Common use of Establishment of Expense Account Clause in Contracts

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNT; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNT (a) No later than the Closing Date, the Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Trustee and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Trustee then due, the Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amount. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Trustee pursuant to Section 6.07(b)(v), to the extent of available funds in the Certificate Account. (b) The Trustee may invest amounts on deposit in the Expense Account in Permitted Instruments pursuant to Section 6.06 hereof, and the Trustee shall withdraw amounts on deposit in the Expense Account to: (i) pay the Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense Account, the Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Money Store Sba Loan Backed Adj Rak Cert Series 1997-I), Pooling and Servicing Agreement (Money Store of New York Inc), Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)

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Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account (a) No later than the Closing Date, the Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Trustee and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account or as stated in Section 6.02(b)(ii), an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Trustee then due, the Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amountamount to the Trustee. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Trustee pursuant to Section 6.07(b)(v6.07(b)(vi), to the extent of available funds in the Certificate Account. (b) The Trustee Trustee, at the direction of the Servicer, may invest amounts on deposit in the Expense Account in Permitted Instruments pursuant to Section 6.06 hereof, and the Trustee shall withdraw amounts on deposit in the Expense Account to: (i) pay the Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense Account, the Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (BLC Financial Services Inc)

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account (a) No later than the Closing Date, the Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Trustee and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Trustee then due, the Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amount. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Trustee pursuant to Section 6.07(b)(v), to the extent of available funds in the Certificate Account. (b) The Trustee may invest amounts on deposit in the Expense Account in Permitted Instruments pursuant to Section 6.06 hereof, and the Trustee shall withdraw amounts on deposit in the Expense Account to: (i) pay the Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense Account, the Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (Money Store of New York Inc)

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense ----------------------------------------------------- Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account --------------------------------------------------- (a) No later than the Closing Date, the Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Trustee and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Trustee then due, the Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amountamount to the Trustee. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Trustee pursuant to Section 6.07(b)(v), to the extent of available funds in the Certificate Account. (b) The Trustee Trustee, at the direction of the Servicer, may invest amounts on deposit in the Expense Account in Permitted Instruments pursuant to Section 6.06 hereof, and the Trustee shall withdraw amounts on deposit in the Expense Account to: (i) pay the Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.01. (c) On the twelfth Remittance Date following the Closing Date, and an on each twelfth Remittance Date thereafter, the Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense Account, the Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First International Bancorp Inc)

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account (a) No later than the Closing Date, the Indenture Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Indenture Trustee and, on a subordinate basis, for and the benefit of Owner Trustee in its individual capacity to pay their fees and expenses related to the Servicer as described in (b)(ii) and (c) belowTrust. The Indenture Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account Note Distribution Account, pursuant to Section 5.07(b)(vi), an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. and If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Indenture Trustee and the Owner Trustee in its individual capacity then due, the Indenture Trustee and the Owner Trustee in its individual capacity shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amountamount to the Indenture Trustee or the Owner Trustee in its individual capacity, as the case may be. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause 5.03 (c)(ii) below). Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Indenture Trustee and the Owner Trustee in its individual capacity pursuant to Section 6.07(b)(v5.07(b)(vi), to the extent of available funds in the Certificate Note Distribution Account. (b) The Indenture Trustee may invest amounts on deposit in the Expense Account Accounts in Permitted Instruments pursuant to Section 6.06 5.06 hereof, and the Indenture Trustee shall withdraw amounts on deposit in the Expense Account Accounts to: (i) pay the Indenture Trustee's and Owner Trustee's (in its individual capacity) fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account Accounts or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.0110.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Indenture Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense AccountAccounts, the Indenture Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the SellerCompany, for reimbursable advances made pursuant to Section 9.018.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 1 contract

Samples: Sale and Servicing Agreement (First International Bancorp Inc)

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Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account (a) No later than the Closing Date, the Indenture Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Indenture Trustee and the Owner Trustee to pay their fees and expenses related to the Trust and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Indenture Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Note Distribution Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. and If, at any time the amount then on deposit in the Expense Account Accounts shall be insufficient to pay in full the fees and expenses of the Indenture Trustee and the Owner Trustee then due, the Indenture Trustee and the Owner Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amount. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Indenture Trustee pursuant to Section 6.07(b)(v5.07(b)(vii), to the extent of available funds in the Certificate Note Distribution Account. (b) The Indenture Trustee may invest amounts on deposit in the Expense Account Accounts in Permitted Instruments pursuant to Section 6.06 5.06 hereof, and the Indenture Trustee shall withdraw amounts on deposit in the Expense Account Accounts to: (i) pay the Indenture Trustee's and Owner Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account Accounts or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.0110.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Indenture Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense AccountAccounts, the Indenture Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.018.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 1 contract

