Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 Certificates, funds on deposit in the Class A-2 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 Certificates. Rounding of such distribution on the Class A-2 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 Certificates has been reduced to zero. The Class A-2 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇me, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account shall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003 A10)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates, funds on deposit in the Class A-2 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-12 Certificates. Rounding of such distribution on the Class A-2 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-12 Certificates has been reduced to zero. The Class A-2 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇me, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-12 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Bear, Stearns & Co. Inc. to the Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 A-12 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-12 Rounding Account. Any funds then on deposit in such Class A-2 A-12 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates, funds on deposit in the Class A-2 1-A-8 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 1-A-8 Certificates. Rounding of such distribution on the Class A-2 1-A-8 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 1-A-8 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 1-A-8 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 1-A-8 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 1-A-8 Certificates has been reduced to zero. The Class A-2 1-A-8 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearSalomon Smith Barney Inc. shall report all income, Stearns & Co. Inc.gain, and Bear, Stededuction ▇▇ ▇▇▇▇ & Co. ▇▇▇▇ respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class 1-A-8 Rounding Account as such interest is earned pursuant to written instructions from Salomon Smith Barney Inc. shall report ato the Trustee. Notwithstandi▇▇ ▇▇▇▇me, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account shall remain uninvested. Notwithstanding anything herein to ▇▇▇▇ ▇e▇▇▇▇ ▇o the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 1-A-8 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03(f), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 1-A-8 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 1-A-8 Rounding Account. Any funds then on deposit in such Class A-2 1-A-8 Rounding Account shall be distributed to Bear, Stearns & Co. Salomon Smith Barney Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates, funds on deposit in the Class A-2 A-5 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-5 Certificates. Rounding of such distribution on the Class A-2 A-5 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-5 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-5 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-5 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-5 Certificates has been reduced to zero. The Class A-2 A-5 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇Stea▇▇▇ & Co. ▇o. Inc. shall report a▇al▇ ▇▇▇▇me▇e, gain, deduction or loss with respect thereto. The Class A-2 A-5 Rounding Account shall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-5 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class A-2 A-5 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-5 Rounding Account. Any funds then on deposit in such Class A-2 A-5 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates, funds on deposit in the Class 1-A-2 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class 1-A-2 Certificates. Rounding of such distribution on the Class 1-A-2 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class 1-A-2 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates are to be made, the aggregate amount of such distributions allocable to the Class 1-A-2 Certificates shall be applied first to repay any funds withdrawn from the Class 1-A-2 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class 1-A-2 Certificates has been reduced to zero. The Class 1-A-2 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearGoldman, Stearns Sachs & Co. Inc., and BearGo▇▇▇▇▇, SteSachs & Co. Inc. shall r▇▇▇▇▇ & Co. Inc. shall report a▇▇ ll ▇▇▇▇me, gain, deduction or loss with respect thereto. The Class 1-A-2 Rounding Account shall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class 1-A-2 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class 1-A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class 1-A-2 Rounding Account. Any funds then on deposit in such Class 1-A-2 Rounding Account shall be distributed to BearGoldman, Stearns Sachs & Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates, funds on deposit in the Class A-2 A-13 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-13 Certificates. Rounding of such distribution on the Class A-2 A-13 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-13 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-13 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-13 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-13 Certificates has been reduced to zero. The Class A-2 A-13 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearDonaldson, Stearns Lufkin & Co. Inc., and Bear, SteJenrette Secur▇▇▇▇▇ ▇▇▇poration. D▇▇▇▇▇▇▇▇, Lufkin & Co. Inc. shall report aJenrette Secur▇▇▇▇▇ ▇▇▇poration sh▇▇▇ ▇▇▇▇mert all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-13 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Secur▇▇▇▇▇ ▇▇▇poration to ▇▇▇ ▇▇▇stee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-13 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03D(b), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 A-13 Rounding Account shall be distributed to BearDonaldson, Stearns Lufkin & Co. Inc.Jenrette Secu▇▇▇▇▇▇ ▇▇rporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates (including amounts paid in respect of Realized Losses under the Class A-13 Policy) will be made among the Holders of the Class A-13 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-13 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-13 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-13 Certificates, with the provisions of this Section 4.03D.