Accumulation Account; Supplemental Interest Account Sample Clauses

Accumulation Account; Supplemental Interest Account. (a) If, on any Distribution Date, principal would be payable to the Reset Rate Notes which are then bearing interest at a fixed rate (including without limitation during the initial Reset Period), that principal (subject to sufficient Available Funds therefor) will be allocated to the Reset Rate Notes and deposited into the Accumulation Account, where it will remain until the next Reset Date (except that if the Reset Rate Notes are in Foreign Exchange Mode, principal will be paid according to the provisions of Sections 10(a)(i) and (a)(ii) above), unless an Event of Default under the Indenture or a sale of the Trust Estate pursuant to Section 6.1 of the Administration Agreement has occurred (in which case the Indenture Trustee will distribute all sums on deposit therein (exclusive of Investment Earnings) to the Reset Rate Noteholders in accordance with the provisions of Section 5.4(b) of the Indenture or Section 6.1 of the Administration Agreement, as applicable).
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Accumulation Account; Supplemental Interest Account. (a) If, on any Distribution Date, principal would be payable to a class of Reset Rate Notes then bearing interest at a fixed rate (including without limitation, with respect to the Class A-5A, Class A-5B or Class A-5D Notes during the initial Reset Period), that principal (subject to sufficient Available Funds therefor) will be allocated to that class and deposited into the related Accumulation Account, where it will remain until the next Reset Date for that class of Reset Rate Notes, unless an Event of Default under the Indenture or a sale of the Trust Estate pursuant to Section 6.1 of the Administration Agreement has occurred (in which case the Indenture Trustee will distribute all sums on deposit therein (exclusive of Investment Earnings) to the related Noteholders in accordance with the provisions of Section 5.4(b) of the Indenture or Section 6.1 of the Administration Agreement, as applicable). On each Reset Date for a class of Reset Rate Notes that bore interest at a fixed rate during the preceding Reset Period (including without limitation, on the related Initial Reset Date for the Class A-5A, Class A-5B or Class A-5D Notes, as applicable), all sums, if any, then on deposit in the related Accumulation Account, including any allocation of principal made on the same date, but less any Investment Earnings, will be distributed by the Indenture Trustee, at the direction of the Administrator, as set forth in Section 2.7C of the Administration Agreement, to the holders of that class of Reset Rate Notes, as of the related Record Date, in reduction of principal of such class; provided, that, in the event on any Distribution Date the amount on deposit in the related Accumulation Account (excluding any Investment Earnings) would equal the Outstanding Amount of that class, no additional amounts will be deposited into the related Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed by the Indenture Trustee, at the direction of the Administrator, as set forth in Section 2.7C of the Administration Agreement, on the next related Reset Date to the related Noteholders, and on such Reset Date that class of Reset Rate Notes will no longer be Outstanding. Amounts on deposit in an Accumulation Account (exclusive of Investment Earnings) may be used only to pay principal on the related class of Reset Rate Notes and for no other purpose. On each Distribution Date, all Investment Earnings on deposit in each Accumulation Account will ...
Sample 1
Accumulation Account; Supplemental Interest Account. (a) If, on any Distribution Date, principal would be payable to a class of Reset Rate Notes then bearing interest at a fixed rate (including without limitation, with respect to the Class A-5B Notes during the initial Reset Period), that principal (subject to sufficient Available Funds therefor) will be allocated to that class of Reset Rate Notes and deposited into the related Accumulation Account, where it will remain until the next Reset Date for that class (except that if a class of Reset Rate Notes is in Foreign Exchange Mode, principal will be paid according to the provisions of Section 10(a)(i) and (a)(ii) above), unless an Event of Default under the Indenture or a sale of the Trust Estate pursuant to Section 6.1 of the Administration Agreement has occurred (in which case the Indenture Trustee will distribute all sums on deposit therein (exclusive of Investment Earnings) to the related Reset Rate Noteholders in accordance with the provisions of Section 5.4SECTION 11.21 of the Indenture or Section 6.1 of the Administration Agreement, as applicable).
Sample 1
Accumulation Account; Supplemental Interest Account. (a) If, on any Distribution Date, principal would be payable to a class of Reset Rate Notes then bearing interest at a fixed rate (including without limitation any Class of Reset Rate Notes that bears interest at a fixed rate during the initial Reset Period), that principal (subject to sufficient Available Funds therefor) will be allocated to that class of Reset Rate Notes and deposited into the related Accumulation Account, where it will remain until the next Reset Date for that class, unless an Event of Default under the Indenture or a sale of the Trust Estate pursuant to Section 6.1 of the Administration Agreement has occurred (in which case the Indenture Trustee will distribute all sums on deposit therein (exclusive of Investment Earnings) to the related Reset Rate Noteholders in accordance with the provisions of Section 5.4(b) of the Indenture or Section 6.1 of the Administration Agreement, as applicable).
Sample 1

