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 deposit in the Capitalized Interest Account shall be taxable to the Seller. c. Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 shall be distributed to the Seller. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
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 Company 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 Improvement Loan Certificates, Series 1999-F.E." 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, 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 Company 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 SellerCompany, 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 Company on such Payment Date. All amounts earned on amounts on deposit in the Capitalized Interest Account shall be taxable to the SellerCompany.
c. Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 shall be distributed to the SellerCompany. 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 the Seller Company out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)
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 1,500,000 received from the Seller pursuant to Section 2.02(m2.02(s). 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, Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1999-F._________." On the Payment Date Remittance Dates occurring in each of October, November _________ and December 1999_________, if the Monthly Report for such Payment Remittance Date indicates that the Amount Available (after payment of the amount specified in clause (1) of Section 8.04(b8.03(a) and including in the Amount Available only payments in respect of interest on the LoansContracts) 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 Remittance 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 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 the SellerGreen Tree Finance Corp.--Two, be invested in Eligible Investments that mature no later than the Business Day prior to the next succeeding Payment Remittance Date. All net income and gain from such investments shall be distributed to the Seller Green Tree Finance Corp.--Two on such Payment Remittance Date. All amounts earned on amounts on deposit in the Capitalized Interest Account shall be taxable to the SellerGreen Tree Finance Corp.--Two.
c. Any funds remaining in the Capitalized Interest Account after the Payment Remittance Date in December 1999 _____________ shall be distributed to the SellerGreen 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 the Seller Green Tree Finance Corp.--Two out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
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 Certificates for Home Equity Loan CertificatesLoans, Series 19992000-F." On the Payment Date occurring in each of October, November December 2000 and December 1999January 2001, if the Monthly Report for such Payment Date indicates that the Amount Available (after payment of the amount amounts specified in clause (1) of Section Sections 8.04(b), (c) and (d), and including in the Amount Available only payments in respect of interest on the Loans) is not sufficient to pay the Class A A, Class MF-1, Class MF-2, Class MV-1, Class MV-2, Class BF-1 and Class BV-1 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 AmountAmounts, 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 A, Class MF-1, Class MV-1, Class MF-2, Class MV-2, Class BF-1 and Class BV-1 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 AmountAmounts.
b. The Capitalized Interest Account shall be part of the Trust but not part of the Subsidiary REMIC or assets of the Master Trust comprising a 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 deposit in the Capitalized Interest Account shall be taxable to the Seller.
c. Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 January 2001 shall be distributed to the Seller. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
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 -0- 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 19992000-F.A." On the Payment Date occurring in each of OctoberMarch 2000, November April 2000, and December 1999May 2000, 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 AV Formula Interest Distribution Amount, plus the Class M-1 MV-1 Formula Interest Distribution Amount, plus the Class M-2 MV-2 Formula Interest Distribution Amount, plus and the Class B-1 BV-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 AV Formula Interest Distribution Amount, second to pay any deficiency in the Amount Available to pay the Class M-1 MV-1 Formula Interest Distribution Amount, third to pay any deficiency in the Amount Available to pay the Class M-2 MV-2 Formula Interest Distribution Amount, and fourth to pay any deficiency in the Amount Available to pay the Class B-1 BV-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 deposit in the Capitalized Interest Account shall be taxable to the Seller.
c. Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 May 2000 shall be distributed to the Seller. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Capitalized Interest Account. a. (a) On or before the Closing Date, the Trustee shall establish the Capitalized Interest Account on behalf of the TrustAccount, 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 is to be entitled "Capitalized Interest Account, U.S. Bank Trust National Association as Trustee held by and for the benefit of holders the Trustee on behalf of Home Equity Loan Certificatesthe Certificateholders, Series 1999-F." and shall be either in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds (including investment earnings thereon) in such account are held for the benefit of the Trustee.
