates and the Mezzanine Certificates, the Trustee shall withdraw any amount on deposit...
Net WAC Rate Carryover Reserve Account. No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Deutsche
Net WAC Rate Carryover Reserve Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain with itself, a separate, non-interest bearing trust account titled, “Net WAC Rate Carryover Reserve Account, Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the registered holders of GreenPoint Mortgage Funding Trust 2005-HE4, Asset-Backed Notes, Series 2005-HE4.”