Related to Accumulation Account; Supplemental Interest Account

  • Collection of Mortgage Loan Payments; Certificate Account; Distribution Account (a) The Master Servicer shall make reasonable efforts in accordance with the customary and usual standards of practice of prudent mortgage servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or any prepayment charge or penalty interest in connection with the prepayment of a Mortgage Loan and (ii) extend the due dates for payments due on a Mortgage Note for a period not greater than 180 days; provided, however, that the Master Servicer cannot extend the maturity of any such Mortgage Loan past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date. In the event of any such arrangement, the Master Servicer shall make Advances on the related Mortgage Loan in accordance with the provisions of Section 4.1 during the scheduled period in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangements. The Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law.

  • Principal Funding Account; Controlled Accumulation Period (a)(i) The Servicer, for the benefit of the Series 1997-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1997-1 Certificateholders. The Principal Funding Account shall initially be established with the Trustee.

  • Collection of Mortgage Loan Payments; Collection Account; Distribution Account (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

  • Note Distribution Account (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:

  • Capitalized Interest Account On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.

  • Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.

  • Principal Funding Account (a) The Servicer shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Principal Funding Account"), bearing a designation clearly indicating that ------------------------- the funds deposited therein are held for the benefit of the Investor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. If any time the institution holding the Principal Funding Account ceases to be a Qualified Institution the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Principal Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Principal Funding Account. The Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, and (ii) on each Transfer Date (from and after the commencement of the Accumulation Period) prior to termination of the Principal Funding Account make a deposit into the Principal Funding Account in the amount specified in, and otherwise in accordance with, subsection 4.09(e) of the Agreement.

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Excess Reserve Fund Account; Distribution Account (a) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class X Certificateholders, to receive that portion of the distributions on the Class X Interest up to an amount equal to any Basis Risk Payments and to pay to the LIBOR Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the LIBOR Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Trust. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class of LIBOR Certificates, the Securities Administrator shall (1) withdraw from the Distribution Account and deposit in the Excess Reserve Fund Account, as set forth in Section 4.02(a)(iii)(L), the lesser of the Class X Distributable Amount (to the extent remaining after the distributions specified in Sections 4.02(a)(iii)(A)-(K) and without regard to the reduction in clause (iii) of the definition thereof for any Basis Risk Carry Forward Amounts or any Defaulted Swap Termination Payment) and the aggregate Basis Risk Carry Forward Amount and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of LIBOR Certificates the applicable Basis Risk Carry Forward Amounts. Such payments, along with payments from the Supplemental Interest Trust, shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.02(a)(iii)(M). In the event that the Class Certificate Balance of any Class of Certificates is reduced because of Applied Realized Loss Amounts, the applicable Certificateholders will not be entitled to receive Basis Risk Carry Forward Amounts on the written down amounts on such Distribution Date or any future Distribution Dates (except to the extent such Class Certificate Balance is increased as a result of any Subsequent Recoveries), even if funds are otherwise available for distribution. The Securities Administrator shall account for the Excess Reserve Fund Account as an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class X Certificateholders. Any Basis Risk Carry Forward Amounts distributed by the Securities Administrator to the LIBOR Certificateholders from the Excess Reserve Fund Account shall be accounted for by the Securities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class X Certificates (in respect of the Class X Interest) and then to the respective Class or Classes of LIBOR Certificates. In addition, the Securities Administrator shall account for the rights of Holders of each Class of LIBOR Certificates to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments of Basis Risk Carry Forward Amounts and without duplication, Upper-Tier Carry Forward Amounts from the Supplemental Interest Trust) as rights in a separate limited recourse interest rate cap contract written by the Class X Certificateholders in favor of Holders of each such Class. Notwithstanding any provision contained in this Agreement, the Securities Administrator shall not be required to make any payments from the Excess Reserve Fund Account except as expressly set forth in this Section 3.27(a).

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