Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the FIRSTPLUS Asset Backed Securities, Series 1998-4." On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement and pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.06. On each Payment Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the FIRSTPLUS Asset Backed Securities, Series 1998-45." On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement and pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.06. On each Payment Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the FIRSTPLUS Asset Backed Securities, Series 19981997-43." On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Pre- Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement and pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.06. On or before each Payment Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Capitalized Interest Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "PrePRE-Funding AccountFUNDING ACCOUNT, U.S. Bank National AssociationFIRST BANK NATIONAL ASSOCIATION, as Indenture TrusteeAS INDENTURE TRUSTEE, in trust for the IN TRUST FOR THE FIRSTPLUS Asset Backed SecuritiesASSET BACKED SECURITIES, Series 1998SERIES 1996-4." ". On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to to: (i) withdraw from the Pre-Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement Agreement; and (ii) pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.065.08. On or before each Payment Distribution Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Capitalized Interest Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "PrePRE-Funding AccountFUNDING ACCOUNT, U.S. Bank National AssociationFIRST BANK NATIONAL ASSOCIATION, as Indenture TrusteeAS INDENTURE TRUSTEE, in trust for the IN TRUST FOR THE FIRSTPLUS Asset Backed SecuritiesASSET BACKED SECURITIES, Series 1998SERIES 1996-4." 3". On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to to: (i) withdraw from the Pre-Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement Agreement; and (ii) pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.065.08. On or before each Payment Distribution Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Capitalized Interest Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "PrePRE-Funding AccountFUNDING ACCOUNT, U.S. Bank National AssociationFIRST BANK NATIONAL ASSOCIATION, as Indenture TrusteeAS INDENTURE TRUSTEE, in trust for the IN TRUST FOR THE FIRSTPLUS Asset Backed SecuritiesASSET BACKED SECURITIES, Series 1998SERIES 1997-4." 1". On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Pre- Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to: (i) withdraw from the Pre-Funding Account the Reserve Account Subsequent Deposit and to deposit such amount in the Reserve Account; (ii) withdraw from the Pre-Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement Agreement, less the amount of the Reserve Account Subsequent Deposit deposited in the Reserve Account on such date; and (iii) pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.065.08. On or before each Payment Distribution Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Capitalized Interest Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Establishment and Withdrawals. No ------------------- later than the Closing Date, the Servicer Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee in the name of the Securities Intermediary one or more separate Eligible Accounts which shall be pledged to the Indenture Trustee for the benefit of Securityholders, entitled "Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the FIRSTPLUS Asset Backed Securities, Series 19981997-4." On the Closing Date, the Pre-Funding Account Deposit shall be deposited into the Pre-Funding Account from the proceeds of the sale of the Securities. On any Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Pre- Funding Account an amount equal to the Subsequent Purchase Price for the Subsequent Home Loans sold to the Issuer on such Subsequent Transfer Date pursuant to a Subsequent Transfer Agreement and pay such withdrawn amount to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer. Funds in the Pre-Funding Account shall be invested in accordance with Section 5.06. On each Payment Date, all interest and any other investment earnings on funds held in the Pre-Funding Account shall be deposited into the Note Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)