Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement. (b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes: (i) to withdraw amounts deposited in the Certificate Account in error; (ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement; (iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer; (iv) to make distributions to the Certificateholders pursuant to Article V; and (v) to clear and terminate the Certificate Account pursuant to Section 7.02. (c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 15 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Ps THR Certs Ser 2003-8), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2003-1), Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 9 contracts
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Pass-Through Certificates, Series 2004-13), Trust Agreement (Structured Asset Securities Corp Trust 2005-3), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-10)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for paid to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 9 contracts
Sources: Trust Agreement (Mortgage Pass-Through Certificates Series 2003-37a), Trust Agreement (Structured Asset Secs Corp Mort Pass-Thru Cert Sers 2004-2ac), Trust Agreement (Structured Asset Securities Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 4 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2), Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Ser 01 7a)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself (prior to making distributions pursuant to Section 5.02 5.02) for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 4 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Trust 2005-6), Trust Agreement (Structured Asset Securities Corp. 2005-14), Trust Agreement (Structured Asset Securities Corp. 2005-16)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself (prior to making distributions pursuant to Section 5.02 5.02) for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 3 contracts
Sources: Trust Agreement (Lehman Mortgage Trust 2005-2), Trust Agreement (Lehman Mortgage Trust 2005-1), Trust Agreement (Lehman Mortgage Trust 2005-1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 3 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-BC1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2002 17), Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 2.06, 3.16(e), 4.07 or 4.08, (iv) any amount to be deposited in the Basis Risk Shortfall Reserve Fund pursuant to Section 4.10, (v) any amount required to be paid pursuant to Section 9.01, (vi) an amount equal to the Certificate Insurer Premium payable on such Distribution Date, (vii) an amount equal to the Mortgage Insurance Premium payable on such Distribution Date and (viii) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.09(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Certificate Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Certificate Insurer, by wire transfer of immediately available funds to the Certificate Insurer Account, the Certificate Insurer Premium for such Distribution Date. The Trustee shall deposit any amounts received by it pursuant to the Certificate Guaranty Insurance Policy into the Certificate Account. Any such amounts shall be distributed on the immediately following Distribution Date as part of the Available Distribution Amount. In addition, on each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Mortgage Insurance Policy Provider, by wire transfer of immediately available funds, the Mortgage Insurance Premium for such Distribution Date.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Certificateholders and the Certificate Insurer, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Trustee Fee and any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for paid to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Rate), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Sections 5.02(b)(vi), 5.02(c)(vi), 5.02(d)(vi) and 5.02(e)(vi);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-5), Trust Agreement (Structured Asset Investment Loan Trust 2005-5)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e), Section 4.07 or Section 4.10, (iv) any amount to be deposited in the Reserve Fund pursuant to Section 4.08, (v) any amount required to be paid pursuant to Section 9.01, (vi) any prepayment charges on the Mortgage Loans received during the related Prepayment Period, (vii) an amount equal to the Certificate Insurer Premium payable on such Distribution Date and (viii) all other amounts constituting the Group I or Group II Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.09(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds to the Insurer Account, the Certificate Insurer Premium for such Distribution Date. The Trustee shall deposit any amounts received pursuant to the Policy into the Certificate Account. Any such amounts shall be distributed on the immediately following Distribution Date as part of the Group I or Group II Available Distribution Amount, as applicable.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Certificateholders and the Insurer, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc), Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Certificate Account. (a) The Trustee Securities Administrator shall establish and maintain in its name, as trusteesecurities administrator, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee Securities Administrator shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee Securities Administrator held under this Agreement.
(b) The Trustee Securities Administrator shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Securities Administrator all such amounts. The Trustee Securities Administrator shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Securities Administrator Fee and any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself itself, the Trustee and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself, the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee Securities Administrator may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofSecurities Administrator). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Securities Administrator (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for paid to the Trustee Securities Administrator and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Administrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-4), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount that the Master Servicer is not permitted to withdraw from the Certificate Account pursuant to Section 3.16(e), (iv) any amount required to be deposited in the Certificate Account pursuant to Section 4.07, (v) any amount required to be deposited in the Certificate Account pursuant to Section 9.01, (vi) an amount equal to the Certificate Insurer Premium payable on such Distribution Date and (vii) all other amounts constituting the Available Distribution Amount for each Loan Group for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.08(b) the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds to the Insurer Account, the Certificate Insurer Premium for such Distribution Date.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Insurer and the Certificateholders, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Trustee any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2007-WF1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account all monies remitted by the Securities Administrator to the Trustee on the same day on whichwhich such monies are remitted to the Trustee, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsBusiness Day. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account during such Anniversary Year and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02 only in one or more subsequent Anniversary Years;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Depositor any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for paid to the Trustee Depositor and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-21a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-10” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for accrue to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2004-10), Trust Agreement (Structured Asset Investment Loan Trust 2004-10)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders and the Class 1-A1 Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001 15a), Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Cert Ser 2001-14a)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself (prior to making distributions pursuant to Section 5.02 5.02) for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders and the Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held [TRUSTEE], as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ ABS Corporation Mortgage Pass-Through Certificates, Series 200[__]-[__]” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Sections 6.11 or 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11 and 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Lehman Abs Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders and the Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders and the Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trusteeTrustee, a trust account (the “Certificate Account”), to be held entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of L▇▇▇▇▇ Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-8” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. .
