Common use of Net WAC Reserve Fund Clause in Contracts

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xiv). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xxvi). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxviSections 4.01(a)(3) (v) and 4.10(vii). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Senior Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 2 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 2 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 2 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 2 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(b)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MV Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 2 Net WAC Reserve Fund the Group 2 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C-2 Certificateholders will be deemed to be the owners of the Group 2 Net WAC Reserve Fund and all amounts deposited into the Group 2 Net WAC Reserve Fund. Any monies held in the Group 2 Net WAC Reserve Fund in excess of the Group 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C-2 Certificateholders. Amounts held in the Group 2 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 2 Certificates, all amounts remaining on deposit in the Group 2 Net WAC Reserve Fund will be distributed to the Class X C-2 Certificateholders or their designees. The Group 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 2 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 2 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish and account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xxvi). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 1 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 1 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 1 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 1 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 1 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MF Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 1 Net WAC Reserve Fund the Group 1 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C-1 Certificateholders will be deemed to be the owners of the Group 1 Net WAC Reserve Fund and all amounts deposited into the Group 1 Net WAC Reserve Fund. Any monies held in the Group 1 Net WAC Reserve Fund in excess of the Group 1 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C-1 Certificateholders. Amounts held in the Group 1 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 1 Certificates, all amounts remaining on deposit in the Group 1 Net WAC Reserve Fund will be distributed to the Class X C-1 Certificateholders or their designees. The Group 1 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 1 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 1 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxviSections 4.01(a)(3)(v) and 4.10(vii). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 2 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 2 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 2 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 2 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(b)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Net WAC Rate Carryover Amounts and (ii) to the Class MV Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Net WAC Rate Carryover Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 2 Net WAC Reserve Fund the Group 2 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C-2 Certificateholders will be deemed to be the owners of the Group 2 Net WAC Reserve Fund and all amounts deposited into the Group 2 Net WAC Reserve Fund. Any monies held in the Group 2 Net WAC Reserve Fund in excess of the Group 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C-2 Certificateholders. Amounts held in the Group 2 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 2 Certificates, all amounts remaining on deposit in the Group 2 Net WAC Reserve Fund will be distributed to the Class X C-2 Certificateholders or their designees. The Group 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 2 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 2 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 1 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 1 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 1 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 1 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 1 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MF Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 1 Net WAC Reserve Fund the Group 1 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Group 1 Net WAC Reserve Fund and all amounts deposited into the Group 1 Net WAC Reserve Fund. Any monies held in the Group 1 Net WAC Reserve Fund in excess of the Group 1 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Group 1 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 1 Certificates, all amounts remaining on deposit in the Group 1 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Group 1 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 1 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 1 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 1 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 1 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 1 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 1 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 1 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Net WAC Rate Carryover Amounts and (ii) to the Class MF Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Net WAC Rate Carryover Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 1 Net WAC Reserve Fund the Group 1 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C-1 Certificateholders will be deemed to be the owners of the Group 1 Net WAC Reserve Fund and all amounts deposited into the Group 1 Net WAC Reserve Fund. Any monies held in the Group 1 Net WAC Reserve Fund in excess of the Group 1 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C-1 Certificateholders. Amounts held in the Group 1 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 1 Certificates, all amounts remaining on deposit in the Group 1 Net WAC Reserve Fund will be distributed to the Class X C-1 Certificateholders or their designees. The Group 1 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 1 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 1 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Master Servicer is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xxxviii). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of $1,000 on any Distribution Date after giving effect to the payment of any Net WAC Rate Carryover Amount on such Distribution Date shall be distributed to the Class X Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Master Servicer in investments identified in clause (f) of the Permitted Investments having maturities on Xxxxx Fargo Prime Advantage Investment Money Market Fund or prior to the next succeeding Distribution Dateany successor fund. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xv). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Trustee shall establish an account (the “Group 2 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 2 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 2 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 2 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(b)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MV Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 2 Net WAC Reserve Fund the Group 2 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Group 2 Net WAC Reserve Fund and all amounts deposited into the Group 2 Net WAC Reserve Fund. Any monies held in the Group 2 Net WAC Reserve Fund in excess of the Group 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Group 2 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundremain uninvested. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 2 Certificates, all amounts remaining on deposit in the Group 2 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Group 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 2 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 2 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Pool 1 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Pool 1 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Pool 1 Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Pool 1 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Pool 1 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xiv). