Distribution Accounts. The Trustee, for the benefit of the Investor Certificateholders of each Series, shall cause to be established and maintained in the name of the Trust, with an office or branch of a Qualified Institution a non-interest-bearing segregated demand deposit account for each Series (a "Distribution Account") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Investor Certificateholders of such Series. Each Distribution Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders of the related Series. Pursuant to the authority granted to the Paying Agent herein, the Paying Agent shall have the power, revocable by the Trustee, to make withdrawals and payments from the Distribution Account for the purpose of carrying out the Paying Agent's duties hereunder. If, at any time, the institution holding a Distribution Account ceases to be a Qualified Institution, the Servicer shall direct the Trustee to establish within ten Business Days a new Distribution Account meeting the conditions specified above with a Qualified Institution, transfer any cash and/or any investments to such new Distribution Account and from the date such new Distribution Account is established, it shall be a "Distribution Account."
Distribution Accounts. (a) The Securities Administrator shall establish and maintain in the name of the Securities Administrator on behalf of the Trustee, for the benefit of the Group I Certificateholders and Group II Certificateholders, the Group I Distribution Account and the Group II Distribution Account as segregated trust accounts.
(b) All amounts deposited to the Distribution Accounts shall be held by the Securities Administrator in the name of the Trustee in trust for the benefit of the related Certificateholders in accordance with the terms and provisions of this Agreement.
(c) The Distribution Accounts shall constitute Eligible Accounts of the Trust Fund segregated on the books of the Securities Administrator and held by the Securities Administrator, and the Distribution Accounts and the funds deposited therein shall not be subject to, and shall be protected from, all claims, liens, and encumbrances of any creditors or depositors of the Securities Administrator (whether made directly, or indirectly through a liquidator or receiver of the Securities Administrator). The amount at any time credited to the Distribution Accounts may be, as directed by the Securities Administrator, held either uninvested or invested in the name of the Trustee, in such Permitted Investments as may be selected by the Securities Administrator on such direction which mature not later than the Business Day next preceding the succeeding Distribution Date. Permitted Investments in respect of the Distribution Accounts shall not be sold or disposed of prior to their maturity. All investment earnings on amounts on deposit in the Distribution Accounts or benefit from funds uninvested therein from time to time shall be for the account of the Securities Administrator. The Securities Administrator shall be permitted to receive distribution of any and all investment earnings from the Distribution Accounts on each Distribution Date. If there is any loss on a Permitted Investment or demand deposit, the Securities Administrator shall deposit the amount of the loss in the Distribution Account. With respect to the Distribution Accounts and the funds deposited therein, the Securities Administrator shall take such action as may be necessary to ensure that the related Certificateholders shall be entitled to the priorities afforded to such a trust account (in addition to a claim against the estate of the Securities Administrator) as provided by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if appl...
Distribution Accounts. (a) The Parent Borrower shall irrevocably instruct each Affiliated Investor that directly or indirectly owns an Investment Asset, to make any and all Distributions from such Affiliated Investor that are payable to any Loan Party into one or more deposit accounts or securities accounts, as applicable, that is subject to a Control Agreement (within the time period set forth in Schedule 6.16 with respect to the Control Agreements required pursuant to Schedule 6.16) and maintained by such Loan Party at JPMorgan Chase Bank, N.A., Xxxxx Fargo Bank, N.A. or Bank of America, N.A., or any Affiliates thereof, or any other depositary bank or securities intermediary, as applicable, reasonably acceptable to the Administrative Agent (each such deposit account and securities account, a “Distribution Account”). If, despite such instructions, any Distribution is received by a Loan Party in contravention of the prior sentences, such Loan Party shall receive such Distribution in trust for the benefit of the Administrative Agent, and the Parent Borrower shall cause such Loan Party to segregate such Distribution from all other funds of such Loan Party and shall within two (2) Business Days following receipt thereof cause such Distribution to be deposited into a Distribution Account.
(b) Each Borrower and each Subsidiary Guarantor that directly or indirectly owns and holds any Investment Asset shall promptly (and in any event within two (2) Business Days) deposit any and all payments and other amounts received by such Borrower or such Subsidiary Guarantor relating to such Investment Asset or received by any Affiliated Investor that, directly or indirectly, owns such Investment Asset (including, without limitation, all payments of principal, interest, fees, indemnities or premiums in respect of such Investment Asset, and all proceeds from the sale or other disposition of, or from any exercise of any rights or remedies with respect to, such Investment Asset) into a Distribution Account.