(c) The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (cd) below, and to make payments to itself or the Custodians prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(cd) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee or its affiliates described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e), 4.07 or 4.08, (iv) any amount to be deposited in the Basis Risk Shortfall Reserve Fund pursuant to Section 4.10, (v) any amount required to be paid pursuant to Section 9.01, (vi) an amount equal to the Certificate Insurer Premium payable on such Distribution Date, (vii) an amount equal to the Mortgage Insurance Premium payable on such Distribution Date and (viii) all other amounts constituting the Group I and Group II Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.09(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Certificate Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Certificate Insurer, by wire transfer of immediately available funds to the Certificate Insurer Account, the Certificate Insurer Premium for such Distribution Date. The Trustee shall deposit any amounts received by it pursuant to the Certificate Guaranty Insurance Policy into the Certificate Account. Any such amounts shall be distributed on the immediately following Distribution Date as part of the Group I or Group II Available Distribution Amount. In addition, on each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Mortgage Insurance Policy Provider, by wire transfer of immediately available funds, the Mortgage Insurance Premium for such Distribution Date.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Certificateholders and the Certificate Insurer, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such 97 investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-18XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Mortgage Pass-Through Certificates Ser 2003-18xs)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2005-10” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vi) and 5.02(c)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”)") entitled "Certificate Account, to be held Bankers Trust Company of California, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇▇▇▇ Mortgage Securities Trust 2002-1, Mortgage Loan Pass-Through Certificates, Series 2002-1 until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay the Seller, in its capacity as a Servicer, the Seller's interest in investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below;
(iii) to pay itself the Trustee's Portion of any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iiiiv) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(ivv) to make distributions to the Certificateholders pursuant to Article V; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described Trustee) as directed by the Seller, in paragraph (viii) of the definition thereof)its capacity as a Servicer. All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All The Trustee shall be entitled to the Trustee's Portion of all income and gain realized from any such investment shall be as additional compensation for the Trustee and the amount thereof shall be subject to its withdrawal on order from time to time. The balance of any such income or gain shall be distributable to the Seller in its capacity as a Servicer, as additional servicing compensation. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Seller, in its capacity as a Servicer, for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trusteeTrustee, a trust account (the “Certificate Account”), to be held entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ Mortgage Trust Mortgage Pass-Through Certificates, Series 2007-6” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days 30 calendar days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. .
(c) The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (cd) below, and to make payments to itself or the Custodians prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(cd) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee or its affiliates described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2006-5” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vi) and 5.02(c)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Sections 5.02(b)(vi) and 5.02(c)(vi);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee to the extent not paid from income and earnings on the amounts on deposit in the Securities Administration Account and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-7XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or any agent for any amounts reimbursable to it pursuant to Sections 6.11 or 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date (unless an obligation of the Trustee, in which case it must by payable on demand or mature no later than the Distribution Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp. Mortgage Loan Trust 2005-7xs)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-HE3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(d)(iv);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make payments to itself and others pursuant to any provision of this Agreement (including, but not limited to, payments to the PMI Insurer);
(v) to make distributions to the Certificateholders pursuant to Article V; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-He3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2003-BC3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Funds held All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Sections 5.02(b)(vi), 5.02(c)(vi), 5.02(d)(vi) and 5.02(e)(vi);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-3)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount that the Master Servicer is not permitted to withdraw from the Certificate Account pursuant to Section 3.16(e), (iv) any amount required to be deposited in the Certificate Account pursuant to Section 4.07, (v) any amount required to be deposited in the Certificate Account pursuant to Section 9.01 and (vi) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.08(b) the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to make the Insured Payment on each Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds in accordance with the Commitment Letter, the Certificate Insurer Premium for such Distribution Date.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Certificateholders, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2003-BC9” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, invested funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested All income and gain realized from any such investment shall be held in cashcompensation to the Trustee and shall be subject to its withdrawal on order from time to time.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2004-19XS” until disbursed pursuant to the terms of this Agreement. .The Certificate Account shall be an Eligible Account. Account and shall be for the benefit of the Certificateholders.If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. .The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. .The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All Trustee).All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. .All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. .All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. .The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2006-9” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vi) and 5.02(c)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders and the Class 2-A1 Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-10a)
Certificate Account. (a) The Trustee shall establish ------------------- and maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Trustee Fee and any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments payment to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(viv) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be additional compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corporation)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2007-11” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(f)(i)(C) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments made by the Trustee which are other than Eligible Investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held ▇▇▇▇▇ Fargo Bank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-FF15” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11 or 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(e)(iv) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cash.uninvested. Section 4.05. [Reserved]
Appears in 1 contract
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff15)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a special segregated deposit trust account (the “"Certificate Account”)") entitled "Certificate Account, to be held First Union National Bank, as Trustee, in trust for the benefit of the Certificateholders Holders of Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2000-BC3" until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 15 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iviii) to make distributions to the Certificateholders and deposits in the Basis Risk Reserve Fund pursuant to Article V; and
(viv) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor (acceptable to the Guarantor), which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to timeany Distribution Date. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event that the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (ix) of the definition of "Eligible Investment" set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-5” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Securities Administrator set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested in Eligible Investments selected by and at the written direction of the Securities Administrator (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofSecurities Administrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) any income and gain remaining to the Securities Administrator, and shall be subject to its withdrawal on order of the Securities Administrator from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Administrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2004-5)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain a Certificate Account in its namewhich the Master Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account Deposit Date by wire transfer of immediately available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount required to be deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e), Section 4.07 or Section 4.08, (iv) any amount to be deposited in the Reserve Fund pursuant to Section 4.09, (v) any amount required to be paid pursuant to Section 9.01, (vi) any prepayment charges on the Mortgage Loans received during the related Prepayment Period, (vii) an amount equal to the Certificate Insurer Premium payable on such Distribution Date and (viii) all other amounts constituting the Group I or Group II Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as trustee, a trust account (and to the “Certificate Account”extent required pursuant to Section 4.10(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds to the Insurer Account, the Certificate Insurer Premium for such Distribution Date. The Trustee shall deposit any amounts received from the Insurer pursuant to the Policy into the Insurance Account. The amount necessary to pay any Insured Amount shall be held distributed on the immediately following Distribution Date as part of the Group I or Group II Available Distribution Amount, as applicable.
