Retained Interest. The Retained Interest, if any, in any Underlying Security shall initially be held by the Person so specified in the related Supplement as and to the extent specified therein.
Retained Interest. The Retained Interest, if any, in any Underlying Security shall initially be held by the Person so specified in the related Series Supplement as and to the extent specified therein. With respect to each Underlying Security, unless otherwise specified in the related Series Supplement, the Retained Interest shall be deducted by the Trustee from applicable collections in respect of such Underlying Security. Unless otherwise provided in the applicable Series Supplement, collections in respect of Retained Interest shall not be deposited in the Certificate Account for the applicable Series and shall not constitute a part of the Trust for such Series, but shall instead be distributed to the holder of such Retained Interest; provided, however, that the Series Supplement for any Series with respect to which there is a Retained Interest may provide that, notwithstanding the terms contained herein, commingled amounts received in respect of assets inclusive of Underlying Securities and Retained Interest may initially be deposited in a separate and discrete account established by the Trustee and such Series Supplement may provide for additional terms relating thereto. Unless otherwise provided in the applicable Series Supplement, after deduction of all applicable fees as provided for in this Trust Agreement, on each Distribution Date the Trustee shall allocate on a pari passu basis any partial recovery on an Underlying Security between (a) the Retained Interest, if any, and (b) distributions to Certificateholders of the applicable Series.
Retained Interest. The Retained Interest, if any, in any Term Asset shall initially be held by the Person so specified in the related Series Supplement as and to the extent specified in Schedule A thereof. With respect to each Term Asset, the Retained Interest shall be deducted by the Trustee, at the written direction of the Administrative Agent, if any, or the Depositor from applicable collections in respect of such Term Asset. Unless otherwise provided in the applicable Series Supplement, collections in respect of Retained Interest shall not be deposited in the Certificate Account for the applicable Series and shall not constitute a part of the Trust for such Series, but shall instead be distributed to the holder of such Retained Interest, provided that the Series Supplement for any Series with respect to which there is a Retained Interest may provide that, notwithstanding the terms contained herein, commingled amounts received in respect of assets inclusive of Term Assets and Retained Interest may initially be deposited in a separate and discrete Eligible Account established by the Trustee at the direction of the Administrative Agent, if any, or the Depositor and such Series Supplement may provide for additional terms relating thereto. Unless otherwise provided in the applicable Series Supplement, after deduction of all applicable fees as provided for in this Agreement, on each Distribution Date the Trustee shall allocate on a pari passu basis any partial recovery on a Term Asset between (a) the Retained Interest, if any, and (b) distributions to Certificateholders of the applicable Series.
Retained Interest. 20 Section 3.09. Access to Certain Documentation..........................20 Section 3.10. Reports by the Depositor.................................20 Section 3.11.
Retained Interest. 19 SECTION 3.08. Access to Certain Documentation...............................19
Retained Interest. The Retained Interest, if any, in any Underlying Security or other Trust Property shall initially be held by the Person so specified in the Trust Agreement and to the extent specified therein. The Retained Interest will be established on an asset-by-asset basis. With respect to each Underlying Security, unless otherwise specified in the Trust Agreement, the Retained Interest shall be deducted by the Trustee from applicable collections in respect of such Underlying Security or other Trust Property. Unless otherwise provided in the Trust Agreement, collections in respect of Retained Interest shall not be deposited in the Unit Account and shall not constitute a part of the Trust, but shall instead be distributed to the holder of such Retained Interest; provided, however, that the Trust Agreement with respect to which there is a Retained Interest may provide that commingled amounts received in respect of Underlying Securities and the related Retained Interest may initially be deposited in separate and discrete accounts established by the Trustee.
Retained Interest. Subject to the powers, duties and rights of the Company and the Trustee set forth herein and further subject to the terms of this Agreement, the Registration Rights Agreement, the Certificate of Incorporation and the Bylaws, the Beneficiary shall retain the entire economic and beneficial ownership rights in all of the shares of Capital Stock held in the Voting Trust.