(c) Notwithstanding the foregoing, the Parent Borrower and each other Loan Party shall have the right (i) to access and make withdrawals from its Distribution Account at any time unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account and (ii) in the case that an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account, to ac...
Distribution Accounts. As of the Closing Date, such Grantor has neither opened nor maintains any Distribution Account other than those set forth in Schedule 5 hereto.
Distribution Accounts. 82 Section 3.24 Permitted Withdrawals and Transfers from the Distribution Accounts.........................83 Section 3.25
Distribution Accounts. (a) The Trustee has heretofore established with itself in its trust capacity at its corporate trust department for the benefit of Certificateholders of each Certificate Group and the Certificate Insurer an account each referred to herein as a "Distribution Account" for the Trust. The Trustee shall at all times maintain the Distribution Accounts as an Eligible Accounts and shall cause such accounts to be designated, in the case of the Group I Certificates, "First Trust of New York, National Association, as Trustee of the Mego Mortgage Home Loan Trust Series 1996-3, Distribution Account--Group I Certificates" and in the case of the Group II Certificates, "First Trust of New York, National Association, as Trustee of the Mego Mortgage Home Loan Trust 1996-3--Group II Certificates." Eligible Investments of amounts on deposit in the Distribution Account shall mature no later than the Business Day immediately preceding the Distribution Date related to the Due Period to which such amounts relate.
Distribution Accounts. Permitted Withdrawals and Transfers from the Distribution Accounts.
Distribution Accounts. 77 Section 3.24 PERMITTED WITHDRAWALS AND TRANSFERS FROM THE DISTRIBUTION ACCOUNTS..........................78 Section 3.25 RESERVE FUNDS...............................................................................80 Section 3.26 PREPAYMENT PENALTY VERIFICATION.............................................................81
Distribution Accounts. (a) Upon the acquisition of any --------------------- Investment in an Investment Entity, the Managing Member shall establish, in the name of the Company, a separate trust account with respect to each such Investment Entity (each, a "PLATFORM DISTRIBUTION ACCOUNT") for the purposes set forth herein. The Managing Member shall cause the Company to irrevocably direct that any amounts to be distributed to the Company by such Investment Entity be paid directly to the relevant Platform Distribution Account. Each Platform Distribution Account shall be in the control of the Company; provided, however, that upon the establishment of each Platform Distribution Account, the Managing Member shall cause the depository institution in which such Platform Distribution Account has been established to deliver to PWRES a letter from such depository institution in form and substance satisfactory to PWRES, which letter shall be acknowledged by the Company, stating that during the occurrence of a Sweep Event or Platform Sweep Event and Notice thereof by PWRES to such depository institution, (i) the Company's access to such Platform Distribution Account shall be terminated, and all signing authority for such Platform Distribution Account by any officer, director or employee of Managing Member shall immediately terminate, and (ii) such Platform Distribution Account and all distributions therefrom shall be in the sole and absolute dominion and control of the Class A Member until such time as the Class A Member shall notify such depository institution that the Company's access to such Platform Distribution Account is to be restored, which notification shall be made by the Class A Member upon the cure (to the extent such cure is available under the terms of this Agreement) of the event triggering such Platform Sweep Event or Sweep Event.
(b) Upon the occurrence and during the continuance of (i) a Sweep Event or (ii) a Platform Sweep Event hereunder, PWRES shall have the right to apply or disburse funds from time to time on deposit in, with respect to clause (i) above, all of the Platform Distribution Accounts, and with respect to clause (ii) above, the applicable Platform Distribution Account, in each case as follows: first, to the payment of Minimum Overhead Expenses of the Company, ----- second, to the Class A Members, in proportion to their respective ------ Capital Contributions, on account of all accrued but unpaid Class A Basic Return and Class A Additional Return and a return...
Distribution Accounts. 44 --------------------- 6.05. Payment of Cure Amount . . . . . . . . . . . . . . . . . . 45 ---------------------- 6.06. Tax Distributions . . . . . . . . . . . . . . . . . . . . 46 -----------------