Samples: Sale and Servicing Agreement (First International Bancorp Inc)

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted -------------------------------------- Withdrawals from Expense Account -------------------------------- (a) No later than the Closing Date, the Indenture Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Indenture Trustee and the Owner Trustee to pay their fees and expenses related to the Trust and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Indenture Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Note Distribution Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e5.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account Accounts shall be insufficient to pay in full the fees and expenses of the Indenture Trustee and the Owner Trustee then due, the Indenture Trustee and the Owner Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amount. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Indenture Trustee pursuant to Section 6.07(b)(v5.07(b)(vii), to the extent of available funds in the Certificate Note Distribution Account. (b) The Indenture Trustee may invest amounts on deposit in the Expense Account Accounts in Permitted Instruments pursuant to Section 6.06 5.06 hereof, and the Indenture Trustee shall withdraw amounts on deposit in the Expense Account Accounts to: (i) pay the Indenture Trustee's and Owner Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account Accounts or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.0110.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Indenture Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense AccountAccounts, the Indenture Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.018.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 1 contract

Samples: Sale and Servicing Agreement (First International Bancorp Inc)

Establishment of Expense Account. DEPOSITS IN EXPENSE ACCOUNTDeposits in Expense Account; PERMITTED WITHDRAWALS FROM EXPENSE ACCOUNTPermitted Withdrawals from Expense Account (a) No later than the Closing Date, the Trustee will establish with itself an account for the benefit of the Trustee to pay its fees and expenses related to the Trust Fund (the "Expense Account"). The Expense Account shall not constitute part of the Trust Fund and is for the benefit of the Trustee and, on a subordinate basis, for the benefit of the Servicer as described in (b)(ii) and (c) below. The Trustee shall deposit into the Expense Account: (i) on each Remittance Date from the amounts on deposit in the Certificate Account an amount equal to one-twelfth of the Annual Expense Escrow Amount; and (ii) upon receipt, amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Expense Account. If, at any time the amount then on deposit in the Expense Account shall be insufficient to pay in full the fees and expenses of the Trustee then due, the Trustee shall make demand on the Servicer to advance the amount of such insufficiency, and the Servicer shall promptly advance such amount. Thereafter, the Servicer shall be entitled to reimbursement from the Expense Account for the amount of any such advance from any excess funds available pursuant to subclause (c)(ii) below. Without limiting the obligation of the Servicer to advance such insufficiency, in the event the Servicer does not advance the full amount of such insufficiency by the Business Day immediately preceding the Determination Date, the amount of such insufficiency shall be deposited into the Expense Account for payment to the Trustee pursuant to Section 6.07(b)(v), to the extent of available funds in the Certificate Account. (b) The Trustee may invest amounts on deposit in the Expense Account in Permitted Instruments pursuant to Section 6.06 hereof, and the Trustee shall withdraw amounts on deposit in the Expense Account to: (i) pay the Trustee's fees and expenses as described in Section 2.08 hereof; (ii) pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) withdraw any amounts not required to be deposited in the Expense Account or deposited therein in error; and (iv) clear and terminate the Expense Account upon the termination of this Agreement in accordance with the terms of Section 11.01. (c) On the twelfth Remittance Date following the Closing Date, and on each twelfth Remittance Date thereafter, the Trustee shall determine that all payments required to be made during the prior twelve month period pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above, have been made, and, if all such payments have been made, from the amounts remaining in the Expense Account, the Trustee shall (in the following order of priority): (i) reimburse the Servicer and/or the Seller, for reimbursable advances made pursuant to Section 9.01; (ii) reimburse the Servicer for advances made by it pursuant to the last paragraph of subclause (a) above; and (iii) remit to the Servicer as additional servicing compensation any amounts remaining in the Expense Account after payments made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii), above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (BLC Financial Services Inc)

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