Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 1999-1, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First National Bank of Chicago and shall be invested in the Trustee's Corporate Trust Short-Term Investment Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof: (1) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments); (2) All Net Liquidation Proceeds; (3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and; (4) All Monthly Advances pursuant to Section 5.01; (5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03; (6) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp), Pooling and Servicing Agreement (Greenpoint Financial Corp)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-1, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2) All Net Liquidation Proceeds;
(3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and);
(4) All Monthly Advances pursuant to Section 5.01;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a (i) the Group I Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992001-12, Group I Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Group I Certificateholders" and (ii) the Group II Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2001-2, Group II Certificate Account in trust for the Trustee as trustee for the benefit of the Group II Certificateholders." As of the Closing Date, the each Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Prime Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate AccountAccounts, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account Accounts from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the applicable Certificate Account. The Servicer shall deposit in the applicable Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Group I Contracts (including Excess Contract Payments)Payments relating to the Group I Contracts) into the Group I Certificate Account and all amounts received from Obligors with respect to principal of and interest on the Group II Contracts (including Excess Contract Payments relating to the Group II Contracts) into the Group II Certificate Account ;
(2) All Net Liquidation ProceedsProceeds relating to the Group I Contracts into the Group I Certificate Account and all Net Liquidation Proceeds relating to the Group II Contracts into the Group II Certificate Account;
(3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) andrelating to the Group I Contracts into the Group I Certificate Account and all amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) relating to the Group II Contracts into the Group II Certificate Account;
(4) All Monthly Advances pursuant to Section 5.015.01 relating to the Group I Contracts into the Group I Certificate Account and all Monthly Advances pursuant to Section 5.01 relating to the Group II Contracts into the Group II Certificate Account;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.037.03 into the applicable Certificate Account;
(6) All amounts required to be withdrawn from an REO Account and deposited ( in the Group I Certificate Account in accordance with Section 4.17) relating to the Group I Contracts into the Group I Certificate Account and all amounts required to be withdrawn from an REO Account and deposited in the Group II Certificate Account (in accordance with Section 4.17) relating to the Group II Contracts into the Group II Certificate Account;
(7) All Deficiency Amounts relating to the Group I Contracts into the Group I Certificate Account and all Deficiency Amounts relating to the Group II Contracts into the Group II Certificate Account; and
(8) All amounts received from the Holders of the Class R Certificates pursuant to Section 11.12(i) hereof into the Group II Certificate Account. The Trustee shall deposit in the Group I Certificate Account any amounts received from the Hedge Counterparty pursuant to the Hedge Agreement. The Co-Trustee shall remit to the Trustee for deposit in the Group I Certificate Account or Group II Certificate Account, as applicable, all Radian Enhancement Payments made pursuant to Section 5.08 and received by the Co-Trustee from Radian. The Trustee shall deposit in the Group I Certificate Account or Group II Certificate Account, as applicable, all Radian Enhancement Payments received from the Co-Trustee and all Ambac Enhancement Payments made by Ambac pursuant to Section 5.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit Manufactured Housing Cont Tru Ser 2001-2)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 1999-15, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2) All Net Liquidation Proceeds;
(3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and;
(4) All Monthly Advances pursuant to Section 5.01;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-15, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. In the event that the Trustee receives any amounts, as directed by the Servicer, from the 2000-4 Reserve Account, the Trustee shall deposit such amounts into the Certificate Account for distribution as part of the Available Distribution Amount on the next Distribution Date. The Servicer shall cause amounts from the 2000-4 Reserve Account to be remitted to the Trustee if the Available Distribution Amount, without taking into account the amount set forth in clauses (c) and (d) of the definition thereof, is insufficient to pay the items set forth in Section 5.02(a)(i) and (ii) hereof. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1a) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2b) All Net Liquidation Proceeds;
(3c) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and);
(4d) All Monthly Advances pursuant to Section 5.01;