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates, funds on deposit in the Class A-2 A-9 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-9 Certificates. Rounding of such distribution on the Class A-2 A-9 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-9 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-9 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-9 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-9 Certificates has been reduced to zero. The Class A-2 A-9 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇▇▇ & Co. Brothers Inc. shall report a▇▇ ▇▇▇▇me▇▇ Brothers Inc. shall report all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-9 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from ▇▇▇▇▇▇ Brothers Inc. to the Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-9 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03(f), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 A-9 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-9 Rounding Account. Any funds then on deposit in such Class A-2 A-9 Rounding Account shall be distributed to Bear, Stearns & Co. ▇▇▇▇▇▇ Brothers Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates, funds on deposit in the Class A-2 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-4 Certificates. Rounding of such distribution on the Class A-2 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-4 Certificates has been reduced to zero. Amounts withdrawn from or deposited in the Class A-4 Rounding Account shall be allocated between Loan Groups and the Class A-4 Components in accordance with the Allocation Percentage (excluding therefrom amounts available from the Class A-4 Rounding Account). The Class A-2 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Inc. Incorporated, which shall report a▇▇ ▇▇▇▇meall income, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account Trustee shall remain uninvested. Notwithstanding anything herein to the contrarydistribute interest earnings, if any, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then amounts held in the Class A-2 A-4 Rounding Account shall be paid as such interest is earned pursuant to written instructions from the Available Funds for such Distribution Date ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.Trustee.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2002-A12)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates, funds on deposit in the Class A-2 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-4 Certificates. Rounding of such distribution on the Class A-2 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-4 Certificates has been reduced to zero. The Class A-2 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇▇▇ & Co. Brothers Inc. shall report a▇▇ ▇▇▇▇meall income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-4 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from ▇▇▇▇▇▇ Brothers Inc. to the Trustee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03(f), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 A-4 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-4 Rounding Account. Any funds then on deposit in such Class A-2 A-4 Rounding Account shall be distributed to Bear, Stearns & Co. ▇▇▇▇▇▇ Brothers Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates, funds on deposit in the Class A-2 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-4 Certificates. Rounding of such distribution on the Class A-2 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-4 Certificates has been reduced to zero. The Class A-2 A- 4 Rounding Account shall be an "outside ▇▇▇side reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearDonaldson, Stearns Lufkin & Co. Inc., and Bear, SteJenrette Secur▇▇▇▇▇ ▇▇▇poration. D▇▇▇▇▇▇▇▇, Lufkin & Co. Inc. shall report aJenrette Secur▇▇▇▇▇ ▇▇▇poration sh▇▇▇ ▇▇▇▇mert all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-4 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Secur▇▇▇▇▇ ▇▇▇poration to ▇▇▇ ▇▇▇stee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03A(b), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 A-4 Rounding Account shall be distributed to BearDonaldson, Stearns Lufkin & Co. Inc.Jenrette Secur▇▇▇▇▇ ▇▇▇poration. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-4 Certificates (including amounts paid in respect of Realized Losses under the Class A-4 Policy) will be made among the Holders of the Class A-4 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-4 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-4 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-4 Certificates, with the provisions of this Section 4.03A.