Disbursement of Funds from the Concentration Account Sample Clauses

Disbursement of Funds from the Concentration Account. Except as otherwise expressly provided herein, none of the Originator, the Original Servicer nor any Securitization Agent will have any check writing or other authority to issue payment orders against the Concentration Account. Except as otherwise expressly provided herein, only the Concentration Account Servicer (or a Successor Concentration Account Servicer, if applicable) on behalf of the Account Custodian, or the Account Custodian (after receipt of notice of a “servicer default,” “termination event” or similar event described in Section 3.1(i) below, sometimes jointly with each Securitization Agent, and after a Removal Event and prior to the appointment of a Successor Concentration Account Servicer), shall have authority to deliver the disbursement instructions identifying Remittances held in the Concentration Account as Securitization Remittances or Other Remittances and directing that transfers be made by the Concentration Account Bank from the Concentration Account to: (i) the collection account specified in the written instructions to the Concentration Account Servicer (or a Successor Concentration Account Servicer (as defined below), if applicable) with a copy to the Account Custodian, or solely to the Account Custodian (after receipt of notice of a “servicer default,” “termination event” or similar event described in Section 3.1(i) below, and after a Removal Event and prior to the appointment of a Successor Concentration Account Servicer) received from the applicable Securitization Agent with respect to the Securitization Remittances (each, a “Securitization Collection Account”); or (ii) the account specified in the written instructions received by the Concentration Account Servicer (or a Successor Concentration Account Servicer, if applicable) with a copy to the Account Custodian, or solely to the Account Custodian (after receipt of notice of a “servicer default,” “termination event” or similar event described in Section 3.1(i) below and after a Removal Event and prior to the appointment of a Successor Concentration Account Servicer) from the Originator with respect to the Other Remittances, except nothing herein shall limit the right of any Securitization Agent to re-direct the payment of proceeds of its Securitization Remittances to another account pursuant to its Securitization Documents. The Concentration Account Servicer (or any Successor Concentration Account Servicer, if
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Related to Disbursement of Funds from the Concentration Account

  • Investment of Funds in the Collection Account The Servicer may direct any depository institution which holds the Collection Account to invest the funds in the Collection Account in one or more Permitted Investments bearing interest. All such Permitted Investments shall be held to maturity, unless payable on demand. In the event amounts on deposit in the Collection Account are at any time invested in a Permitted Investment payable on demand, the Servicer shall:

  • Investment of Funds in the Collection Account and the Distribution Account (a) The Master Servicer may direct any depository institution maintaining the Collection Account (for purposes of this Section 3.12, an "Investment Account"), and the Trustee, in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this Section 3.12, also an "Investment Account"), to invest the funds in such Investment Account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

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

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Disbursement Account A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b).

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

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