(c) On or prior to the Business Day immediately following each Determination Date, the Master Servicer shall determine any amounts owed by the Cap Counterparty under the Cap Contract and inform the Trustee of the amount so calculated.
(d) The Trustee shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to invest the funds in trust the Certificate Account in Permitted Investments designated in the name of the Trustee for the benefit of the Certificateholders until disbursed pursuant to and the terms Insurer, which shall mature not later than the Business Day next preceding the Distribution Date next following the date of this Agreement. The such investment (except that (i) any investment in the institution with which the Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all advance funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely Distribution Date to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any the amount payable on such investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) belowon such Distribution Date, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (pending receipt thereof to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) necessary to make distributions to on the Certificateholders pursuant to Article V; and
(vCertificates) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trusteeTrustee, a trust account (the “Certificate Account”), to be held entitled “Certificate Account, Well▇ ▇▇▇go Bank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Lehm▇▇ ▇▇▇tgage Trust Mortgage Pass-Through Certificates, Series 2007-9” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days 30 calendar days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. .
(c) The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (cd) below, and to make payments to itself or the Custodians prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(cd) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee or its affiliates described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish ------------------- and maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may shall invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds .
(d) Not later than the fifth Business Day prior to each Distribution Date, the Master Servicer shall provide to the Trustee in writing the amount, if any, of the Master Servicing Fee payable to the Master Servicer as of such Distribution Date out of funds held in the Certificate Account that are not invested shall be held in cashAccount.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corporation)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held JPMorgan Chase Bank, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-BC2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vii) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to make payments to itself and others pursuant to any provision of this Agreement;
(iv) to make distributions to Certificateholders pursuant to Article V;
(v) to pay to itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article VInvestments; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, Account which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-WF1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account all monies remitted by the Securities Administrator to the Trustee on the same day on whichwhich such monies are remitted to the Trustee, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsBusiness Day. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account during such Anniversary Year and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02 only in one or more subsequent Anniversary Years;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-Wf1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trusteeTrustee, a trust account (the “Certificate Account”), to be held entitled “Certificate Account, U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ Mortgage Trust Mortgage Pass-Through Certificates, Series 2007-2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. .
(c) The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (cd) below, and to make payments to itself or the Custodians prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this AgreementAgreement or the Custodial Agreements;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(cd) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee or its affiliates described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-S3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp. 2005 S-3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-S1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp 2005-S1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-HF2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders and the Class A4 Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, Trustee all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i1) to withdraw amounts deposited in the Certificate Account in error;
(ii2) to pay itself the Securities Administrator any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii3) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv4) to make distributions to the Certificateholders and the Class A4 Certificate Insurer pursuant to Article V; and
(v5) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee Securities Administrator and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Administrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Certificate Account. (a) The On or before the Closing Date, the Trustee shall establish the Certificate Account on behalf of the Trust as an Eligible Account. If, at any time, the Certificate Account ceases to be maintained as an Eligible Account, the Trustee (or the Master Servicer on its behalf) shall, within five (5) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which the Rating Agencies may consent) establish a new Certificate Account meeting the condition specified above, transfer any cash and/or any investments to such new Certificate Account and from the date such new Certificate Account is established, it shall be the "Certificate Account." The Certificate Account shall be held by The Bank of New York, not in its individual capacity but solely as trustee for the benefit of Holders of Home Equity Loan Asset Backed Certificates, Series 2003-1 (The CIT Group/Consumer Finance, Inc., Master Servicer) Certificate Account to be entitled "CIT 2003-1 Certificate Account." The Master Servicer shall, subject to the second following sentence, deposit in the Certificate Account, no later than two Business Days after the Closing Date, any amounts representing payments received on the Mortgage Loans on and after the Cut-Off Date, regardless of when due. The Master Servicer shall, subject to the following sentence, pay into the Certificate Account as promptly as practicable (not later than the second Business Day) following the receipt thereof by the Master Servicer, all amounts received in respect of the Mortgage Loans, including all payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds, Monthly Advances and any Purchase Price (or Substitution Adjustment) paid pursuant to Section 3.05, Section 5.14 or Section 4.03. Notwithstanding anything in this Agreement to the contrary, for