Retained Interest. On each Payment Date so long as Saxon Mortgage Services, Inc. or any Affiliate thereof is the Servicer, SFM, in its capacity as Seller, or its designee, will be entitled to any Retained Interest for such date, payable to SFM, or its designee, on such Payment Date in respect of each Mortgage Loan, in an amount equal to the product of (a) the Stated Principal Balance of such Mortgage Loan, on the first day of the month preceding such Payment Date and (b) the product of (i) one-twelfth and (A) 0.05% per annum for the first ten Payment Dates following the Closing Date, (B) 0.15% per annum for the eleventh through thirtieth Payment Dates, inclusive, following the Closing Date, (C) 0.40% per annum for the thirty-first through forty-eighth Payment Dates, inclusive, following the Closing Date and (D) 0.55% per annum for the forty-ninth Payment Date following the Closing Date and each Payment Date thereafter. If, at any time prior to the thirty-first Payment Date following the Closing Date, Saxon Mortgage Services, Inc. ceases to be the Servicer and no Affiliate thereof is the Servicer, the amounts described in the preceding sentence shall cease be payable to SFM on any subsequent Payment Date and such amounts shall no longer constitute a Retained Interest but will be added to the Servicing Fee for each such subsequent Payment Date. If, at any time on or after the thirty-first Payment Date, Saxon Mortgage Services, Inc. ceases to be the Servicer and no Affiliate thereof is the Servicer, a portion of the amounts described in the first sentence of this Section 4.2 in respect of each Mortgage Loan, in an amount equal to the product of (x) 0.25% per annum and (y) the Stated Principal Balance of such Mortgage Loan, shall cease to be payable to SFM on any subsequent Payment Date and instead such amount will be added to the Servicing Fee for each such subsequent Payment Date. The Retained Interest, net of any portion thereof payable as part of the Servicing Fee following the termination of Saxon Mortgage Services, Inc. or an Affiliate thereof as servicer, shall at all times be beneficially owned, directly or indirectly through a Qualified REIT Subsidiary (as defined in the Trust Agreement) or an entity that is disregarded for federal income tax purposes, by the REIT (as defined in the Trust Agreement) that is considered to be the beneficial owner of the Class X Certificate and the Trust Certificate. The Class X Certificate and the Trust Certificate cannot be transferred i...
Retained Interest. Effective as of the Assignment Date, (i) the Assigning Lender’s Commitment Amount shall be the amount designated as the “Retained Commitment Amount” opposite the Assigning Lender’s signature below (and the Assigning Lender shall be relieved of all of its obligations under the Credit Agreement to the extent of the reduction in its Commitment Amount in accordance herewith), (ii) the principal amount of Advances under Section 2.1 owing to the Assigning Lender shall be the amount designated as the “Retained Committed Advances” opposite the Assigning Lender’s signature below, and (iii) the Assigning Lender’s Percentage shall be the percentage designated as the “Retained Percentage” opposite the Assigning Lender’s signature below.
Retained Interest. The Retained Interest, if any, in any Underlying Security or other Trust Property shall initially be held by the Person so specified in the Terms Schedule and to the extent specified therein. The Retained Interest will be established on an asset-by-asset basis. With respect to each Underlying Security, unless otherwise specified in the Terms Schedule, the Retained Interest shall be deducted by the Trustee from applicable collections in respect of such Underlying Security or other Trust Property. Unless otherwise provided in the Terms Schedule, collections in respect of Retained Interest shall not be deposited in the Certificate Account and shall not constitute a part of the Trust, but shall instead be distributed to the holder of such Retained Interest; provided, however, that the Terms Schedule with respect to which there is a Retained Interest may provide that commingled amounts received in respect of Underlying Securities and the related Retained Interest may initially be deposited in separate and discrete accounts established by the Trustee. Unless otherwise provided in the applicable prospectus supplement and in the Terms Schedule, any partial recovery of interest on a Deposited Asset, after deduction of all applicable administration fees, will be allocated between the Retained Interest (if any) and interest distributions to Holders on a pari passu basis.
