Subordination; Reserve Fund; Priority of Distribution. (a) The rights of the Class B Certificateholders to receive distributions with respect to principal of the Class B Certificates on any Distribution Date shall be subordinated to the rights of the Class A Certificateholders to receive distributions in respect of the Class A Certificates to the extent, and only to the extent, of the Subordinated Amount as of the immediately preceding Determination Date, all in accordance with the terms of the Class A Certificates and this Agreement. The right of the Master Servicer to retain or to receive funds from the Certificate Account in accordance with Section 3.12 for its Servicing Fee on each Contract, assumption or substitution fees, late payment charges and other obligor charges, reimbursement of Monthly Advances and expenses or otherwise, shall not be subordinated to the rights of the Class A Certificateholders or the Class B Certificateholders. In addition, the Depositor's right to the Retained Yield and the Administrative Fee shall not be subordinated to the rights of the Class A Certificateholders or Class B Certificateholders.
Appears in 5 contracts
Samples: Reference Agreement (Goldman Sachs Asset Backed Securities Corp), Reference Agreement (Goldman Sachs Asset Backed Securities Corp), Reference Agreement (Asset Backed Securities Corp)