(5e) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6f) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a (i) the Group I Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992001-1, Group I Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Group I Certificateholders" and (ii) the Group II Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2001-1, Group II Certificate Account in trust for the Trustee as trustee for the benefit of the Group II Certificateholders." As of the Closing Date, the each Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Prime Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate AccountAccounts, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account Accounts from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the applicable Certificate Account. The Servicer shall deposit in the applicable Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Group I Contracts (including Excess Contract Payments)Payments relating to the Group I Contracts) into the Group I Certificate Account and all amounts received from Obligors with respect to principal of and interest on the Group II Contracts (including Excess Contract Payments relating to the Group II Contracts) into the Group II Certificate Account ;
(2) All Net Liquidation ProceedsProceeds relating to the Group I Contracts into the Group I Certificate Account and all Net Liquidation Proceeds relating to the Group II Contracts into the Group II Certificate Account;
(3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) andrelating to the Group I Contracts into the Group I Certificate Account and all amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) relating to the Group II Contracts into the Group II Certificate Account;
(4) All Monthly Advances pursuant to Section 5.015.01 relating to the Group I Contracts into the Group I Certificate Account and all Monthly Advances pursuant to Section 5.01 relating to the Group II Contracts into the Group II Certificate Account;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.037.03 into the applicable Certificate Account;
(6) All amounts required to be withdrawn from an REO Account and deposited in the Group I Certificate Account in accordance with Section 4.17) relating to the Group I Contracts into the Group I Certificate Account and all amounts required to be withdrawn from an REO Account and deposited in the Group II Certificate Account in accordance with Section 4.17) relating to the Group II Contracts into the Group II Certificate Account;
(7) All Deficiency Amounts relating to the Group I Contracts into the Group I Certificate Account and all Deficiency Amounts relating to the Group II Contracts into the Group II Certificate Account; and
(8) All amounts received from the Holders of the Class R Certificates pursuant to Section 11.12(i) hereof into the Group II Certificate Account. The Trustee shall deposit in the Group I Certificate Account any amounts received from the Hedge Counterparty pursuant to the Hedge Agreement. The Co-Trustee shall remit to the Trustee for deposit in the Group I Certificate Account or Group II Certificate Account, as applicable, all Enhancement Payments made pursuant to Section 5.08 and received by the Co-Trustee from the Insurer. The Trustee shall deposit in the Group I Certificate Account or Group II Certificate Account, as applicable, all Enhancement Payments received from the Co-Trustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit Man Housing Cont Tr Pas THR Cert Ser 01 1)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a the Certificate Account, which is shall be an Eligible Account, in the form of a segregated trust account titled "GreenPoint Madison Avenue Manufactured Housing Contract Trust, PassManufactured Housing Asset-Through Backed Certificates, Series 19992002-1A, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." Certificateholders and the Certificate Insurer". As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First National Wells Fargo Bank of Chicago Minnesota, Nationxx Xxsociation and shall be invested in the Trustee's Corporate Trust Short-Term Investment Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the TrusteeTrustee for the three Business Days immediately preceding each Distribution Date, and may be invested in an Eligible Investment selected by the Depositor, with the consent of the Certificate Insurer, for the balance of the related period. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of managed or advised by the institution that maintains the Certificate AccountAccount or an Affiliate, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment investments of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income The Trustee shall be entitled to all investment earnings on funds on deposit in the Certificate Account for the three Business Days immediately preceding each Distribution Date and gain realized from any such investments, the Trust Fund shall be entitled to the extent provided by this Agreement, shall be added to balance of the investment earnings on funds on deposit in the Certificate Account; provided, however, that the Trustee will be required to deposit into the Certificate Account immediately upon realization the amount of any loss of principal incurred in respect of any such Eligible Investments during the three Business Days immediately preceding the applicable Distribution Date and the Trust Fund will be required to absorb the amount of any loss of principal incurred in respect of any such Eligible Investments for the balance of the related period. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close Close of business Business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract PaymentsPayments relating to the Contracts);.
(2) All Net Liquidation Proceeds;Proceeds relating to the Contracts.
(3) All amounts required to be deposited paid by the Contract Seller Originator pursuant to Sections 3.05(a) Section 2.03 of the Sale and (b) and;Servicing Agreement relating to the Contracts.
(4) All Monthly Advances pursuant to Section 5.01;3.24 relating to the Contracts.
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 3.11 and any amounts in respect of indemnification to the Trust Fund pursuant to Section 7.03;6.03.
(6) All amounts required to be withdrawn from an REO Account and deposited (in the Certificate Account in accordance with Section 4.17; and3.17) relating to the Contracts.
(7) All Deficiency Amounts relating to the Contracts.
