DISBURSEMENTS OF MONEYS FROM COLLECTION ACCOUNT Sample Clauses

DISBURSEMENTS OF MONEYS FROM COLLECTION ACCOUNT. (a) On each Payment Date for a Series, if either no Default or Event of Default shall have occurred and be continuing or a Default or Event of Default shall have occurred and be continuing but the entire unpaid principal amount of the Bonds of such Series shall not have been declared due and payable pursuant to Section 6.02, then on such Payment Date, the Trustee shall withdraw from the Collection Account for such Series and shall make the following disbursements according to the provisions of the Terms Indenture. (b) Promptly following (1) the first Payment Date for a Series and (2) each Payment Date immediately following any anniversary of the Issue Date for such Series, the Issuer shall cause to be delivered to the Trustee a statement from a firm of Independent certified public accountants indicating (i) that such firm has reviewed the Bond Valuation Report and applicable information from the Issuer and the Trustee, (ii) that the firm has traced the Outstanding Mortgage Collateral Amount of the Mortgage Collateral used in the Bond Valuation Report to the principal balances supplied to the Trustee by the Issuer, (iii) that the firm has tested the clerical accuracy and methodology of the calculation of the Aggregate Outstanding Bond Value of the Mortgage Collateral securing the Bonds of such Series as of such Payment Date, (iv) that the firm has tested the clerical accuracy and methodology of the Issuer in calculating the required balances, if any, in the Debt Service Funds, the Reserve Fund, the Overcollateralization Fund, the Other Funds and the Prepayment Reserve Account as of such Payment Date, (v) whether the remaining scheduled cash flow (net of applicable servicing fees, insurance premiums and other fees) on the Mortgage Collateral and any necessary withdrawals from the Debt Service Funds, the Reserve Fund, the Overcollateralization Fund, the Other Funds and the Prepayment Reserve Account, together with the Reinvestment Income thereon at the applicable Assumed Reinvestment Rates, will be sufficient to pay each Class of Bonds of such Series by its Stated Maturity together with interest due thereon, and (vi) whether the accounting for the Special Redemption Determination Report is in accordance with Section 12.11(c).
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Related to DISBURSEMENTS OF MONEYS FROM COLLECTION ACCOUNT

  • Disbursements of Monies from Payment Account (a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02 in accordance with the Payment Date Report and the following priorities (the “Priority of Payments”):

  • Disbursement of Moneys from Fund Custody Account Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • 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:

  • Deposits to Collection Account The Servicer shall use its best efforts to deposit or cause to be deposited (without duplication), within two (2) Business Days after receipt thereof, into the Collection Account and retain therein in trust for the benefit of the Grantor Trust Holder:

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • 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.

  • The Collection Account (a) The Trust Administrator shall establish and maintain in the name of the Notes Intermediary the Collection Account as provided in Section 5.07, which account shall be pledged to the Indenture Trustee for the benefit of the Noteholders.

  • 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:

  • 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).

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