so long as, and only so long as, CIT Consumer Finance shall remain the Master Servicer hereunder and CIT Consumer Finance remains a wholly-owned direct or indirect subsidiary of CIT, if CIT shall have and maintain a short-term debt rating of at least A-1 by Standard & Poor's and either a short-term debt rating of at least P-1 by Moody's or a long-term debt rating of at least A2 by Moody's (notic▇ ▇▇ ▇▇e failure to maintain such rating shall be giv▇▇ ▇▇ ▇he Trustee by the Master Servicer within ten (10) days of the occurrence thereof), the Master Servicer may make the deposits to the Certificate Account specified in its namethe two preceding sentences on a monthly basis, but in any case shall make the deposits to the Certificate Account not later than the Business Day immediately preceding the applicable Distribution Date, in an amount equal to the net amount of such deposits and payments which would have been made to the Certificate Account during such Due Period but for the provisions of this sentence. The Master Servicer shall not be required to deposit in the Certificate Account amounts that are otherwise permitted to be withdrawn therefrom pursuant to clauses (c), (d), (e) and (f) of Section 8.02 or amounts that are payable to the Master Servicer pursuant to Section 8.04; provided, however, the Master Servicer shall be required to so deposit the Master Servicing Fee referred to in Section 8.02(g) unless CIT Consumer Finance is the Master Servicer (in which case CIT Consumer Finance, as trusteeMaster Servicer, a trust account (shall not be required to so deposit the “Master Servicing Fee referred to in Section 8.02(g)). All amounts paid into the Certificate Account”), to Account under this Agreement shall be held in trust for the benefit of Certificateholders (or the Certificateholders until disbursed Master Servicer, to the extent the Master Servicer is entitled to receive any such amounts pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that ) until payment of any such amounts is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held authorized under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2003-1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2004-9XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing or any Auction Call, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held ▇▇▇▇▇ Fargo Bank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of BNC Mortgage Loan Trust 2007-4 Mortgage Pass-Through Certificates, Series 2007-4” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.11 or Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(d)(iv);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and payments to the Certificateholders Swap Counterparty pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, Date and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for (1) to the Trustee, in payment of its Trustee Fee and shall be subject (2) to the Custodian in payment of its withdrawal on order from time to timeCustodial Compensation. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-WF2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account all monies remitted by the Securities Administrator to the Trustee on the same day on whichwhich such monies are remitted to the Trustee, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsBusiness Day. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account during such Anniversary Year and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02 only in one or more subsequent Anniversary Years;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-GEL3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) To pay itself the Trustee Fee and to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held in cashremain uninvested.
Appears in 1 contract
Sources: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)
Certificate Account. (a) The Trustee Securities Administrator shall establish and maintain in its name, as trusteethe name of the Trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Wilmington Trust Company, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2004-16XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee Securities Administrator shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee Securities Administrator held under this Agreement.
(b) The Trustee Securities Administrator shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the TrusteeSecurities Administrator, all such amounts. The Trustee Securities Administrator shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself or to the Trustee pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Securities Administrator pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Securities Administrator and the Securities Administrator’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee Securities Administrator may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of Securities Administrator or the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in by the name of the Trustee Securities Administrator (in its capacity as such) or its nomineethe Trustee. All income and gain realized from any such investment shall be compensation for to the Trustee Securities Administrator and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Administrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders and the Class 2-A3 Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the TrusteeTrustee or distributions are received by the Trustee with respect to the Underlying Security, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders and the Class 2-A3 Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) If the Trustee shall not have received a distribution with respect to the Underlying Security by the Business Day after the Underlying Distribution Date of the Underlying Security, the Trustee shall request the Underlying Trustee to make such payment as promptly as possible and legally permitted and may, and at the direction of the Certificateholders shall, subject to the penultimate sentence of this paragraph, take any available legal action, including the prosecution of any claims in connection therewith. The reasonable legal fees and expenses incurred by the Trustee in connection with the prosecution of any such legal action shall be reimbursable to the Trustee out of the proceeds of any such action and shall be retained by the Trustee prior to the deposit of any remaining proceeds in the Certificate Account pending distribution thereof to Certificateholders in accordance with Section 5.02 hereof. The amount distributable to Certificateholders on the Distribution Date immediately succeeding the receipt of such proceeds shall be reduced by the amount so reimbursed. In the event that the Trustee has reason to believe that the proceeds of any such legal action may be insufficient to reimburse it for its projected legal fees and expenses, the Trustee shall notify the Certificateholders that it is not obligated to pursue any such available remedies unless adequate indemnity for its legal fees and expenses is provided by Certificateholders. In the event that any such indemnity is provided to the Trustee, the Trustee shall take such action as shall be appropriate under the circumstances.
