Capitalized Interest Account. (a) Unless all Subsequent Mortgage Loans are purchased by the Trust on the Closing Date, or unless a Capitalized Interest Account is not specified in Article I, the Trustee shall establish and maintain the Capitalized Interest Account. On the Closing Date, the Trustee will deposit the Capitalized Interest Account Deposit in the Capitalized Interest Account or, if all Subsequent Mortgage Loans are purchased on the Closing Date, in the Certificate Account. The Trustee shall hold the Capitalized Interest Account Deposit for the benefit of the Offered Certificateholders.
(b) The Capitalized Interest Account will be part of the Trust but not part of any REMIC Pool. Amounts held in the Capitalized Interest Account prior to the first Deposit Date shall be invested in Permitted Investments of the type specified in clause (f) of the definition of Permitted Investments, which Permitted Investments shall mature no later than the Deposit Date immediately following the end of the Funding Period. The Trustee shall not be liable for any losses on amounts invested in accordance with the provisions hereof. All interest and other investment earnings on amounts held in the Capitalized Interest Account (and any other amounts remaining on deposit therein in excess of the amounts to be so withdrawn and deposited into the Certificate Account) shall be paid or released by the Trustee to the Seller on the Distribution Date immediately following the end of the Funding Period and taxed to the Seller. For federal and state income tax purposes the Seller shall be deemed to be the owner of the Capitalized Interest Account. Any losses realized in connection with any such investment shall be for the account of the Seller and the Seller shall deposit the amount of such loss (to the extent not offset by income from other investments) in the Capitalized Interest Account immediately upon the realization of such loss. All amounts earned on deposit in the Capitalized Interest Account shall be taxed to the Seller.
(c) On each Prefunding Distribution Date, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Distribution Date; provided, however, that on the final Subsequent Transfer Date the Trustee shall (i) transfer the Capitalized Interest Requirement, if any, for the following Distribution Date from the Capitalized Interest Account to the Certificate Account, (ii) remit the balance of the funds on d...
Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
(i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans.
(ii) [Reserved].
(iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.
Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
(i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(d)(1), 2.8(d)(2) and 2.8(e) on a Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount first, pro rata based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and the related Swap Counterparty until it has received the Swap Interest Payments required to be made under Section 2.8(d)(2) above, and second, so long as the events described in clauses (i) and (ii) of the last paragraph of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date.
(ii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in October 2006, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining from the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.
Capitalized Interest Account. (a) The Servicer shall cause the Trust Collateral Agent to establish and maintain an Eligible Deposit Account (the "CAPITALIZED INTEREST ACCOUNT") with the Trust Collateral Agent, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Noteholders and the Insurer. On or prior to the Closing Date, the Seller shall deposit an amount equal to the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
(i) On the Distribution Dates occurring in March 2001, April 2001 and May 2001, the Trust Collateral Agent shall withdraw at the written direction of the Servicer from the Capitalized Interest Account the Monthly Capitalized Interest Amount for such Distribution Date and deposit such amount in the Collection Account as further provided in Section 5.7.
(ii) On the Distribution Dates occurring in March 2001, April 2001 and May 2001, the Servicer shall instruct the Trust Collateral Agent in writing to withdraw from the Capitalized Interest Account and pay to the Seller on such Distribution Date an amount equal to the Overfunded Capitalized Interest Amount for such Distribution Date. Any amounts remaining in the Capitalized Interest Account on the Distribution Date which immediately follows the end of the Funding Period after taking into account the transfer pursuant to Section 5.7(a)(i) shall be remitted by the Trust Collateral Agent to the Seller. Upon any such distributions to the Seller, the Noteholders, the Certificateholders and the Insurer will have no further rights in, or claims to, such amounts.
Capitalized Interest Account. (a) Pursuant to Section 4.01, the Servicer shall establish the Capitalized Interest Account in the name of the Indenture Trustee for the benefit of the Noteholders and the Insurer.
(b) On the Closing Date, the Seller shall deposit the Initial Capitalized Interest Amount into the Capitalized Interest Account.
(c) On the Business Day immediately preceding each Distribution Date, based solely on the Distribution Date Statement, the Indenture Trustee shall withdraw or cause to be withdrawn funds equal to the Capitalized Interest Amount with respect to such Distribution Date from amounts on deposit in the Capitalized Interest Account and deposit or cause to be deposited such funds into the Payment Account, to be distributed pursuant to Section 4.03.
(d) On each Distribution Date during and immediately following the Funding Period, based on the written instructions of the Servicer, the Indenture Trustee shall release to the Seller from the Capitalized Interest Account an amount such that the balance remaining in the Capitalized Interest Account after such release and after any transfer of the Capitalized Interest Amount to the Payment Account pursuant to Section 4.06(c) will equal the Maximum Capitalized Interest Amount. On the Distribution Date following the Mandatory Partial Redemption Date, the Indenture Trustee shall release to the Seller any amounts remaining on deposit in the Capitalized Interest Account after giving effect to the required distribution to Noteholders on such date.
