Common use of Distributions and Payments Clause in Contracts

Distributions and Payments. Section 6.1 Establishment of Certificate Account, Additional Certificate Account, Capitalized Interest Account and Pre-Funding Account; Deposits to the Certificate Account, the Additional Certificate Account, Capitalized Interest Account and the Pre-Funding Account. (a) The Trustee shall establish and maintain the Certificate Account which shall be titled "Certificate Account, ________________, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____, Class A and Class R" and which shall be an Eligible Account. Notice of the establishment of the Certificate Account shall be promptly provided in writing to each of the Servicer, the Rating Agencies and the Certificate Insurer. (b) The Trustee shall establish and maintain the Additional Certificate Account which shall be titled "Additional Certificate Account, ________________, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____, Additional Certificates." Notice of the establishment of the Additional Certificate Account shall be promptly provided in writing to each of the Servicer, the Certificate Insurer and the Holder of the Additional Certificate. (i) The Trustee shall establish and maintain the Pre-Funding Account which shall be titled "Pre-Funding Account, ________________, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Original Group I Pre-Funded Amount from the proceeds of the sale of the Class A-1 Certificates and the Original Group II Pre-Funded Amount from the proceeds of the sale of the Group II Certificates into the Pre-Funding Account on the Closing Date. (ii) The Trustee shall establish and maintain the Capitalized Interest Account which shall be titled "Capitalized Interest Account, ________________, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Capitalized Interest Requirement from the proceeds of the sale of the Class A Certificates into the Capitalized Interest Account on the Closing Date unless an Eligible Letter of Credit with respect to such amount has been delivered to the Trustee on the Closing Date. (d) The Servicer may direct the Trustee in writing to invest the funds in the Certificate Account, the Capitalized Interest Account and the Pre-Funding Account only in Permitted Investments which mature not later than the second Business Day prior to the Remittance Date and thereafter all such funds shall be held by the Trustee uninvested. No Permitted Investment shall be sold or disposed of at a gain prior to maturity unless the Servicer has delivered to the Trustee an Opinion of Counsel (at the Servicer's expense) that such sale or disposition will not cause the Trust Fund to be subject to the tax on income from prohibited transactions imposed by Code Section 860F(a)(1), otherwise subject the Trust Fund to tax or cause the _____ REMIC to fail to qualify as a REMIC. All income (other than any gain from a sale or disposition of the type referred to in the preceding sentence or such income from amounts on deposit in the Pre-Funding Account) realized from any such Permitted Investment shall be for the benefit of the Servicer as additional servicing compensation. The amount of any losses incurred in respect of any such investments shall be deposited in the Certificate Account by the Servicer out of its own funds immediately as realized. (e) On each Servicer Remittance Date, the Servicer shall cause to be deposited in the Certificate Account (i) from funds on deposit in the Trustee Collection Account, an amount equal to the Servicer Remittance Amount with respect to Group I (net of the amount to be deposited pursuant to clause (ii) below) and the Servicer Remittance Amount with respect to Group II (net of the amount to be deposited pursuant to clause (ii) below), (ii) from funds on deposit in the Collection Account or the Trustee Collection Account, the Net Foreclosure Profits for the related Group, if any with respect to the related Remittance Date, minus any portion thereof payable to the Servicer pursuant to Section 5.3, net of the Additional Certificate Allocation, (iii) from funds on deposit in the Capitalized Interest Account, the Capitalized Interest Deposit Amount for such Remittance Date and (iv) from funds on deposit in the Pre-Funding Account, any such amount that constitutes a portion of the Servicer Remittance Amount. (f) On the second Business Day prior to each Remittance Date, the Trustee shall transfer funds on deposit in the Trustee Collection Account into the Certificate Account in the amount specified by the Servicer pursuant to Section 6.4(d) hereof. On each of the first three Remittance Dates, to the extent funds in the Certificate Account are insufficient to pay the amounts required by Sections 6.5(a)(i) - (vi), the Trustee shall withdraw from the Capitalized Interest Account (or make a drawing on the Letter of Credit) and deposit in the Certificate Account the related Capitalized Interest Deposit Amount. On the Business Day prior to the Remittance Date immediately following the end of the Pre-Funding Period the Trustee shall transfer all amounts then on deposit in the Pre-Funding Account to the Certificate Account. (g) On the second Business Day prior to each Remittance Date, the Servicer shall cause to be deposited in the Additional Certificate Account, all amounts on deposit in the Trustee Collection Account and the Collection Account allocable to the Additional Certificate in accordance with the definition of Servicer Remittance Amount and the definition of Additional Certificate Allocation hereof. All funds herein required to be deposited in the Additional Certificate Account shall be allocated at the direction of the Holder of the Additional Certificate.