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates, funds on deposit in the Class A-2 A-10 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-10 Certificates. Rounding of such distribution on the Class A-2 A-10 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-10 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-10 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-10 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-10 Certificates has been reduced to zero. The Class A-2 A-10 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇meall income, gain, deduction or loss with los▇ ▇▇▇▇ respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-10 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Bear, Stearns & Co. Inc. to the Trustee. Notwithstanding anything herein anyt▇▇▇▇ ▇▇rein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-10 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03(f), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 A-10 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-10 Rounding Account. Any funds then on deposit in such Class A-2 A-10 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates, funds on deposit in the Class A-2 A-11 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-11 Certificates. Rounding of such distribution on the Class A-2 A-11 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-11 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-11 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-11 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-11 Certificates has been reduced to zero. The Class A-2 A-11 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearDonaldson, Stearns Lufkin & Co. Inc., and Bear, SteJenrette Secur▇▇▇▇▇ ▇▇▇poration. D▇▇▇▇▇▇▇▇, Lufkin & Co. Inc. shall report aJenrette Secur▇▇▇▇▇ ▇▇▇poration sh▇▇▇ ▇▇▇▇mert all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-11 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Secur▇▇▇▇▇ ▇▇▇poration to ▇▇▇ ▇▇▇stee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-11 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03B(b), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 A-11 Rounding Account shall be distributed to BearDonaldson, Stearns Lufkin & Co. Inc.Jenrette Secu▇▇▇▇▇▇ ▇▇rporation. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-11 Certificates (including amounts paid in respect of Realized Losses under the Class A-11 Policy) will be made among the Holders of the Class A-11 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-11 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-11 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-11 Certificates, with the provisions of this Section 4.03B.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates, funds on deposit in the Class A-2 A-8 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-8 Certificates. Rounding of such distribution on the Class A-2 A-8 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-8 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-8 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-8 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-8 Certificates has been reduced to zero. The Class A-2 A-8 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns & Co. Inc., and Bear, Ste▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇me, gain, deduction or loss with respect thereto. The Class A-2 A-8 Rounding Account shall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-8 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class A-2 A-8 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-8 Rounding Account. Any funds then on deposit in such Class A-2 A-8 Rounding Account shall be distributed to Bear, Stearns & Co. Inc.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003-A7)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates, funds on deposit in the Class A-2 A-4 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-4 Certificates. Rounding of such distribution on the Class A-2 A-4 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-4 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-4 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-4 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-4 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-4 Certificates has been reduced to zero. The Class A-2 A-4 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns Morgan Stanley & Co. Inc.Incorporated, and Bear, Ste▇▇▇▇h ▇▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇meall income, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account Trustee shall remain uninvested. Notwithstanding anything herein to the contrarydistribute interest earnings, if any, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then amounts held in the Class A-2 A-4 Rounding Account shall be paid as such interest is earned pursuant to written instructions from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 Rounding Account shall be distributed to Bear, Stearns Morgan Stanley & Co. Inc.Incorporated ▇▇ ▇▇e ▇▇▇▇▇▇e.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2002-A14j)
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates, funds on deposit in the Class A-2 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-12 Certificates. Rounding of such distribution on the Class A-2 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-12 Certificates has been reduced to zero. The Class A-2 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearDonaldson, Stearns Lufkin & Co. Inc., and Bear, SteJenrette Secur▇▇▇▇▇ ▇▇▇poration. D▇▇▇▇▇▇▇▇, Lufkin & Co. Inc. shall report aJenrette Secur▇▇▇▇▇ ▇▇▇poration sh▇▇▇ ▇▇▇▇mert all income, gain, deduction or loss with respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-2 A-12 Rounding Account shall remain uninvestedas such interest is earned pursuant to written instructions from Donaldson, Lufkin & Jenrette Secur▇▇▇▇▇ ▇▇▇poration to ▇▇▇ ▇▇▇stee. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03C(b), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 A-12 Rounding Account shall be distributed to BearDonaldson, Stearns Lufkin & Co. Inc.Jenrette Secur▇▇▇▇▇ ▇▇▇poration. Notwithstanding any provisions herein to the contrary, on each Distribution Date following the first Distribution Date on or after the Senior Credit Support Depletion Date, distributions in reduction of the Class Certificate Balance of the Class A-12 Certificates (including amounts paid in respect of Realized Losses under the Class A-12 Policy) will be made among the Holders of the Class A-12 Certificates pro rata, based on Certificate Balances, and will not be made in integral multiples of $1,000. In the event that Definitive Certificates representing the Class A-12 Certificates are issued pursuant to Section 5.02(e), an amendment to this Agreement, which may be approved without the consent of any Certificateholders, shall establish procedures relating to the manner in which distributions in reduction of the Class Certificate Balance of the Class A-12 Certificates are to be made; provided that such procedures -------- shall be consistent, to the extent practicable and customary for certificates similar to the Class A-12 Certificates, with the provisions of this Section 4.03C.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates, funds on deposit in the Class A-2 A-3 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-3 Certificates. Rounding of such distribution on the Class A-2 A-3 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-3 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-3 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-3 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-3 Certificates has been reduced to zero. The Class A-2 A-3 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by BearSalomon Smith Barney Inc. shall report all income, Stearns & Co. Inc.gain, and Bear, Stededuction ▇▇ ▇▇▇▇ & Co. ▇▇▇▇ respect thereto. The Trustee shall distribute interest earnings, if any, on amounts held in the Class A-3 Rounding Account as such interest is earned pursuant to written instructions from Salomon Smith Barney Inc. shall report ato the Trustee. Notwithstan▇▇▇▇ ▇▇▇▇me, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account shall remain uninvested. Notwithstanding anything herein ▇▇▇▇ ▇▇▇▇▇▇ to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-3 Certificates are made in accordance with the provisions set forth in Section 4.03(g4.03(f), an amount equal to the difference between $999.99 1,000 and the sum then held in the Class A-2 A-3 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-3 Rounding Account. Any funds then on deposit in such Class A-2 A-3 Rounding Account shall be distributed to Bear, Stearns & Co. Salomon Smith Barney Inc.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates, funds on deposit in the Class A-2 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-15 Certificates. Rounding of such distribution on the Class A-2 A-15 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-15 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-15 Certificates has been reduced to zero. The Class A-2 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear▇▇▇▇▇▇▇ Lynch, Stearns & Co. Inc.Pierce, and Bear, Ste▇▇▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇me▇ Incorporated, and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated shall report all income, gain, deduction or loss with respect thereto. The Class A-2 Rounding Account shall remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-15 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class A-2 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 Rounding Account. Any funds then on deposit in such Class A-2 Rounding Account shall be distributed to Bear▇▇▇▇▇▇▇ Lynch, Stearns Pierce, ▇▇▇▇▇▇ & Co. Inc.▇▇▇▇▇ Incorporated.
Appears in 1 contract
Rounding Account. On each Distribution Date on which a distribution is made in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates, funds on deposit in the Class A-2 A-12 Rounding Account shall be, to the extent needed, withdrawn by the Trustee and applied to round upward to an integral multiple of $1,000 the aggregate distribution in reduction of the Class Certificate Balance to be made on the Class A-2 A-12 Certificates. Rounding of such distribution on the Class A-2 A-12 Certificates shall be accomplished, on the first such Distribution Date, by withdrawing from the Class A-2 A-12 Rounding Account the amount of funds, if any, needed to round the amount otherwise available for such distribution in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates upward to the next integral multiple of $1,000. On each succeeding Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are to be made, the aggregate amount of such distributions allocable to the Class A-2 A-12 Certificates shall be applied first to repay any funds withdrawn from the Class A-2 A-12 Rounding Account and not previously repaid, and then the remainder of such allocable amount, if any, shall be similarly rounded upward and applied as distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates; this process shall continue on succeeding Distribution Dates until the Class Certificate Balance of the Class A-2 A-12 Certificates has been reduced to zero. The Class A-2 A-12 Rounding Account shall be an "outside reserve fund" under the REMIC Provisions that is beneficially owned for all federal income tax purposes by Bear, Stearns ▇▇▇▇▇▇▇ & Co. Inc., and Inc. Bear, Ste▇▇▇▇▇▇▇ & Co. Inc. shall report a▇▇ ▇▇▇▇meall income, gain, deduction or loss with respect thereto. The Amounts on deposit in the Class A-2 A-12 Rounding Account shall will remain uninvested. Notwithstanding anything herein to the contrary, on the Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates will reduce the Class Certificate Balance thereof to zero or in the event that distributions in reduction of the Class Certificate Balance of the Class A-2 A-12 Certificates are made in accordance with the provisions set forth in Section 4.03(g), an amount equal to the difference between $999.99 and the sum then held in the Class A-2 A-12 Rounding Account shall be paid from the Available Funds for such Distribution Date to the Class A-2 A-12 Rounding Account. Any funds then on deposit in such the Class A-2 A-12 Rounding Account shall be distributed to Bear, Stearns ▇▇▇▇▇▇▇ & Co. Inc.
Appears in 1 contract