Distribution Account Clause Samples
A Distribution Account clause defines the establishment and management of a specific account used to collect and distribute funds according to the terms of an agreement. Typically, this account is maintained by a designated party, such as a trustee or agent, and is used to receive payments like loan proceeds, revenues, or other specified funds before they are allocated to beneficiaries or stakeholders. By clearly outlining how and when funds are to be distributed, this clause ensures transparency and proper allocation of monies, reducing the risk of disputes and mismanagement.
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Distribution Account. (a) The Securities Administrator shall establish and maintain, for the benefit of the Certificateholders, the Distribution Account as a segregated trust account or accounts. The Master Servicer shall deposit in the Distribution Account as identified by the Master Servicer and as received by the Master Servicer, the following amounts:
(i) Any amounts withdrawn from a Protected Account;
(ii) Any Advance and any amounts in respect of Prepayment Interest Shortfalls or Curtailment Shortfalls;
(iii) Any Insurance Proceeds, Liquidation Proceeds or Subsequent Recoveries received by or on behalf of the Master Servicer;
(iv) The Purchase Price with respect to any Loans purchased by the Seller pursuant to Section 2.3 and all proceeds of any Loans or property acquired with respect thereto purchased by the Terminator pursuant to Section 9.1;
(v) Any amounts required to be deposited by the Master Servicer or any Servicer with respect to losses on investments of deposits in an Account; and
(vi) Any other amounts received by or on behalf of the Master Servicer and required to be deposited in the Distribution Account pursuant to this Agreement.
(b) All amounts deposited to the Distribution Account shall be held by the Securities Administrator in trust for the benefit of the Certificateholders in accordance with the terms and provisions of this Agreement. The requirements for crediting the Distribution Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption, tax service, statement account or payoff, substitution, satisfaction, release and other like fees and charges, need not be credited by the Master Servicer or the related Servicer to the Distribution Account. In the event that the Master Servicer shall deposit or cause to be deposited to the Distribution Account any amount not required to be credited thereto, the Securities Administrator, upon receipt of a written request therefor signed by a Servicing Officer of the Master Servicer, shall promptly transfer such amount to the Master Servicer, any provision herein to the contrary notwithstanding.
(c) The Distribution Account shall constitute a trust account of the Trust Fund segregated on the books of the Securities Administrator and held by the Securities Administrator in trust in its Corporate Trust Office, and the Distribution Account and the funds deposited therein shall not be subject to, and shall ...
Distribution Account. (a) The Trustee shall establish and maintain in the name of the Trustee, for the benefit of the Certificateholders, the Distribution Account as a segregated trust account or accounts.
(b) All amounts deposited to the Distribution Account shall be held by the Trustee in the name of the Trustee in trust for the benefit of the Certificateholders in accordance with the terms and provisions of this Agreement.
(c) The Distribution Account shall constitute an Eligible Account of the Trust Fund segregated on the books of the Trustee and held by the Trustee and the Distribution Account and the funds deposited therein shall not be subject to, and shall be protected from, all claims, liens, and encumbrances of any creditors or depositors of the Trustee (whether made directly, or indirectly through a liquidator or receiver of the Trustee). The amount at any time credited to the Distribution Account may be invested in the name of the Trustee, in such Permitted Investments, or deposited in demand deposits with such depository institutions, as determined by the Trustee. All Permitted Investments shall mature or be subject to redemption or withdrawal on or before, and shall be held until, the next succeeding Distribution Date if the obligor for such Permitted Investment is the Trustee or, if such obligor is any other Person, the Business Day preceding such Distribution Date. All investment earnings on amounts on deposit in the Distribution Account or benefit from funds uninvested therein from time to time shall be for the account of the Trustee. The Trustee shall be permitted to withdraw or receive distribution of any and all investment earnings from the Distribution Account on each Distribution Date. If there is any loss on a Permitted Investment or demand deposit, the Trustee shall deposit the amount of the loss from its own funds in the Distribution Account not later than the applicable Distribution Date on which the moneys so invested are required to be distributed to the Certificateholders. With respect to the Distribution Account and the funds deposited therein, the Trustee shall take such action as may be necessary to ensure that the Certificateholders shall be entitled to the priorities afforded to such a trust account (in addition to a claim against the estate of the Trustee) as provided by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if applicable, or any applicable comparable state statute applicable to state chartered banking corporations.
