Common use of Net WAC Rate Carryover Reserve Account Clause in Contracts

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 Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-W11." The Trustee shall deposit into the Net WAC Rate Carryover Reserve Account any payments received by it (i) under the Cap Contracts for the benefit of the Holders of the Adjustable-Rate Certificates and (ii) pursuant to Section 4.01(a)(4)(iv). (b) On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates or the Mezzanine Certificates, the Trustee has been directed by the Class CE Certificateholders to, and therefore shall, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts received under the Cap Contracts, rather than distributing such amounts to the Class CE 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 such amounts to the Holders of the Class A Certificates and the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). (c) For federal and state income tax purposes, the Class CE Certificateholders shall be deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all

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, itself a separate, segregated trust account titled, "Net WAC Rate Carryover Reserve Account, Deutsche ▇▇▇▇▇ Fargo Bank Minnesota, National Trust CompanyAssociation, as Trustee, in trust for the registered Holders of Argent Securities Inc.Option One Mortgage Loan Trust 2003-3, Asset-Backed Pass-Through Certificates, Series 2004▇▇▇▇-W11▇." The Trustee shall deposit ▇▇ 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 amount deposited in the Net WAC Rate Carryover Reserve Account will be increased by any payments received by it (i) the Trustee under the Cap Contracts for Contract and deposited into the benefit of the Holders of the Adjustable-Net WAC Rate Certificates and (ii) pursuant to Section 4.01(a)(4)(iv). (b) Carryover Reserve Account. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates or and/or the Mezzanine Certificates, the Trustee has been directed by the Class CE C Certificateholders to, and therefore shallwill, deposit into the Net WAC Rate Carryover Reserve Account the amount of such Net WAC Rate Carryover Amount, after taking into account amounts received under the Cap Contractsdescribed in Section 4.01(d)(xvi), rather than distributing such amounts to the Class CE 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 will distribute such amounts to the Holders of the Class A Certificates and and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a4.01(d). (c) For federal and state income tax purposes, the Class CE Certificateholders shall be deemed to be the owners of the . If no Net WAC Rate Carryover Reserve Account and all101