(b) On or before the Payment Date occurring Closing Date, OMI shall deposit $361,000 in the Capitalized Interest Account. The Trustee shall, on the Business Day immediately preceding each of OctoberCapitalized Interest Account Distribution Date, November withdraw the Capitalized Interest Account Withdrawal Amount (as calculated by the Servicer and December 1999set forth in the related Remittance Report pursuant to Section 11(a)(ix) hereof), if any, from the Monthly Report Capitalized Interest Account 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 deposit in the Distribution Account in order to pay:
(i) first, any deficiency in the Available Distribution Amount Available only payments in respect of interest on the Loans) is not sufficient to pay the related Interest Distribution Amount and any related Carryover Interest Distribution Amount for the Class A Formula Certificates for such Distribution Date,
(ii) second, any deficiency in the Available Distribution Amount to pay the related Interest Distribution Amount, plus Amount and any related Carryover Interest Distribution Amount for the Class M-1 Formula Certificates for such Distribution Date,
(iii) third, any deficiency in the Available Distribution Amount to pay the related Interest Distribution Amount, plus Amount and any related Carryover Interest Distribution Amount for the Class M-2 Formula Certificates for such Distribution Date,
(iv) fourth, any deficiency in the Available Distribution Amount to pay the related Interest Distribution Amount, plus Amount and any related Carryover Interest Distribution Amount for the Class B-1 Formula Certificates for such Distribution Date,
(v) fifth, any deficiency in the Available Distribution Amount to pay the related Interest Distribution AmountAmount and any related Carryover Interest Distribution Amount for the Class B-2 Certificates for such Distribution Date; and
(vi) sixth, any deficiency in the Trustee Available Distribution Amount to pay the related Interest Distribution Amount and any related Class X Carryover Strip Amount for the Class X Certificates for such Distribution Date. After the Closing Date, OMI shall withdraw the amount of such deficiency, or the amount of funds deposit additional amounts in the Capitalized Interest Account (net to the extent that, after the withdrawal and application of any investment earnings thereon)funds from the Capitalized Interest Account pursuant to this Section 10, if less, and shall deposit such funds in the Certificate Account for distribution on such Payment Date in order first to pay any deficiency described 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 Amountclauses (i)-(vi) above remains.
b. (c) The Capitalized Interest Account shall be part of the Trust Trust, but not part of the Subsidiary Pooling REMIC, the Intermediate REMIC or the Master Issuing REMIC. The Trustee Trustee, on behalf of the Trust Trust, shall be the legal owner of the Capitalized Interest Account. The Seller OMI shall be the beneficial owner of the Capitalized Interest Account, subject to the foregoing power of the Trustee to transfer withdraw amounts in from the Capitalized Interest Account to the Certificate Account. Funds in the Capitalized Interest Account shall, at the direction of the SellerServicer, 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 related Capitalized Interest Account Distribution Date. All amounts earned on amounts on deposit deposits in the Capitalized Interest Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the SellerCapitalized Interest Account upon written notice from an officer of OMI to the Trustee that all of the Subsequent Assets have been transferred to the Trust. The Capitalized Interest Account shall be an "outside reserve fund" within the meaning of Treasury regulation ss. 1.806G-2(h). The owner of the Capitalized Interest Account for tax purposes shall be OMI. For all federal tax purposes, amounts transferred by any of the Pooling REMIC, the Intermediate REMIC, or the Issuing REMIC to the Capitalized Interest Account shall be treated as amounts distributed by the applicable REMIC to OMI.
