Distribution Account. (a) On any Business Day that all of the conditions set forth in Section 3.8(b) are satisfied, the Depositary shall make payment from the Distribution Account but from no other Account to such Persons as may be directed in writing by the Guarantors. (b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided in Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction of the following conditions: (i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period; (ii) the amount then on deposit in the Interest Account shall be equal to or greater than the aggregate payments of interest due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest Payment Date and on other Senior Indebtedness within the succeeding six-month period; (iii) the amount available to be drawn under the Debt Service Reserve Letter of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance; (iv) no Default or Event of Default shall have occurred and be continuing; (v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such distribution is to be made (or in the case of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date of the most recently ended month for which internal financial statements are available immediately preceding the date on which such distribution is to be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation; (vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation; (vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and (viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been met.
Appears in 1 contract
Samples: Deposit and Disbursement Agreement (Coso Power Developers)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "New Century Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between New Century Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (New Century Mortgage Securities Inc)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe “Distribution Account”) titled “[__] Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between [__] Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "ICIFC MBN Trust Series 199_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between ICIFC MBN Trust Series 199_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "WMC MBN Trust Series 199_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between WMC MBN Trust Series 199_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "[NAME OF ISSUING ENTITY] Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between [NAME OF ISSUING ENTITY] Series 200_-_ and [NAME OF INDENTURE TRUSTEE]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Park Place Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Park Place Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "DLJ MBN Trust Series 199_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between DLJ MBN Trust Series 199_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Boardwalk Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Boardwalk Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Boardwalk Mortgage Securities Inc.)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Salomon MBN Trust Series 199_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Salomon MBN Trust Series 199_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Salomon Brothers Mortgage Securities Vii Inc)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Argent Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Argent Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Opteum Mortgage Acceptance Corp. MBN Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Opteum Mortgage Acceptance Corp. MBN Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Opteum Mortgage Acceptance CORP)
Distribution Account. (a) On any Business Day that all The Securities Administrator shall establish and maintain accounts (the “Distribution Account”), designated “Distribution Account of the conditions set forth [ - ], as Securities Administrator, f/b/o First NLC Trust 200 - .” The Distribution Account shall be established as an Eligible Account. All funds required to be deposited in Section 3.8(b) are satisfied, the Depositary shall make payment from the Distribution Account but shall be held in trust for the Trustee until withdrawn in accordance with Section 5.2. The Securities Administrator shall segregate and hold all funds collected and received pursuant to Section 4.24 separate and apart from no other Account to any of its own funds and general assets. Within five Business Days following any request of the Trustee, the Securities Administrator shall provide the Trustee with written confirmation of the existence of such Persons as may be directed in writing by the GuarantorsDistribution Account.
(b) Funds on deposit in the Distribution Account may be invested at the direction of the Master Servicer, but only in Eligible Investments selected by the Master Servicer, which Eligible Investments shall mature not later than the Distribution Date next following the date of such investment. All income and gain realized from any such investment shall be for the benefit of the Master Servicer. The amount of any losses incurred in respect of any such investments shall be deposited in the Distribution Account by the Master Servicer out of its own funds immediately as such losses are realized.
(c) The Distribution Account will shall initially be funded from monies transferred maintained at [Name of Securities Administrator]. If an existing Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Distribution Account that is an Eligible Account within ten days and transfer all funds and investment property on deposit in such existing Distribution Account into such new Distribution Account. The Securities Administrator shall give to the Master Servicer and the Trustee prior written notice of the name and address of any other depository institution at which the Distribution Account is maintained and the account number of such Distribution Account.
(d) The Securities Administrator promptly shall deposit or cause to be deposited into the Distribution Account all amounts remitted to it by the Servicer pursuant to Section 4.24. On each Distribution Date, the entire amount on deposit in the Distribution Account (subject to permitted withdrawals) shall be applied to make the required distributions of principal and/or interest on each class of Certificates.
