We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Distributions on Book-Entry Certificates Clause in Contracts

Distributions on Book-Entry Certificates. Each distribution pursuant to Section 5.01 and Section 5.02 with respect to a Book-Entry Certificate shall be paid to the Depository, which shall credit the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”) for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. All such credits and disbursements with respect to a Book-Entry Certificate are to be made by the Depository and the Depository Participants in accordance with the provisions of the Certificates. None of the Securities Administrator, Trustee, the Depositor or the Seller shall have any responsibility therefor.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-5), Pooling and Servicing Agreement (Thornburg Mortgage Securities Corp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!