Capitalized Interest Account a. On or before the Closing Date, the Trustee shall establish the Capitalized Interest Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein $1,500,000 received from the Company pursuant to Section 2.02(s). The Capitalized Interest Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1997-2." On the Remittance Date occurring in April 1997, if the Monthly Report for such Remittance Date indicates that the Amount Available is less than the sum of the Class A Formula Distribution Amount, plus the Class M-1 Formula Distribution Amount, plus the Class B-1 Formula Distribution Amount, the Trustee shall withdraw the amount of such deficiency, or the amount of funds in the Capitalized Interest Account (net of any investment earnings thereon), if less, and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03.
b. The Capitalized Interest Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Capitalized Interest Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Capitalized Interest Account, subject to the foregoing power of the Trustee to transfer amounts in the Capitalized Interest Account to the Certificate Account. Funds in the Capitalized Interest Account shall, at the direction of Green Tree Finance Corp.--Two, be invested in Eligible Investments that mature no later than the Business Day prior to the next succeeding Remittance Date. All net income and gain from such investments shall be distributed to Green Tree Finance Corp.--Two on such Remittance Date. All amounts earned on amounts on deposit in the Capitalized Interest Account shall be taxable to Green Tree Finance Corp.--Two.
c. Any funds remaining in the Capitalized Interest Account after the Remittance Date in April 1997 shall be distributed to Green Tree Finance Corp.-- Two. After such date no further amounts shall be deposited in or withdrawn from the Capitalized Interest Account. Any losses on such investments shall be deposited in the Capitalized Interest Account by Green Tree Finance Corp.--Two out of its own funds immediately as realized.
Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
(i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(c) and 2.8(d) on a Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount first, pro rata based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date, and second, so long as the events described in clauses (i) and (ii) of paragraph (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date.
(ii) After giving effect to Section 2.10(a)(i) above on the Distribution Date in July 2006, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining from the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.
Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25, 2002 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.
Capitalized Interest Account a. On or before the Closing Date, the Trustee shall establish the Capitalized Interest Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein $0.00 received from the Seller pursuant to Section 2.02(m). The Capitalized Interest Account shall be entitled "Capitalized Interest Account, U.S. Bank Trust National Association as Trustee for the benefit of holders of Home Equity Loan Certificates, Series 1999-F." On the Payment Date occurring in each of October, November and December 1999, if the Monthly Report for such Payment Date indicates that the Amount Available (after payment of the amount specified in clause (1) of Section 8.04(b) and including in the Amount Available only payments in respect of interest on the Loans) is not sufficient to pay the Class A Formula Interest Distribution Amount, plus the Class M-1 Formula Interest Distribution Amount, plus the Class M-2 Formula Interest Distribution Amount, plus the Class B-1 Formula Interest Distribution Amount, the Trustee shall withdraw the amount of such deficiency, or the amount of funds in the Capitalized Interest Account (net of any investment earnings thereon), if less, and shall deposit such funds in the Certificate Account for distribution on such Payment Date in order first to pay any deficiency in the Amount Available to pay the Class A Formula Interest Distribution Amount, second to pay any deficiency in the Amount Available to pay the Class M-1 Formula Interest Distribution Amount, third to pay any deficiency in the Amount Available to pay the Class M-2 Formula Interest Distribution Amount, and fourth to pay any deficiency in the Amount Available to pay the Class B-1 Formula Interest Distribution Amount.
b. The Capitalized Interest Account shall be part of the Trust but not part of the Subsidiary REMIC or the Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Capitalized Interest Account. The Seller shall be the beneficial owner of the Capitalized Interest Account, subject to the foregoing power of the Trustee to transfer amounts in the Capitalized Interest Account to the Certificate Account. Funds in the Capitalized Interest Account shall, at the direction of the Seller, be invested in Eligible Investments that mature no later than the Business Day prior to the next succeeding Payment Date. All net income and gain from such investments shall be distributed to the Seller on such Payment Date. All amounts earned on amounts on depo...
Capitalized Interest Account. (a) On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.
(b) In the event that the Available Funds, through the December 15, 2006 Distribution Date, are insufficient to make the payments described under Sections 2.8(b) and 2.8(c) above (or Section 2.8(b) if a Class B Interest Subordination Condition is in effect) on any Distribution Date, the Administrator shall instruct the Indenture Administrator in writing to withdraw from the Capitalized Interest Account on each Distribution Date an amount equal to such deficiency, and to distribute such amounts in the same order and priority as is set forth in Sections 2.8(a) through 2.8(c) above (or Section 2.8(a), (b) and (e) if a Class B Interest Subordination Condition is in effect).
(c) On the December 15, 2006 Distribution Date, the Administrator shall instruct the Indenture Administrator in writing to withdraw from the Capitalized Interest Account any amounts remaining on deposit in the Capitalized Interest Account and deposit such amounts into the Collection Account.
