The Reserve Account. (a) On the Issuance Date, the Issuer has made an initial deposit of $________ into the Reserve Account. On each Payment Date, the Trustee shall transfer to the Reserve Account from the Collection Account such amounts as shall be required by Section 3.05(b).
The Reserve Account. (a) On the Issuance Date, the Issuer has made an initial deposit of $7,773,283.16 into the Reserve Account. On each Payment Date, the Trustee shall transfer to the Collection Account from the Reserve Account such amounts as shall be required by Section 3.04(b).
The Reserve Account. (i) If, on any Settlement Date prior to the Termination Date, Collections on deposit in the Collection Account on such day are less than the aggregate amount required to be distributed pursuant to clauses (i), (ii), (iii), and (iv) of Section 2.06, the Program Agent shall direct the Paying Agent to withdraw the amount of such deficiency (but not in excess of the amount required to be distributed pursuant to such clauses (i), (ii), (iii) and (iv)), up to the amount available in the Reserve Account, from the Reserve Account and shall apply such amount directly (and solely) to any unpaid amounts described in clauses (i), (ii), (iii) and (iv) in the order of priority and in the manner set forth in such clauses.
The Reserve Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary an account (the “Reserve Account”) entitled “Reserve Account, U.S. Bank National Association, as Indenture Trustee, in trust for the benefit of the Holders of the GreenPoint Mortgage Funding Trust 2006-HE1 Home Equity Loan Asset-Backed Notes, Series 2006-HE1.” The Reserve Account shall be an Eligible Account.
The Reserve Account. (e) All present and future security for the payment to Seller of any of the Collateral and goods, which gave or will give rise to any such Collateral or are evidenced, identified, or represented therein or thereby.
The Reserve Account. In order to effectuate and to secure the subordination provided for herein, there shall be established and maintained with the Servicer, the Reserve Account to include the money and other property deposited and held therein pursuant to this Section 4.7, and the Seller agrees, simultaneously with the execution and delivery of this Agreement, to execute and deliver the Reserve Account Agreement and, pursuant to the terms thereof, to deposit $[ ] in the Reserve Account. Although the Seller has pledged the Reserve Account to the Servicer pursuant to the Reserve Account Agreement, the Reserve Account shall not under any circumstances be deemed to be a part of or otherwise includable in the Trust or the Trust Property, but instead represents property beneficially owned by the Seller and the Class C Certificateholder, which has been pledged and deposited with the Servicer (as secured party on behalf of the Class A Certificateholders, Class B Certificateholders, Class C Certificateholder and the Servicer) in accordance with the terms hereof and of the Reserve Account Agreement. The Seller and the Class C Certificateholder, by the acceptance of its Certificate, hereby acknowledge and accept that the assets in the Reserve Account (and all earnings thereon) are owned beneficially by them, and the Seller and the Class C Certificateholder agree to treat such assets (and all earnings thereon) as their assets (and earnings) for federal, state, and local tax and all other purposes, as their interest shall appear, and not to sell, transfer, or otherwise dispose of their interests therein. In the event that the Servicing Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient to make the payments required to be made on the related Distribution Date pursuant to Section 4.5(a)(i) through (vi), (the amount of such deficiency being a "Deficiency Claim Amount"), then on the second Business Day immediately following the related Determination Date, the Trustee shall deliver to the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Distribution Date. Such Deficiency Notice shall direct the Servicer to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Reserve Account Agreement) to the Trustee for deposit in the Collection Account and...
The Reserve Account. 1. The Amount Distributed to the Reserve Account Four Million Dollars ($4,000,000.00) as referred to in Section VIII.A.1, above shall be deducted from the Settlement Amount and shall be placed in a separate account in the Designated Bank using the same collateral security or investment arrangements as apply to the Designated Account for the costs of distributing the Net Settlement Amount to Class Members and as otherwise authorized in this FSA. Unless the United States Department of the Treasury determines otherwise, the Reserve Account may be subject to offset and/or levy pursuant to the requirements of Treasury Debt Collection Authorities should the debt of a Class Member to the United States exceed that Class Member’s share of the Net Settlement Amount. Such offset and/or levy shall be limited to a Class Member’s share of the Reserve Account based on that Class Member’s Distribution Percentage. All interest that accrues on the Net Settlement Amount shall be paid into the Reserve Account.
The Reserve Account. (a) If, on any Distribution Date prior to the Facility Termination Date, the Amount Available is less than the aggregate amount required to be distributed pursuant to clauses (i), (ii), (iii), (iv), (v), (vi) and (ix) of Section 9.5(a), the Administrative/Collateral Agent shall withdraw (or, if the Reserve Account shall not at such time be maintained by the Administrative/Collateral Agent, the Administrative/Collateral Agent shall direct the holder of the Reserve Account to withdraw) the amount of such deficiency (but not in excess of the amount required to be distributed pursuant to clauses (v), (vi) and (ix) of Section 9.5(a)), up to the amount available in the Reserve Account, from the Reserve Account and shall apply such amount directly (and solely) to any unpaid amounts described in clauses (v), (vi) (but only to the extent the then outstanding principal amount of all Advances exceeds the Initial Borrowing Base) and (ix) of Section 9.5(a) in the order of priority and in the manner set forth in such clauses of Section 9.5(a).
The Reserve Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary a separate, non-interest bearing trust account (the "RESERVE ACCOUNT") entitled "Reserve Account, Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust 2005-HE1, Asset-Backed Notes, Series 2005-HE1." The Reserve Account shall be an Eligible Account.
The Reserve Account. The Trustee, for the benefit of the Secured Parties, shall establish and maintain in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer on behalf of the Trustee for the benefit of the Secured Parties, a non-interest bearing segregated trust account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. The Trustee shall be the entitlement holder of the Reserve Account, and shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the 4866-9982-4145.5 Reserve Account and the proceeds thereof for the benefit of the Secured Parties. Initially, the Reserve Account will be established with the Securities Intermediary. Funds on deposit in the Reserve Account that are not both deposited and to be withdrawn on the same day shall be invested in Permitted Investments, in accordance with a direction from the Issuer pursuant to Section 5.3(e). That portion of the proceeds of the Notes, if any, set forth in the applicable Series Supplement shall be deposited into the Reserve Account. In addition, on any Monthly Payment Date, the Trustee shall transfer, at the direction of the Administrator, Available Funds to the Reserve Account as and to the extent provided in Article 5 hereof. Moneys in the Reserve Account that constitute Available Funds shall be applied on any Monthly Payment Date as provided in Article 5 hereof or as otherwise provided in the applicable Series Supplement.