c. Any (d) The Trustee shall release to OMI all funds remaining in the Capitalized Interest Account after on the Payment Distribution Date in December 1999 shall be distributed immediately following the final transfer of Subsequent Assets to the Seller. After such date no further amounts shall Trust upon written notice from an officer of OMI to the Trustee (which may be deposited in or withdrawn from the Capitalized Interest Account. Any losses on such investments shall be deposited contained in the Capitalized Interest Account by Notice and Direction to the Seller out Trustee under Section 9(b)(i) hereof) that all of its own funds immediately as realizedthe Subsequent Assets have been transferred to the Trust.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Capitalized Interest Account. a. (a) On or before the Closing Date, the Trustee shall establish the Capitalized Interest Account on behalf of the TrustAccount, 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 is to be entitled "Capitalized Interest Account, U.S. Bank Trust National Association as Trustee held by and 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 Trustee on behalf of the amount specified in clause (1) of Section 8.04(b) Certificateholders, and including shall be either in the Amount Available only payments Trustee's name or designated in respect a manner that reflects the custodial nature of interest on the Loansaccount and that all funds (including investment earnings thereon) is not sufficient to pay in such account are held for the Class A Formula Interest Distribution Amountbenefit of the Trustee.
(b) On or before the Closing Date, 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 OMI shall withdraw the amount of such deficiency, or the amount of funds deposit $260,000 in the Capitalized Interest Account. The Trustee shall, on the Business Day immediately preceding each Capitalized Interest Account Distribution Date, withdraw the Capitalized Interest Account Withdrawal Amount (net of any investment earnings thereonas calculated by the Servicer and set forth in the related Remittance Report pursuant to Section 11(a)(9)), if lessany, and shall deposit such funds in from the Certificate Capitalized Interest Account for distribution on such Payment Date in order first to pay pay:
(i) first, any deficiency in the Available Distribution Amount Available to pay the related Interest Distribution Amount and any related Carryover Interest Distribution Amount for the Class A Formula Interest Certificates for such Distribution AmountDate,
(ii) second, second to pay any deficiency in the Available Distribution Amount Available to pay the related Interest Distribution Amount and any related Carryover Interest Distribution Amount for the Class M-1 Formula Interest Certificates for such Distribution AmountDate,
(iii) third, third to pay any deficiency in the Available Distribution Amount Available to pay the related Interest Distribution Amount and any related Carryover Interest Distribution Amount for the Class M-2 Formula Interest Certificates for such Distribution AmountDate,
(iv) fourth, and fourth to pay any deficiency in the Available Distribution Amount Available to pay the related Interest Distribution Amount and any related Carryover Interest Distribution Amount for the Class B-1 Formula Certificates for such Distribution Date, and
(v) fifth, any deficiency in the Available Distribution Amount to pay the related Interest Distribution AmountAmount and any related Carryover Interest Distribution Amount for the Class B-2 Certificates for such Distribution Date.
b. (c) The Capitalized Interest Account shall be part of the Trust Trust, but not part of the Subsidiary Pooling REMIC, the Intermediate REMIC or the Master Issuing REMIC. The Trustee Trustee, on behalf of the Trust Trust, shall be the legal owner of the Capitalized Interest Account. The Seller OMI shall be the beneficial owner of the Capitalized Interest Account, subject to the foregoing power of the Trustee to transfer withdraw amounts in from the Capitalized Interest Account to the Certificate Account. Funds in the Capitalized Interest Account shall, at the direction of the SellerServicer, 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 related Capitalized Interest Account Distribution Date. All amounts earned on amounts on deposit deposits in the Capitalized Interest Account shall be taxable to OMI. The Trustee shall release to OMI all investment earnings in the Seller.