(d) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held [___________________], as Trustee, in trust for the benefit of the Certificateholders Holders of [_________________] Mortgage Pass-Through Certificates, Series 20[__]-[_]” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Sections 5.02(d)(vi);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”)") entitled "Certificate Account, to be held Bank One, National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2001-BC3" until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Net Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iviii) to make distributions to the Certificateholders pursuant to Article V; and
(viv) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of "Eligible Investment" set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2001-Bc3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ ABS Corporation Mortgage Pass-Through Certificates, Series 2004-1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing or any Auction Call, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Lehman Abs Corp Mortgage Pass-Through Certs Series 2004-1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of BNC Mortgage Loan Trust 2006-2 Mortgage Pass-Through Certificates, Series 2006-2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(v);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due, (2) to the Custodian in payment of its Custodial Compensation to the extent not paid by the Securities Administrator when due and (3) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held Absent receipt of written investment instructions from the Master Servicer by the Trustee, funds in the Certificate Account that are not invested shall be held in cashremain uninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-S2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held . Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-S2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held JPMorgan Chase Bank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-10” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself and others prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to itself and others pursuant to any provision of this Agreement or any Custodial Agreement; provided that such payments are for “unanticipated expenses” within the Trustee meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(ii) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);
(iii) to withdraw amounts deposited in the Certificate Account in error;
(iv) to make payments to itself and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(ivv) to make distributions to the Certificateholders pursuant to Article V; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-7” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Sections 5.02(d)(vi);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Master Servicer in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Master Servicer, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-7)
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain a Certificate Account in its namewhich the Master Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account Deposit Date by wire transfer of immediately available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount required to be deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e), Section 4.07 or Section 4.08, (iv) any amount to be deposited in the Reserve Fund pursuant to Section 4.09, (v) any amount required to be paid pursuant to Section 9.01, (vi) any prepayment charges on the Mortgage Loans received during the related Prepayment Period, (vii) an amount equal to the Certificate Insurer Premium payable on such Distribution Date and (viii) all other amounts constituting the Group I or Group II Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as trustee, a trust account (and to the “Certificate Account”extent required pursuant to Section 4.10(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Insurer.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds to the Insurer Account, the Certificate Insurer Premium for such Distribution Date. The Trustee shall deposit any amounts received from the Insurer pursuant to the Policy into the Insurance Account. The amount necessary to pay any Insured Amount shall be held distributed on the immediately following Distribution Date as part of the Group I or Group II Available Distribution Amount, as applicable.
(c) On or prior to the Business Day immediately following each Determination Date, the Master Servicer shall determine any amounts owed by the Cap Counterparty under the Cap Contract and by the Yield Maintenance Agreement Provider under the Yield Maintenance Agreement and inform the Trustee of the amount so calculated.
(d) The Trustee shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to invest the funds in trust the Certificate Account in Permitted Investments designated in the name of the Trustee for the benefit of the Certificateholders until disbursed pursuant to and the terms Insurer, which shall mature not later than the Business Day next preceding the Distribution Date next following the date of this Agreement. The Certificate Account shall be such investment (except that (i) if such Permitted Investment is an Eligible Account. If obligation of the existing Certificate Account ceases to be institution that maintains such account or a fund for which such institution or affiliate thereof serves as an Eligible Accountinvestment advisor, administrator, shareholder servicing agent and/or custodian or sub-custodian, then such Permitted Investment may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all advance funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely Distribution Date to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any the amount payable on such investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) belowon such Distribution Date, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (pending receipt thereof to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) necessary to make distributions to on 82 the Certificateholders pursuant to Article V; and
(vCertificates) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2007-14H” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(f)(i)(D) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments made by the Trustee shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and ------------------- maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments payment to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, Account which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself the Depositor any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing payment to the Trustee Depositor and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee Depositor and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Depositor for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event that the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (ix) of the definition of "Eligible Investment" set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cer Se 1999-Bc2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2003-BC10” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, invested funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested All income and gain realized from any such investment shall be held in cashcompensation to the Trustee and shall be subject to its withdrawal on order from time to time.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)