(8) All amounts received in respect of the Termination Price pursuant to Section 9.01.
(9) The Trustee shall deposit in the Certificate Account any amounts received from the LIBOR Cap Counterparty pursuant to the Yield Maintenance Agreement. Notwithstanding the foregoing, the Servicer shall be permitted to retain all amounts in respect of interest accrued on any Contract prior to the Cut-off Date and Obligatory Advances made by the Servicer prior to the Cut-off Date and remaining unreimbursed, to the extent that such amounts result from (x) payments on such Contract made by the related Obligor or (y) Liquidation proceeds from such Contract. The Trustee shall deposit in the Insurance Account, all Insured Payments paid by the Certificate Insurer in accordance with the terms of Section 4.07.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Ast BCK Sec Inc Madison Ave Trust 2002-A)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-16, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1a) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2b) All Net Liquidation Proceeds;
(3c) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and);
(4d) All Monthly Advances pursuant to Section 5.01;
(5e) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6f) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-12, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. In the event that the Trustee receives any amounts, as directed by the Servicer, from the 2000-1 Reserve Account, the Trustee shall deposit such amounts into the Certificate Account for distribution as part of the Available Distribution Amount on the next Distribution Date. The Servicer shall cause amounts from the 2000-1 Reserve Account to be remitted to the Trustee if the Available Distribution Amount, without taking into account the amount set forth in clauses (c) and (d) of the definition thereof, is insufficient to pay the items set forth in Section 5.02(a)(i) and (ii) hereof. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1a) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2b) All Net Liquidation Proceeds;
(3c) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and);
(4d) All Monthly Advances pursuant to Section 5.01;
(5e) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6f) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Establishment of and Deposits in Certificate Account. (a) On or before the Closing Date, the Trustee shall have established, establish and thereafter shall maintain, a one or more Certificate Account, Accounts which is an are Eligible AccountAccounts, in the form of a segregated trust account separate custodial accounts, titled "GreenPoint Associates Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19991997-11 (Credit Suisse First Boston Mortgage Securities Corp., Certificate Account Depositor) in trust for the Trustee". The Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, shall cause monies in the Certificate Account shall be a segregated trust account established at The First National Bank of Chicago and shall to be invested in the Trustee's Corporate Trust Short-Term Investment Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment Investments selected by the Trustee. Eligible Investments Depositor, which shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Deposit Date next following the date of such investment (except that, that if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such the related Distribution Date), ) and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee Depositor shall select such Eligible Investments, which shall mature as provided above, in such manner Investments so as to achieve the following objectives in the order stated: (1i) preservation of principal values; values and (2ii) maximization of income. If an instrument or account ceases to meet the requirements of an Eligible Investment or Eligible Account, the Trustee shall cause all monies in such investment and account to be withdrawn and deposited in an Eligible Investment (which Eligible Investment shall be selected by the Servicer) or Eligible Account, as the case may be, within 20 Business Days of the occurrence of such investment or account ceasing to meet such requirements. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. The .
(b) So long as AHFSI is the Servicer, the long-term unsecured debt of ACONA is rated at least A2 from Moody's or A from Standard & Poor's and the short-term unsecured debt of ACONA is rated at least P-1 from Moody's or A-1 from Standard & Poor's, the Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business on each Deposit Date the following amounts (net of all amounts the Servicer, if AHFSI is acting as Servicer, would be entitled to withdraw therefrom pursuant to Section 6.02) in respect of the second Business Day) following receipt thereofrelated Distribution Date and Due Period:
(1i) All all amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments)Contracts;
(2ii) All all Net Liquidation ProceedsProceeds and the proceeds of the disposition of REO Properties;
(3iii) All all amounts required to be deposited by the Contract Seller pursuant to Sections Section 3.05(a); 68 76 (iv) and (b) and;
