Common use of COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS Clause in Contracts

COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the "Payment Account"), held in trust for the benefit of the Noteholders and the Note Insurer. The Indenture Trustee shall, subject to the terms of this paragraph, deposit in the Payment Account, (i) on the date of receipt (if received prior to 3:00 p.m. Eastern Standard Time, and if not, then on the Business Day following receipt) from the Master Servicer or any Sub-Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans and (ii) amounts transferred from the Pre-Funding Account and the Interest Coverage Account. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03, as provided in Section 3.05 from monies on deposit in the Payment Account.

COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the "Payment Account"), held in trust for the benefit of the Noteholders Bondholders and the Note Bond Insurer. The Indenture Trustee shall, subject to the terms of this paragraph, deposit in the Payment Account, (i) on the date of receipt (if received prior to 3:00 p.m. Eastern Standard Time, and if not, then on the Business Day following receipt) from the Master Servicer or any Sub-Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans and (ii) amounts transferred from the Pre-Funding Account and the Interest Coverage AccountAccount pursuant to Section 8.08 and 8.09 hereof. The Indenture Trustee shall make all payments of principal of and interest on the NotesBonds, subject to Section 3.03, as provided in Section 3.05 from monies on deposit in the Payment Account.