Certificate Account. (a) The On or before the Issue Date, CMSI shall open or cause to be opened with a Depository, Depositories or the Trustee one or more accounts in the name of the Trustee, which shall establish and maintain in its name, as trustee, a trust account (collectively be the “"Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement". The Certificate Account will be an Investment Account if so specified in Article XII; otherwise, the Certificate Account will be a non-interest bearing account. CMSI, on behalf of the Trustee, shall promptly deposit, or cause to be deposited, daily in the Certificate Account, within one Business Day following receipt and posting, all Remittances related to Affiliated Mortgage Loans received by it. Remittances related to the Third Party Mortgage Loans shall be an Eligible Account. If deposited into the existing Custodial Accounts for P&I and the Certificate Account ceases in accordance with Section 3.03. All Remittances, any amount required to be an Eligible Accountdeposited in the Certificate Account pursuant to Section 2.01, all other deposits therein pursuant to this Agreement, and all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee shall establish a new in the Certificate Account that is an Eligible as part of the Trust Fund as herein provided, except for amounts from Buydown Funds required to be deposited pursuant to Section 3.06, which shall be held by the Trustee in the Buydown Account within 20 Business Days on behalf of the Mortgagors, subject to withdrawal by the Trustee or CMSI as servicer for the purposes set forth in subsections (b) and transfer all (c) of Section 3.04. All funds on deposit in such existing withdrawn from the Certificate Account into such new Certificate Accountpursuant to subsection (b) of Section 3.04 for the purpose of making distributions to the Certificateholders shall be applied in accordance with said subsections. The Trustee shall take such steps as CMSI may reasonably request in order to enable CMSI to make deposits to and withdrawals from the Certificate Account shall relate solely to the Certificates issued hereunder in accordance with Sections 3.03, 3.14 and funds 3.16. Funds in the Certificate Account shall be invested and reinvested by the Trustee at CMSI's written direction (subject to subsections (c) and (d) of this Section 3.02) in one or more Eligible Investments bearing interest or sold at discount. Notwithstanding the foregoing, no investment of any amount held in the Certificate Account may mature later than the Business Day immediately preceding the next Distribution Date; provided, however, that investments (including repurchase agreements) All income from investment of moneys deposited in a Certificate Account, and all proceeds of disposition of any assets in the Certificate Account, shall be deposited by the Trustee, the Servicer or the Master Servicer in such Certificate Account immediately upon receipt, and any loss resulting from such investment shall be charged to such Certificate Account. The Trustee shall have no liability for any loss incurred in connection with any investment or any sale or liquidation thereof pursuant hereto, unless caused by its negligence or willful misconduct. CMSI may deposit in each of the Certificate Account, Servicing Account and Buydown Account the appropriate payments, collections and funds in respect of one or more series of certificates issued under a registration statement covering the CitiCertificates or similar certificates; provided that the senior class of certificates of each such other series and the senior Class of CitiCertificates are rated "AAA" or its equivalent (with respect to any Insured Certificates, without regard to the Insurance Policy) or in the category "AA" or its equivalent and the subordinated class of certificates of each such other series and the subordinated Class of CitiCertificates are rated in the same category by each Rating Agency, and provided further that separate accounting is maintained.
(b) Funds and apart from and other property in the Certificate Account shall not be commingled with any other monies includingmoneys or property of the Trustee. Notwithstanding the foregoing, without limitation, the Trustee may hold any funds or other monies property received or held by it as part of the Certificate Account in collective accounts maintained by it in the normal course of its business and containing funds or property held by it for other persons; provided that such accounts are under the sole control of the Trustee and the Trustee maintains adequate records indicating the ownership of all such funds or property and the portions thereof held under this Agreementfor credit to the Certificate Account.
(bc) The CMSI will not direct the Trustee shall cause to be deposited into make any investment of any funds in the Certificate Account on or to sell any investment held in the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Investment Account only for except under the following purposesterms and conditions:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any each such investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereof). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any in the name of a Qualified Nominee of the Trustee; and
(ii) each such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred a "cash flow investment" as defined in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cashCode Section 860G(a)(6).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citicorp Mortgage Securities Inc)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2005-2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(iii) and 5.02(c)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of L▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2006-20” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(f)(i)(C) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for such Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-NC1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b), (c) and (d) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for accrue to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2006-19” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and to the Pooling REMIC 1 Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vi) and 5.02(c)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date (except with respect to such investments in an amount equal to the aggregate of any Net Swap Payments and any Swap Termination Payments payable to the Swap Counterparty, such amount to mature no later than the next Swap Payment Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2004-S4” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held W▇▇▇▇ Fargo Bank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-FF17” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11 or 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(e)(iv) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff17)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held JPMorgan Chase Bank, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-BC1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vii) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to make payments to itself and others pursuant to any provision of this Agreement;
(iv) to make distributions to Certificateholders pursuant to Article V;
(v) to pay to itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article VInvestments; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, Account which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-GEL4” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) To pay itself the Trustee Fee and to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held in cashremain uninvested.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corporation, 2005-Gel4)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of ▇▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, Series 2005-3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amountsamounts so remitted. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(iv), 5.02(c)(iv) and 5.02(d)(iv) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Trustee Securities Administrator shall establish and maintain in its name, as trusteethe name of the Trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Wilmington Trust Company, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-4XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders and the Certificate Insurer. If the existing Certificate Account ceases to be an Eligible Account, the Trustee Securities Administrator shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee Securities Administrator held under this Agreement.