(4) All Monthly all Advances pursuant to Section 5.016.03;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a (i) the Group I Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-13, Group I Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Group I Certificateholders" and (ii) the Group II Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Group II Certificate Account in trust for the Trustee as trustee for the benefit of the Group II Certificateholders." As of the Closing Date, the each Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate AccountAccounts, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account Accounts from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the applicable Certificate Account. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1) All amounts received from Obligors with respect to principal of and interest on the Group I Contracts (including Excess Contract Payments)Payments relating to the Group I Contracts) into the Group I Certificate Account and all amounts received from Obligors with respect to principal of and interest on the Group II Contracts (including Excess Contract Payments relating to the Group II Contracts) into the Group II Certificate Account ;
(2) All Net Liquidation ProceedsProceeds relating to the Group I Contracts into the Group I Certificate Account and all Net Liquidation Proceeds relating to the Group II Contracts into the Group II Certificate Account;
(3) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) andrelating to the Group I Contracts into the Group I Certificate Account and all amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) relating to the Group II Contracts into the Group II Certificate Account;
(4) All Monthly Advances pursuant to Section 5.015.01 relating to the Group I Contracts into the Group I Certificate Account and all Monthly Advances pursuant to Section 5.01 relating to the Group II Contracts into the Group II Certificate Account;
(5) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.037.03 into the applicable Certificate Account;
(6) All amounts required to be withdrawn from an REO Account and deposited in the Group I Certificate Account in accordance with Section 4.17) relating to the Group I Contracts into the Group I Certificate Account and all amounts required to be withdrawn from an REO Account and deposited in the Group II Certificate Account in accordance with Section 4.17) relating to the Group II Contracts into the Group II Certificate Account;
(7) All Deficiency Amounts relating to the Group I Contracts into the Group I Certificate Account and all Deficiency Amounts relating to the Group II Contracts into the Group II Certificate Account;
(8) All amounts received from the Special Account in respect of a Group II Available Funds Shortfall into the Group II Certificate Account; and
(9) All amounts received from the Holders of the Class R Certificates pursuant to Section 11.12(i) hereof into the Group II Certificate Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Establishment of and Deposits in Certificate Account. On or before the Closing Date, the Trustee shall have established, and thereafter shall maintain, a Certificate Account, which is an Eligible Account, in the form of a segregated trust account titled "GreenPoint Manufactured Housing Contract Trust, Pass-Through Certificates, Series 19992000-14, Certificate Account in trust for the Trustee as trustee for the benefit of the Class A Certificateholders." As of the Closing Date, the Certificate Account shall be a segregated trust account established at The First Bank One, National Bank of Chicago Association and shall be invested in the Trustee's Corporate Trust Short-Term Investment One Group Institutional Money Market Fund (as long as such fund is an Eligible Investment) or other similar Eligible Investment selected by the Trustee. Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that, if such Eligible Investment is an obligation of the institution that maintains the Certificate Account, then such Eligible Investments shall mature or, in the case of a money market fund, be redeemed not later than such Distribution Date), and shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the Trustee, as trustee for the benefit of the Certificateholders. Without limiting the generality of the foregoing, the Trustee shall select obligations for the investment of the Certificate Account from among the investments specified in clauses (a) and (b) of the definition of "Eligible Investments." The Trustee shall select such Eligible Investments, which shall mature as provided above, in such manner as to achieve the following objectives in the order stated: (1) preservation of principal values; and (2) maximization of income. All net income and gain realized from any such investments, to the extent provided by this Agreement, shall be added to the Certificate Account. In the event that the Trustee receives any amounts, as directed by the Servicer, from the 2000-5 Reserve Account, the Trustee shall deposit such amounts into the Certificate Account for distribution as part of the Available Distribution Amount on the next Distribution Date. The Servicer shall cause amounts from the 2000-5 Reserve Account to be remitted to the Trustee if the Available Distribution Amount, without taking into account the amount set forth in clauses (c) and (d) of the definition thereof, is insufficient to pay the items set forth in Section 5.02(a)(i) and (ii) hereof. The Servicer shall deposit in the Certificate Account as promptly as practicable (but not later than the close of business of the second Business Day) following receipt thereof:
(1a) All amounts received from Obligors with respect to principal of and interest on the Contracts (including Excess Contract Payments);
(2b) All Net Liquidation Proceeds;
(3c) All amounts required to be deposited by the Contract Seller pursuant to Sections 3.05(a) and (b) and);
(4d) All Monthly Advances pursuant to Section 5.01;
(5e) Any proceeds of Hazard Insurance Policies pursuant to Section 4.11 and any amounts in respect of indemnification pursuant to Section 7.03;
(6f) All amounts required to be withdrawn from an REO Account and deposited in the Certificate Account in accordance with Section 4.17; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)