Net WAC. Cap Carryover from Reserve Fund. On each Distribution Date, following all distributions and deposits made pursuant to subsections (a) through (g) above, the Trustee will withdraw from the Reserve Fund any amounts remaining therein and shall distribute such amounts to pay the following items, in the following order of priority: (i) first, to the Class AV-1 Certificates to pay any remaining Net WAC Cap Carryover for the Class AV-1 Certificates, to the extent not paid out of the Net WAC Cap Account on such Distribution Date; and (ii) second, to the holders of the Class X Certificates.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Equity One Abs Mortgage Pass Through Trust 2003-3), Pooling and Servicing Agreement (Equity One Mortgage Pass-Through Trust 2003-2)
Net WAC. Cap Carryover from Reserve Fund. On each Distribution Date, following all distributions and deposits made pursuant to subsections (a) through (g) above, the Trustee will withdraw from the Reserve Fund any amounts remaining therein and shall distribute such amounts to pay the following items, in the following order of priority:
(i) first, to the Class AV-1 Certificates AV-1A and Class AV-1B Certificates, pro rata, to pay any remaining Net WAC Cap Carryover for the Class AV-1 AV-1A and Class AV-1B Certificates, to the extent not paid out of the Net WAC Cap Account on such Distribution Date; and
(ii) second, to the holders of the Class X Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equity One Abs Inc Equity One Mort Pass THR Trust 2003-1)