c. Any Capitalized Interest Account upon written notice from an officer of OMI to the Trustee that all of the Subsequent Assets have been transferred to the Trust. The Capitalized Interest Account shall be an "outside reserve fund" within the meaning of Treasury regulation (S) 1.806G- 2(h). The owner of the Capitalized Interest Account for tax purposes shall be OMI. For all federal tax purposes, amounts transferred by any of the Pooling REMIC, the Intermediate REMIC, or the Issuing REMIC to the Capitalized Interest Account shall be treated as amounts distributed by the applicable REMIC to OMI. The Trustee shall release to OMI all funds remaining in the Capitalized Interest Account after on the Payment Distribution Date in December 1999 shall be distributed immediately following the final transfer of Subsequent Assets to the Seller. After such date no further amounts shall Trust upon written notice from an officer of OMI to the Trustee (which may be deposited in or withdrawn from the Capitalized Interest Account. Any losses on such investments shall be deposited contained in the Capitalized Interest Account by Notice and Direction to the Seller out Trustee under Section 9(b)(1)) that all of its own funds immediately as realizedthe Subsequent Assets have been transferred to the Trust.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Capitalized Interest Account. a. (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 -0- 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 19992002-F.B." On the Payment Date occurring in each of OctoberMay 2002, November June 2002, and December 1999July 2002, 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 Current Interest Distribution Amount, plus the Class A-IO Current Interest Amount, the Class M-1 Formula Current Interest Distribution Amount, plus the Class M-2 Formula Current Interest Distribution Amount, plus the Class B-1 Formula Current Interest Distribution Amount and the Class B-2 Current Interest 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 Current Interest Distribution AmountAmount and the Class A-IO Current Interest Amount pro rata, second to pay any deficiency in the Amount Available to pay the Class M-1 Formula Current Interest Distribution Amount, third to pay any deficiency in the Amount Available to pay the Class M-2 Formula Current Interest Distribution Amount, and fourth to pay any deficiency in the Amount Available to pay the Class B-1 Formula Current Interest Distribution Amount and fifth to pay any deficiency in the Amount Available to pay the Class B-2 Current Interest Amount.
b. (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 deposit in the Capitalized Interest Account shall be taxable to the Seller.
c. (c) Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 July 2002 shall be distributed to the Seller. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Capitalized Interest Account. a. (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(m2.02(xxi). 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 Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 19992001-F.2, and the Certificate Insurer." On the Payment Date Remittance Dates occurring in each of October, November August 2001 and December 1999September 2001, if the Monthly Report for such Payment Remittance Date indicates that the Amount Available (after payment of the amount specified in clause (1i) of Section 8.04(b8.03(a) and including in the Amount Available only payments in respect of interest on the LoansContracts) 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 Remittance 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, 104 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. (b) The Capitalized Interest Account shall be part of the Trust but not part of the Subsidiary REMIC, Intermediate REMIC or the Master REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Capitalized Interest Account. The Seller 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 the SellerGreen Tree Finance Corp.-Two, be invested in Eligible Investments that mature no later than the Business Day prior to the next succeeding Payment Remittance Date. All net income and gain from such investments shall be distributed to the Seller Green Tree Finance Corp.- Two on such Payment Remittance Date. All amounts earned on amounts on deposit in the Capitalized Interest Account shall be taxable to Green Tree Finance Corp.-Two. Any losses on such investments shall be deposited in the SellerCapitalized Interest Account by Green Tree Finance Corp.-Two out of its own funds immediately as realized.
c. (c) Any funds remaining in the Capitalized Interest Account after the Payment Remittance Date in December 1999 February 2001 shall be distributed to the SellerGreen Tree Finance Corp.-Two on such Remittance Date. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
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 19992000-F.B." On the Payment Date occurring in each of OctoberApril 2000, November May 2000 and December 1999June 2000, 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 AF Formula Interest Distribution Amount, plus the Class M-1 MF-1 Formula Interest Distribution Amount, plus the Class M-2 MF-2 Formula Interest Distribution Amount, plus and the Class B-1 BF-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 AF Formula Interest Distribution Amount, second to pay any deficiency in the Amount Available to pay the Class M-1 MF-1 Formula Interest Distribution Amount, third to pay any deficiency in the Amount Available to pay the Class M-2 MF-2 Formula Interest Distribution Amount, and fourth to pay any deficiency in the Amount Available to pay the Class B-1 BF-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 deposit in the Capitalized Interest Account shall be taxable to the Seller.
c. Any funds remaining in the Capitalized Interest Account after the Payment Date in December 1999 June 2000 shall be distributed to the Seller. 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 the Seller out of its own funds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)