(b) The Trustee Securities Administrator shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the TrusteeSecurities Administrator, all such amounts. The Trustee Securities Administrator shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself or to the Trustee pursuant to any provision of this Agreement, or to reimburse itself or its agent and the Trustee for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Securities Administrator pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Securities Administrator and the Securities Administrator’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to Certificateholders and the Certificateholders Certificate Insurer pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee Securities Administrator may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of Securities Administrator or the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in by the name of the Trustee Securities Administrator (in its capacity as such) or its nomineethe Trustee. All income and gain realized from any such investment shall be compensation for to the Trustee Securities Administrator and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Administrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Trust 2005-4xs)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-8XS” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-8xs)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held JPMorgan Chase Bank, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-BC3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(vii) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to make payments to itself and others pursuant to any provision of this Agreement;
(iv) to make distributions to Certificateholders pursuant to Article V;
(v) to pay to itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article VInvestments; and
(vvi) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, Account which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders and the Class 2-A3 Certificate Insurer until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments payment to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders and the Class 2-A3 Certificate Insurer pursuant to Article V; and
(viv) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 1999 1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-WF3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Securities Adminstrator in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Securities Adminstrator, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Securities Adminstrator from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Adminstrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (SASCO Mortgage Loan Trust 2005-Wf3)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-S1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Sections 6.11 or 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11 and 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Funds held All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a special segregated deposit trust account (the “"Certificate Account”)") entitled "Certificate Account, to be held First Union National Bank, as Trustee, in trust for the benefit of the Certificateholders Holders of Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2000-BC2" until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 15 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iviii) to make distributions to the Certificateholders and deposits in the Basis Risk Reserve Fund pursuant to Article V; and
(viv) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor (acceptable to the Guarantor), which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to timeany Distribution Date. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event that the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (ix) of the definition of "Eligible Investment" set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “"Certificate Account”)") entitled "Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-S3" until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of "Interest Remittance Amount" and clause (b) of the definition of "Principal Remittance Amount" in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee's reimbursement for such excess amounts shall be made pursuant to Section 5.02(b)(v) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held . Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofor its affiliates). All If invested, all such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation for to the Trustee and shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-S3)
Certificate Account. (a) The Trustee shall establish ------------------- and maintain in its name, as trustee, a special deposit trust account (the “"Certificate Account”"), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall cause to be deposited into the Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may shall invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp/Ny)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-S4” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to pay itself the Trustee Fee and to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14 and 7.01 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, below and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall may also be held in cashuninvested.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp 2005-S4)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2003-BC7” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefortherefore, immediately as realized. Funds held All income and gain realized from any such investment shall be compensation to the Trustee and shall be subject to its withdrawal on order from time to time. It is the Trustee’s intention that funds on deposit in the Certificate Account that are not invested shall be held in cashremain uninvested.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-GEL1” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement, or to reimburse itself for any expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) and 5.02(c) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) . The Trustee may invest, or cause to be invested, funds held in the Certificate AccountAccount at the direction of the Depositor, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment investment, shall be compensation for to the Trustee and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Certificate Account that are not invested shall be held invested in cash.a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.
Appears in 1 contract
Sources: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held U.S. Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-WF2” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee at the direction of the Securities Adminstrator in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of its Trustee Fee to the extent not paid by the Securities Administrator when due and (2) to the Securities Adminstrator, any income and gain remaining. Subject to the preceding sentence, all income and gain realized from any such investment for the Trustee and each Distribution Date shall be subject to its withdrawal on order by the Securities Adminstrator from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Securities Adminstrator for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Certificate Account. (a) The Master Servicer acting as agent of the Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”), to be held in trust for the benefit of the Certificateholders until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible Account. If in which the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 Business Days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee Master Servicer shall cause to be deposited into on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account on the day on which, or, if such day is not a Business Day, the Business Day Deposit Date by wire transfer of immediately following the day on which, any monies are remitted by the Master Servicer available funds an amount equal to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
sum of (i) to withdraw amounts deposited in any Advance for the Certificate Account in error;
immediately succeeding Distribution Date, (ii) any amount required to pay itself any investment income earned with respect to funds be deposited in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master Servicer;
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.023.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount required to be paid pursuant to Section 9.01, (v) an amount equal to the Certificate Insurer Premium payable on such Distribution Date and (vi) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date. In addition, as and to the extent required pursuant to Section 4.08(b), the Trustee shall withdraw from the Insurance Account and deposit into the Certificate Account the amount necessary to pay the Insured Amount on each Distribution Date to the extent received from the Insurer. In addition, as and to the extent required pursuant to Section 4.09, the Trustee shall withdraw from the Reserve Fund and deposit into the Certificate Account any amounts required to be distributed to the Certificateholders on the immediately succeeding Distribution Date.
(b) On each Distribution Date, prior to making any other distributions referred to in Section 4.02 herein, the Trustee shall withdraw from the Certificate Account and pay to the Insurer, by wire transfer of immediately available funds to the Insurer Account, the Certificate Insurer Premium for such Distribution Date, provided that on the Distribution Date in October 1999, the Trustee shall subtract from the Certificate Insurer Premium and pay to the Master Servicer an amount equal to $4,208.18 in reimbursement of certain administrative costs previously paid by the Master Servicer pursuant to the Insurance Agreement. The Trustee shall make the payments to the designee or designees of the Insurer as required pursuant to the letter from the Insurer to the Trustee dated as of the Closing Date. The Trustee shall deposit any amounts received pursuant to the Policy or the Limited Reimbursement Agreement into the Certificate Account. Any such amounts shall be distributed on the immediately following Distribution Date as part of the Available Distribution Amount.