(e) The Securities Administrator shall make withdrawals from the Revenue Distribution Account after all other then-required amounts have been transferred as provided only for the purposes set forth in Section 3.1(c). Restricted Payments may 10.5 and for the following purposes:
(i) to withdraw amounts deposited in the Distribution Account in error;
(ii) to reimburse the Master Servicer or the Servicer, as applicable, for Monthly Advances or Servicing Advances made by any such party, such right to reimbursement pursuant to this subclause (iii) being limited to amounts received on or in respect of a particular Mortgage Loan (including, for this purpose, Liquidation Proceeds and amounts representing Insurance Proceeds with respect to the property subject to the related Mortgage) which represent late recoveries (net of the applicable portion of the Servicing Fee) of payments of principal or interest respecting which any such Advance was made, it being understood, in the case of any such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders;
(iii) to reimburse the Master Servicer or the Servicer following a final liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances made only by any such party (A) that such party determines in good faith will not be recoverable from and amounts representing late recoveries of payments of principal or interest respecting the particular Mortgage Loan as to which such Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan and/or (B) to the extent that such unreimbursed Monthly Advances exceed the related Liquidation Proceeds or Insurance Proceeds, it being understood, in the case of monies each such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders;
(iv) to reimburse the Master Servicer or the Servicer from Liquidation Proceeds for amounts expended by it in good faith in connection with the restoration of damaged property and, to the extent that Liquidation Proceeds after such reimbursement exceed the unpaid principal balance of the related Mortgage Loan, together with accrued and unpaid interest thereon at the applicable Mortgage Rate less the applicable Servicing Fee Rate for such Mortgage Loan to the Due Date next succeeding the date of its receipt of such Liquidation Proceeds, to pay to itself or the Servicer out of such excess the amount of any unpaid assumption fees, late payment charges or other Mortgagor charges on the related Mortgage Loan and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the case of any such reimbursement or payment, that such Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders;
(v) to pay to the Seller or Servicer, as applicable, with respect to each Mortgage Loan or REO Property acquired in respect thereof that has been purchased pursuant to this Agreement, all amounts received thereon and not remitted on the date on which the related purchase was effected, and to pay to the applicable party any Monthly Advances and Servicing Advances to the extent specified in the definition of Repurchase Price;
(vi) to the extent not paid by the Servicer, to pay any insurance premium with respect to a Mortgage Loan;
(vii) to pay to the Master Servicer income earned on the investment of funds on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(iiviii) on or immediately prior to each Distribution Date, to pay to the amount then on deposit in Master Servicer the Interest Account shall be equal to or greater than the aggregate payments of interest due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest Payment Date and on other Senior Indebtedness within the succeeding six-month periodMaster Servicing Fee;
(iiiix) to make payment of expenses and indemnities to itself, the amount available to be drawn under Master Servicer, the Debt Service Reserve Letter of Credit plus Trustee, the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance Custodian and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required BalanceServicer pursuant to any provision of this Agreement;
(ivx) no Default to reimburse a successor master servicer (solely in its capacity as successor master servicer), for any fee or Event advance occasioned by a termination of Default shall have occurred the Master Servicer, and be continuing;
(v) the Debt Service Coverage Ratio for assumption of such duties by the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding Trustee or a successor master servicer appointed by the date on which such distribution is Trustee pursuant to be made (or Section 7.9, in each case to the extent not reimbursed by the terminated Master Servicer, it being understood, in the case of any proposed distribution date such reimbursement or payment, that the right of the Master Servicer or the Trustee thereto shall be prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date rights of the most recently ended month for which internal financial statements are available immediately preceding the date on which such distribution is to be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity DateCertificateholders; and
(viiixi) to clear and terminate the Geothermal Engineer provides Distribution Account pursuant to Article XIII. In connection with withdrawals pursuant to subclauses (ii), (iii) and (v) above, the Trustee (a) Master Servicer’s or the Servicer’s or such other Person’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan. The Securities Administrator shall therefore keep and maintain a written certificate at least annually stating that, separate accounting for each Mortgage Loan for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% purpose of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement justifying any withdrawal from the Distribution Account have been metit maintains pursuant to such subclauses.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "BNP Paribas Mortgage Securities LLC Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between BNP Paribas Mortgage Securities LLC Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (BNP Paribas Mortgage Securities LLC)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Quick MAC Trust Series 2000_-_, for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Quick MAC Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Quick Loan Funding Mortgage Acceptance CORP)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "NAMCO MBN Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between NAMCO MBN Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Master Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "MortgageIT Securities Corp. Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between MortgageIT Securities Corp. Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Master Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Master Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Master Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Master Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Master Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Master Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "New Century Home Equity Loan Trust ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between New Century Home Equity Loan Trust ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (New Century Mortgage Securities LLC)
Distribution Account. The [Master] Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "200_-____ Trust, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of __________________________ , between Home [Equity]Loan Trust 200_-____ and ________________________ "]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided [Master] Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction _________ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal Operating Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Trust Estate shall be deposited into the Payment Account. [The [Master] Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Permitted Investments designated in the name of the [[Master] Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) [Master] Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is [Master] Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the [Master] Servicer out of its own funds immediately as realized.]]
