Common use of DISTRIBUTION ACCOUNT; DISTRIBUTION OF REMITTANCE AMOUNT Clause in Contracts

DISTRIBUTION ACCOUNT; DISTRIBUTION OF REMITTANCE AMOUNT. (a) The Trustee shall establish and maintain a Distribution Account for the benefit of the Certificateholders. The Distribution Account shall be an Eligible Account and shall be either held in the Trustee's name or designated in a manner that reflects the custodial nature of the account and that all funds in such account are held in trust for the benefit of the Trustee. The Trustee shall deposit into the Distribution Account amounts remaining after all other distributions have been made in accordance with Section 4.02(b)(1) though (4) below.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Bombardier Capital Mortgage Securitization Corp), Pooling and Servicing Agreement (Bombardier Capital Mortgage Securitization Corp), Pooling and Servicing Agreement (Bombardier Capital Mortgage Securitization Corp)

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