(c) The Trustee may investshall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to be invested, invest the funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Permitted Investments (which may be obligations designated in the name of the Trustee described in paragraph (viii) for the benefit of the definition thereof). All such investments must be payable on demand or Certificateholders and the Insurer, which shall mature no not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be compensation for the Trustee benefit of the Master Servicer and shall be subject to its withdrawal on or order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee for deposit deposited in the Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, funds immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held Citibank, N.A., as Trustee, in trust for the benefit of the Certificateholders Holders of BNC Mortgage Loan Trust 2007-3 Mortgage Pass-Through Certificates, Series 2007-3” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Trustee set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 ten Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself or its agents for any amounts reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.11 or Section 6.14, in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(d)(iv);
(ii) to withdraw amounts deposited in the Certificate Account in error;
(ii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
(iii) to make payments of any investment income or earnings on the Master Servicing Fee Certificate Account (to the extent not already withheld or withdrawn from the Collection Account by the Master ServicerA) first, to the Master ServicerServicer for amounts relating to the Master Servicer Investment Period, (B) second, to Deutsche Bank National Trust Company in its capacity as Custodian, in payment of its Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself, all in accordance with Section 4.04(c);
(iv) to make distributions to Certificateholders and payments to the Certificateholders Swap Counterparty pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Trustee may invest, or cause to be invested, funds held Funds in the Certificate Account, which funds, if invested, shall Account may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee described or its affiliates); provided, however, that amounts on deposit in paragraph the Certificate Account for the one Business Day from and including the Master Servicer Remittance Date to but excluding the next Business Day (viiithe “Master Servicer Investment Period”) shall be invested by the Trustee in accordance with the written directions provided by the Master Servicer in Eligible Investments which mature on the next Business Day. In the absence of such investment direction from the definition thereof)Master Servicer, funds in the Certificate Account shall remain uninvested during the Master Servicer Investment Period. All Funds in the Certificate Account may be invested by the Trustee, other than during the Master Servicer Investment Period, so long as all such investments must be are payable on demand or mature no later than one Business Day prior to the next related Distribution Date (unless such investments are obligations of the Trustee, in which case such investments may mature on the related Distribution Date), and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) first, to the Master Servicer in respect of income or gain realized for the Trustee Master Servicer Investment Period, (2) second, to Deutsche Bank National Trust Company in its capacity as Custodian, in payment of its Custodial Compensation, if due, and (3) to the Trustee, any income and gain remaining. Subject to the priorities in the preceding sentence, all income and gain realized from any such investment for each Distribution Date shall be subject to its withdrawal on order by the Trustee from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee (or the Master Servicer if such losses are incurred in respect of any investments selected by the Master Servicer for the Master Servicer Investment Period under the proviso to the first sentence of this Section 4.04(c)) for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in All income and gain realized from any Eligible Investment during the Certificate Account that are not invested Master Servicer Investment Period shall be held in cashfor the benefit of the Master Servicer, as additional compensation, and the Trustee shall remit to the Master Servicer such amounts no later than on the second Business Day following the day on which such income or gain on investment is received by the Trustee.
Appears in 1 contract
Certificate Account. (a) The Trustee shall establish and maintain in its name, as trustee, a trust account (the “Certificate Account”)) entitled “Certificate Account, to be held LaSalle Bank National Association, as Trustee, in trust for the benefit of the Certificateholders Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-8” until disbursed pursuant to the terms of this Agreement. The Certificate Account shall be an Eligible AccountAccount and shall be for the benefit of the Certificateholders, subject to the rights of the Securities Administrator set forth herein. If the existing Certificate Account ceases to be an Eligible Account, the Trustee shall establish a new Certificate Account that is an Eligible Account within 20 10 Business Days and transfer all funds and investment property on deposit in such existing Certificate Account into such new Certificate Account. The Certificate Account shall relate solely to the Certificates issued hereunder and funds in the Certificate Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Trustee held under this Agreement.
(b) The Trustee shall deposit or cause to be deposited into the Certificate Account Account, on the day on which, or, or if such day is not a Business Day, the Business Day immediately following the day on which, any monies are remitted by the Master Servicer Securities Administrator to the Trustee, all such amounts. The Trustee shall make withdrawals from the Certificate Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 6.12; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Trustee pursuant to Section 6.14 in connection with any transfer of servicing, shall not be withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.02(b), Section 5.02(c), Section 5.02(d), Section 5.02(e) and 5.02(f) hereof;
(ii) to withdraw amounts deposited in the Certificate Account in error;
(iiiii) to pay itself any investment income earned with respect to funds in the Certificate Account invested in Eligible Investments as set forth in subsection (c) below, and to make payments to itself prior to making distributions pursuant to Section 5.02 for any expenses or other indemnification owing to the Trustee and others pursuant to any provision of this Agreement;
Agreement (iii) to make including, but not limited to, payments of the Master Servicing Fee (to the extent not already withheld or withdrawn from the Collection Account by the Master Servicer) to the Master ServicerPMI Insurer);
(iv) to make distributions to the Certificateholders pursuant to Article V; and
(v) to clear and terminate the Certificate Account pursuant to Section 7.02.
(c) The Master Servicer may direct the Trustee may invest, or cause in writing to be invested, invest funds held in the Certificate Account, which funds, if invested, shall be invested Account in Eligible Investments (which may be obligations of the Trustee described in paragraph (viii) of the definition thereofTrustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall first be compensation for paid to the Trustee, in payment of 1/12th of its Trustee Fee with any remaining income and gain to be paid to the Master Servicer, and shall be subject to its withdrawal on order of the Master Servicer from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Trustee Master Servicer for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized. Funds held in the Certificate Account that are not invested shall be held in cash.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2004-8)