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Pool 1 Mezzanine Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Pool 1 Net WAC Reserve Fund the Pool 1 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Pool 1 Net WAC Reserve Fund and all amounts deposited into the Pool 1 Net WAC Reserve Fund. Any monies held in the Pool 1 Net WAC Reserve Fund in excess of the Pool 1 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Pool 1 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. In the absence of such direction, such amounts will be held uninvested. All income and gain earned upon such investment shall be deposited into the Pool 1 Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Class AF and Pool 1 Mezzanine Certificates, all amounts remaining on deposit in the Pool 1 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Pool 1 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there here is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Trust Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Trust Administrator in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution DateXxxxx Fargo Prime Advantage Investment Money Market Fund. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Group 1 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 1 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 1 Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Group 1 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 1 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MF Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Group 1 Net WAC Reserve Fund the Group 1 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Group 1 Net WAC Reserve Fund and all amounts deposited into the Group 1 Net WAC Reserve Fund. Any monies held in the Group 1 Net WAC Reserve Fund in excess of the Group 1 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Group 1 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. In the absence of such direction, such amounts will be held uninvested. All income and gain earned upon such investment shall be deposited into the Group 1 Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 1 Certificates, all amounts remaining on deposit in the Group 1 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Group 1 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 1 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 1 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Pool 2 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Pool 2 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Pool 2 Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Pool 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Pool 2 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xiv). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Pool 2 Mezzanine Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Pool 2 Net WAC Reserve Fund the Pool 2 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Pool 2 Net WAC Reserve Fund and all amounts deposited into the Pool 2 Net WAC Reserve Fund. Any monies held in the Pool 2 Net WAC Reserve Fund in excess of the Pool 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Pool 2 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. In the absence of such direction, such amounts will be held uninvested. All income and gain earned upon such investment shall be deposited into the Pool 2 Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Class AV and Pool 2 Mezzanine Certificates, all amounts remaining on deposit in the Pool 2 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Pool 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Group 2 Net WAC Reserve Fund”), which shall be an Eligible Account. The Depositor will deposit, or cause to be deposited, into the Group 2 Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Group 2 Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Group 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Group 2 Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(b)(3)(v). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MV Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Group 2 Net WAC Reserve Fund the Group 2 Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Group 2 Net WAC Reserve Fund and all amounts deposited into the Group 2 Net WAC Reserve Fund. Any monies held in the Group 2 Net WAC Reserve Fund in excess of the Group 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Group 2 Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. In the absence of such direction, such amounts will be held uninvested. All income and gain earned upon such investment shall be deposited into the Group 2 Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Group 2 Certificates, all amounts remaining on deposit in the Group 2 Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Group 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Group 2 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Group 2 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxviSections 4.01(a)(3) (v) and 4.10(vii). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Senior Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Master Servicer is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(a)(xxxix). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of $1,000 on any Distribution Date after giving effect to the payment of any Net WAC Rate Carryover Amount on such Distribution Date shall be distributed to the Class X Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Master Servicer in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(a)(xxxiv). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(a)(xxxvii). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(a)(xxxv). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Securities Administrator shall establish an account (the “Net WAC Reserve Fund”), which shall be an Eligible Account. On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(xiii). Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class A Certificates, concurrently, and (ii) to the Mezzanine Certificates, sequentially according to their numeric order. If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Securities Administrator shall deposit into the Net WAC Reserve Fund the Required Net WAC Reserve Fund Deposit. For federal and state income tax purposes, the Class X C Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of the Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee Securities Administrator in investments identified in clause (f) of the definition of Permitted Investments having maturities on or prior to the next succeeding Distribution DateDate as directed in writing by the Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X C Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(a)(xxxix). For federal and state income tax purposes, the Class X Certificateholders will be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of $1,000 on any Distribution Date after giving effect to the payment of any Net WAC Rate Carryover Amount on such Distribution Date shall be distributed to the Class X Certificateholders. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of the Permitted Investments having maturities on or prior to the next succeeding Distribution Date. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designees. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.

Net WAC Reserve Fund. (a) On the Closing Date, the Depositor Seller will deposit, or cause to be deposited, into the Net WAC Reserve Fund, $1,000. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount for any Class of LIBOR Certificates, the Trustee Securities Administrator is hereby directed to, and shall therefore, deposit into the Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of LIBOR Certificates required pursuant to Section 4.01(a)(3)(a)(xxxvi4.01(a)(3)(v). For federal and state income tax purposes, the Class X C-C Certificateholders will shall be deemed to be the owners of the Net WAC Reserve Fund and all amounts deposited into the Net WAC Reserve Fund. Any monies held in the Net WAC Reserve Fund in excess of $1,000 on any Distribution Date after giving effect to the payment of any Net WAC Rate Carryover Amount on such Distribution Date shall be distributed to the Class C-C Certificateholders or their designees. Amounts held in the Net WAC Reserve Fund and not distributed on any Distribution Date will be invested by the Trustee in investments identified in clause (f) of Securities Administrator as separately agreed by the Permitted Investments having maturities on or prior to the next succeeding Distribution DateSecurities Administrator and Depositor. All income and gain earned upon such investment shall be deposited into the Net WAC Reserve Fund or any successor fundFund. Upon the termination of the Trust Fund, or the payment in full of the LIBOR Certificates, all amounts remaining on deposit in the Net WAC Reserve Fund will be distributed to the Class X Certificateholders or their designeesC-C Certificateholders. The Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Net WAC Rate Carryover Amounts with respect to any Class of LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). For federal tax return and information reporting, the right to receive any Net WAC Rate Carryover Amount shall be assigned the value specified in Section 10.01(l) of this Agreement.