Distributions and Payments. Section 6.1 Establishment of Certificate Account, Additional Certificate Account, Capitalized Interest Account and Pre-Funding Account; Deposits to the Certificate Account, the Additional Certificate Account, Capitalized Interest Account and the Pre-Funding Account. (a) The Trustee shall establish and maintain the Certificate Account which shall be titled "Certificate Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1996-1, Class A and Class R" and which shall be an Eligible Account. Notice of the establishment of the Certificate Account shall be promptly provided in writing to each of the Servicer, the Rating Agencies and the Certificate Insurer. (b) The Trustee shall establish and maintain the Additional Certificate Account which shall be titled "Additional Certificate Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1996-1, Additional Certificates." Notice of the establishment of the Additional Certificate Account shall be promptly provided in writing to each of the Servicer, the Certificate Insurer and the Holder of the Additional Certificate. (ic) The Trustee shall establish and maintain the Pre-Funding Account which shall be titled "Pre-Funding Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1996-1, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Original Group I Pre-Funded Amount from the proceeds of the sale of the Class A-1 Certificates and the Original Group II Pre-Funded Amount from the proceeds of the sale of the Group II Certificates into the Pre-Funding Account on the Closing Date. (ii) . The Trustee shall establish and maintain the Capitalized Interest Account which shall be titled "Capitalized Interest Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1996-1, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Capitalized Interest Requirement from the proceeds of the sale of the Class A Certificates into the Capitalized Interest Account on the Closing Date unless an Eligible Letter of Credit with respect to such amount has been delivered to the Trustee on the Closing Date.. 103 (d) The Servicer may direct the Trustee in writing to invest the funds in the Certificate Account, the Capitalized Interest Pre-Funding Account and the Pre-Funding Capitalized Interest Account only in Permitted Investments which mature not later than the second Business Day prior to the Remittance Date and thereafter all such funds shall be held by the Trustee uninvestedDate. No Permitted Investment shall be sold or disposed of at a gain prior to maturity unless the Servicer has delivered to the Trustee an Opinion of Counsel (at the Servicer's expense) that such sale or disposition will not cause the Trust Fund to be subject to the tax on income from prohibited transactions imposed by Code Section 860F(a)(1), otherwise subject the Trust Fund to tax or cause the _____ 1996-1 REMIC to fail to qualify as a REMIC. All income (other than any gain from a sale or disposition of the type referred to in the preceding sentence or such income from amounts on deposit in the Pre-Pre- Funding Account) realized from any such Permitted Investment of amounts on deposit in the Certificate Account shall be for the benefit of the Servicer as additional servicing compensation. The amount of any losses incurred in respect of any such investments shall be deposited in the Certificate Account by the Servicer out of its own funds immediately as realized. (e) On each Servicer Remittance Date, the Servicer shall cause to be deposited in the Certificate Account (i) from funds on deposit in the Trustee Collection Account, an amount equal to the Servicer Remittance Amount with respect to Group I (net of the amount to be deposited pursuant to clause (ii) below) and the Servicer Remittance Amount with respect to Group II (net of the amount to be deposited pursuant to clause (ii) below), (ii) from funds on deposit in the Collection Account or the Trustee Collection Account, the Net Foreclosure Profits for the related Group, if any with respect to the related Remittance Date, minus any portion thereof payable to the Servicer pursuant to Section 5.3, net of the Additional Certificate Allocation, (iii) from funds on deposit in the Capitalized Interest Account, the Capitalized Interest Deposit Amount for such Remittance Date and (iv) from funds on deposit in the Pre-Pre- Funding Account, any such amount that constitutes a portion of the Servicer Remittance Amount. (f) On the second Business Day prior to each Remittance Date, the Trustee shall transfer funds on deposit in the Trustee Collection Account into the Certificate Account in the amount specified by the Servicer pursuant to Section 6.4(d) hereof. On the Business Day prior to each of the first three Remittance Dates, to the extent funds in the Certificate Account are insufficient to pay the amounts required by Sections 6.5(a)(i) - (vi)Date, the Trustee shall withdraw from transfer funds on deposit in the Capitalized Interest Account (or make a drawing on equal to the Letter of Credit) and deposit in the Certificate Account the related Capitalized Interest Deposit AmountAmount to the Certificate Account. On the Business Day prior to the Remittance Date immediately following the end of the Pre-Funding Period the Trustee shall transfer all amounts then on deposit in the Pre-Funding Account to the Certificate Account. (g) On the second Business Day prior to each Remittance Date, the Servicer shall cause to be deposited in the Additional Certificate Account, all amounts on deposit in the Trustee Collection Account and the Collection Account allocable to the Additional Certificate in accordance with the definition of Servicer Remittance Amount and the definition of Additional Certificate Allocation hereof. All funds herein required to be deposited in the Additional Certificate Account shall be allocated at the direction of the Holder of the Additional Certificate.104