Appears in 1 contract
Samples: Servicing Agreement (Homepride Mortgage Finance Corp)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "People's Choice Home Loan Securities Corp. Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between People's Choice Home Loan Securities Corp. Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Peoples Choice Home Loan Securities Corp)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe “Distribution Account”) titled “[National City Mortgage Capital LLC MBN] Trust Series 20__-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between [National City Mortgage Capital LLC MBN] Trust Series 20__-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the National City Mortgage Co., which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (National City Mortgage Capital LLC)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "[National City Mortgage Capital LLC MBN] Trust Series 20__-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between [National City Mortgage Capital LLC MBN] Trust Series 20__-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the National City Mortgage Co., which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (National City Mortgage Capital LLC)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe “Distribution Account”) titled “Alliance Securities Corp. MBN Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Alliance Securities Corp. MBN Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Homestar Mortgage Acceptance Corp. MBN Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Homestar Mortgage Securities Corp. MBN Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Homestar Mortgage Acceptance Corp)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Ameriquest Trust Series ____-__, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Ameriquest Trust Series ____-__ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Ameriquest Mortgage Securities Inc)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "ISAC MBN Trust Series 200_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between ISAC MBN Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "Opteum Mortgage Acceptance Corporation MBN Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Opteum Mortgage Acceptance Corporation MBN Trust Series 20__-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
Samples: Servicing Agreement (Opteum Mortgage Acceptance CORP)
Distribution Account. The Servicer shall establish and maintain a separate trust account (athe "Distribution Account") titled "AB Mortgage Securities Corp. MBN Trust Series 2000_-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between AB Mortgage Securities Corp. MBN Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On any the Business Day that all of the conditions set forth in Section 3.8(bprior to each Payment Date, (i) are satisfied, the Depositary shall make payment from amounts deposited into the Distribution Account but from no other Account pursuant to such Persons as may Section 3.03(i) hereof will be directed in writing distributed by the Guarantors.
(b) The Distribution Account will be funded from monies transferred from the Revenue Account after all other then-required amounts have been transferred as provided Servicer in accordance with Section 3.1(c). Restricted Payments may be made only from and to the extent of monies on deposit in the Distribution Account. Such Restricted Payments are subject to the prior satisfaction ____ of the following conditions:
(i) the amount then on deposit in the Principal Account shall be equal to or greater than the aggregate payments of principal [Trust] Agreement, and premium, if any, Liquidated Damages, if any, if any, due on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Principal Payment Date and on other Senior Indebtedness, within the succeeding six-month period;
(ii) the amount portion of such amounts then on deposit distributable with respect to the Mortgage Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution Account to invest the funds in the Interest Distribution Account in Eligible Investments designated in the name of the [Servicer], which shall be equal to or greater mature not later than the aggregate payments Business Day next preceding the Payment Date next following the date of interest due such investment (except that (i) any investment in the institution with which the Distribution Account is maintained may mature on the Senior Secured Notes and, without duplication, the Partnership Notes on the next succeeding Interest such Payment Date and (ii) any other investment may mature on other Senior Indebtedness within such Payment Date if the succeeding six-month period;
(iii) Servicer shall advance funds on such Payment Date to the Payment Account in the amount available payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and shall not be drawn under the Debt Service Reserve Letter sold or disposed of Credit plus the amount on deposit in the Debt Service Reserve Account equals or exceeds the Debt Service Reserve Required Balance prior to maturity. All income and the amount on deposit in the Capital Expenditure Reserve Account equals or exceeds the Capital Expenditure Reserve Required Balance;
(iv) no Default or Event of Default gain realized from any such investment shall have occurred and be continuing;
(v) the Debt Service Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding benefit of the date on which such distribution is Servicer and shall be subject to be made (its withdrawal or in the case order from time to time. The amount of any proposed distribution date prior to January 1, 2000, the Debt Service Coverage Ratio for the period commencing on the Closing Date and ending on the last date losses incurred in respect of the most recently ended month for which internal financial statements are available immediately preceding the date on which any such distribution is to investments shall be made) is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001, or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, deposited in either case as certified by an authorized officer of the Funding Corporation;
(vi) the projected Debt Service Coverage Ratio for the next succeeding four full fiscal quarters is equal to or greater than (a) 1.25 to 1 for any annual or interim period ending prior to or as of December 30, 2001 or (b) 1.4 to 1 for any annual or interim period ending after December 30, 2001, in either case as certified by an authorized officer of the Funding Corporation;
(vii) Funding Corporation provides to the Trustee an Officers' Certificate at the time of each distribution stating that, based on customary assumptions, as of such date, sufficient geothermal resources remain to operate the Projects at contract capacity through the Final Maturity Date; and
(viii) the Geothermal Engineer provides to the Trustee (a) a written certificate at least annually stating that, for the period covered by such certification, the xxxxx then in operation are producing, in the aggregate among the Projects, at least 105% of the steam necessary to generate the energy projected for the comparable period in the Independent Engineer's Base Case Projections and (b) during the calendar year 2006, a report on the geothermal resource available as of such date and indicating that sufficient geothermal resource remains to enable the Projects, in the aggregate, to produce sufficient steam to generate the energy projected in the Independent Engineer's Base Case Projections through the maturity date of the 2009 Notes. The Depositary may conclusively rely on such certificate of a Responsible Officer certifying that all conditions for disbursement from the Distribution Account have been metby the Servicer out of its own funds immediately as realized.]
Appears in 1 contract