Distribution Account. Permitted Withdrawals and Transfers from the Distribution Account.
Distribution Account. On behalf of the Trust Fund, the Trustee shall segregate and hold all funds collected and received pursuant to this Agreement separate and apart from any of its own funds and general assets and shall establish and maintain in the name of the Trust Fund one or more segregated accounts (such account or accounts, the "Distribution Account"), held in trust for the benefit of the Certificateholders.
Distribution Account. (a) The Certificate Administrator shall establish and maintain in the name of “Computershare Trust Company, National Association”, as Certificate Administrator, on behalf of “Computershare Trust Company, National Association”, as the Trustee and for the benefit of the holders of BX Trust 2025-LIFE, Commercial Mortgage Pass-Through Certificates, Series 2025-LIFE and the RR Interest Owners, a segregated deposit account (the “Distribution Account”), which shall be deemed to include the Lower-Tier Distribution Account and the Upper-Tier Distribution Account, which shall be subaccounts of the Distribution Account for the benefit of the Certificateholders, the RR Interest Owners and the Trustee, as holder of the Uncertificated Lower-Tier Interests. The Distribution Account must be an Eligible Account maintained with an Eligible Institution. On each Remittance Date, the Servicer shall transfer from the Collection Account to the Certificate Administrator for deposit into the Distribution Account all Aggregate Available Funds remaining on deposit therein, after giving effect to the withdrawals made pursuant to Section 3.4(c). The Certificate Administrator shall credit the funds remitted by the Servicer from the Collection Account to the Distribution Account. Amounts held in the Distribution Account and the Interest Reserve Account shall not be invested. The Certificate Administrator shall make withdrawals from the Distribution Account to withdraw any amounts deposited in error, to withdraw amounts due to it under Section 3.4(c), to the extent such amounts were not withdrawn and paid to it by the Servicer under Section 3.4(c), and then to make distributions to the Holders of the Certificates and the RR Interest Owners pursuant to Section 4.1.
(b) The Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the following order of priority and only for the following purposes:
(i) to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and Section 4.3(b) into the Upper-Tier Distribution Account and to make distributions to the Holder of the Class R Certificates (in respect of the Class LT-R Interest) pursuant to Section 4.1(b);
(ii) to withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled thereto; and
(iii) to clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.
(c) The Certificate Admin...
Distribution Account. The Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes:
(i) to make distributions to Certificateholders in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which it is entitled pursuant to Section 8.05;
(iii) to pay itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.06;
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02(b);
(v) to pay any amounts in respect of taxes pursuant to Section 10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 9.01.
Distribution Account to make payment on each Master Servicer Remittance Date of the remaining amounts in the Collection Account (including any Excess Interest and Actual Recoveries of Trust Advisor Expenses) to the Distribution Account (or in the case of any Excess Interest, deposit to the Excess Interest Sub-account under Section 5.3(b)), other than amounts held for payment in future periods or pursuant to clause (xii) below;
Distribution Account. Section 3.32 Permitted Withdrawals and Transfers from the Distribution Account.
Distribution Account. Permitted Withdrawals and Transfers from the Distribution Account. Section 4.06 Class P Certificate Account.
Distribution Account. 86 Section 4.05 Permitted Withdrawals and Transfers from the Distribution Account.................................... 86 Section 4.06 Reserve Account......................................... 88 ARTICLE V CERTIFICATES................................................... 90 Section 5.01 The Certificates........................................ 90 Section 5.02 Certificate Register; Registration of Transfer and Exchange of Certificates................................ 90 Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates....... 94 Section 5.04 Persons Deemed Owners................................... 95 Section 5.05 Access to List of Certificateholders' Names and Addresses............................................... 95 Section 5.06 Book-Entry Certificates................................. 95 Section 5.07 Notices to Depository................................... 96 Section 5.08 Definitive Certificates................................. 96 Section 5.09 Maintenance of Office or Agency......................... 97