Distributions and Payments. Section 6.1 Establishment of Certificate Account, Additional Certificate Account, Capitalized Interest Account and Pre-Funding Account; Deposits to the Certificate Account, the Additional Certificate Account, Capitalized Interest Account and the Pre-Funding Account. (a) The Trustee shall establish and maintain the Certificate Account which shall be titled "Certificate Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1997-2, Class A and Class R" and which shall be an Eligible Account. Notice of the establishment of the Certificate Account shall be promptly provided in writing to each of the Servicer, the Rating Agencies and the Certificate Insurer. (b) The Trustee shall establish and maintain the Additional Certificate Account which shall be titled "Additional Certificate Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1997-2, Additional Certificates." Notice of the establishment of the Additional Certificate Account shall be promptly provided in writing to each of the Servicer, the Certificate Insurer and the Holder of the Additional Certificate. (i) The Trustee shall establish and maintain the Pre-Funding Account which shall be titled "Pre-Funding Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1997-2, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Original Group I Pre-Funded Amount from the proceeds of the sale of the Class A-1 Certificates and the Original Group II Pre-Funded Amount from the proceeds of the sale of the Group II Certificates into the Pre-Funding Account on the Closing Date. (ii) The Trustee shall establish and maintain the Capitalized Interest Account which shall be titled "Capitalized Interest Account, ________________The Chase Manhattan Bank, as trustee for the registered holders of Mortgage Pass-Through Certificates, Series _____1997-2, Class A" and which shall be an Eligible Account. The Trustee shall deposit the Capitalized Interest Requirement from the proceeds of the sale of the Class A Certificates into the Capitalized Interest Account on the Closing Date unless an Eligible Letter of Credit with respect to such amount has been delivered to the Trustee on the Closing Date. (d) The Servicer may direct the Trustee in writing to invest the funds in the Certificate Account, the Capitalized Interest Account and the Pre-Funding Account only in Permitted Investments which mature not later than the second Business Day prior to the Remittance Date and thereafter all such funds shall be held by the Trustee uninvested. No Permitted Investment shall be sold or disposed of at a gain prior to maturity unless the Servicer has delivered to the Trustee an Opinion of Counsel (at the Servicer's expense) that such sale or disposition will not cause the Trust Fund to be subject to the tax on income from prohibited transactions imposed by Code Section 860F(a)(1), otherwise subject the Trust Fund to tax or cause the _____ 1997-2 REMIC to fail to qualify as a REMIC. All income (other than any gain from a sale or disposition of the type referred to in the preceding sentence or such income from amounts on deposit in the Pre-Funding Account) realized from any such Permitted Investment shall be for the benefit of the Servicer as additional servicing compensation. The amount of any losses incurred in respect of any such investments shall be deposited in the Certificate Account by the Servicer out of its own funds immediately as realized. (e) On each Servicer Remittance Date, the Servicer shall cause to be deposited in the Certificate Account (i) from funds on deposit in the Trustee Collection Account, an amount equal to the Servicer Remittance Amount with respect to Group I (net of the amount to be deposited pursuant to clause (ii) below) and the Servicer Remittance Amount with respect to Group II (net of the amount to be deposited pursuant to clause (ii) below), (ii) from funds on deposit in the Collection Account or the Trustee Collection Account, the Net Foreclosure Profits for the related Group, if any with respect to the related Remittance Date, minus any portion thereof payable to the Servicer pursuant to Section 5.3, net of the Additional Certificate Allocation, (iii) from funds on deposit in the Capitalized Interest Account, the Capitalized Interest Deposit Amount for such Remittance Date and (iv) from funds on deposit in the Pre-Funding Account, any such amount that constitutes a portion of the Servicer Remittance Amount. (f) On the second Business Day prior to each Remittance Date, the Trustee shall transfer funds on deposit in the Trustee Collection Account into the Certificate Account in the amount specified by the Servicer pursuant to Section 6.4(d) hereof. On each of the first three Remittance Dates, to the extent funds in the Certificate Account are insufficient to pay the amounts required by Sections 6.5(a)(i) - (vi), the Trustee shall withdraw from the Capitalized Interest Account (or make a drawing on the Letter of Credit) and deposit in the Certificate Account the related Capitalized Interest Deposit Amount. On the Business Day prior to the Remittance Date immediately following the end of the Pre-Funding Period the Trustee shall transfer all amounts then on deposit in the Pre-Funding Account to the Certificate Account. (g) On the second Business Day prior to each Remittance Date, the Servicer shall cause to be deposited in the Additional Certificate Account, all amounts on deposit in the Trustee Collection Account and the Collection Account allocable to the Additional Certificate in accordance with the definition of Servicer Remittance Amount and the definition of Additional Certificate Allocation hereof. All funds herein required to be deposited in the Additional Certificate Account shall be allocated at the direction of the Holder of the Additional Certificate.