Establishment of Trust Account. The Owner Trustee shall cause the Indenture Trustee, to establish and maintain with First Trust of New York, National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee for the benefit of the Owners, the Securities Insurer and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 2 contracts
Samples: Trust Agreement (Mego Mortgage Corp), Trust Agreement (Mego Financial Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture Trustee, to establish and maintain with First Trust of New York, National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-12". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee for the benefit of the Owners, the Securities Insurer and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 2 contracts
Samples: Trust Agreement (Mego Mortgage Corp), Trust Agreement (Mego Financial Corp)
Establishment of Trust Account. The Owner Trustee shall ------------------------------ cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners[, the Securities Insurer] and the Noteholders, to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled ["CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account], FIRST TRUST OF NEW YORK[________________________], NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS COthe Owners[, the Securities Insurer] and the Noteholders, in trust for the [________________] Owner Trust ____-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1__". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Master Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee [and the Paying Agent] in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Master Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee [or Co-Owner Trustee Paying Agent] for the benefit of the Owners[, the Securities Insurer Insurer] and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Master Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Master Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c[Section 4.02(b) and 5.03 of of] the Sale and Master Servicing Agreement regarding distributions from ---------------- the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Master Servicing Agreement) may be invested.
Appears in 2 contracts
Samples: Owner Trust Agreement (National Mortgage Securities Corp), Owner Trust Agreement (Fremont Mortgage Securities Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture Trustee, to establish and maintain with First Trust of New York, Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE AND CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIESCERTIFICATES, SERIES 1997-13". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 2 contracts
Samples: Trust Agreement (Mego Financial Corp), Trust Agreement (Mego Mortgage Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders [and the Securities Insurer,] to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORK_________________________, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1the Noteholders [and the Securities Insurer,] in trust for the ____________ Home Loan Owner Trust 200__-__". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 2 contracts
Samples: Owner Trust Agreement (Securitized Asset Backed Receivables LLC), Owner Trust Agreement (Bcap LLC)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders and the Securities Insurer, to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKFirst Union National Bank, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS COthe Owners, the Noteholders and the Securities Insurer, in trust for the Fremont Home Loan Owner Trust 1999-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-12". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, U.S. Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKU.S. Bank National Association, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS CO-OWNER TRUSTEEin trust for the Empire Funding Home Loan Asset Backed Securities, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES Series 1997-15". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Empire Funding Home Loan Owner Trust 1997-5)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners[, the Securities Insurer] and the Noteholders, to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT[“Certificate Distribution Account], FIRST TRUST OF NEW YORK[ ], NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners[, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIESthe Securities Insurer] and the Noteholders, SERIES 1997-1"in trust for the [ ] MBSC Trust - ”. Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing AgreementIndenture. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee [and the Paying Agent] in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee [or Co-Owner Trustee Paying Agent] for the benefit of the Owners[, the Securities Insurer Insurer] and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement Indenture and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing AgreementIndenture) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Etrade Mortgage Backed Securities Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders [and the Securities Insurer,] to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT“Certificate Distribution Account, FIRST TRUST OF NEW YORK__________ __________________________, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1"the Noteholders [and the Securities Insurer,] in trust for the Home Loan Owner Trust 20__-__”. Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Bcap LLC)
Establishment of Trust Account. (a) The Owner Trustee shall cause hereby acknowledges and agrees that it has established, on the Indenture Trusteebooks and records of its office in the State of Delaware, an account (the “Trust Account”) in the name of the Trust, and under the sole dominion and control of the Trust. To the extent, if any, that the Trustee is deemed to establish hold directly any financial asset (as defined under the UCC) held by the Trustee for the Trust, the Trustee hereby agrees that it is holding such financial asset as the agent of the Trust and maintain with First Trust hereby expressly acknowledges and agrees that it has received notification of New York, National Association the Trust’s interest in such financial asset and that it is holding possession of such financial asset for the benefit of the Owner Trust.
(b) The Trust Account shall remain at all times with a financial institution having a combined capital and surplus of at least $150,000,000 and having a long-term debt rating of at least “A3” by Moody’s and at least “A-” by S&P. The Trustee or Co-Owner Trustee one or more Eligible Accounts which while shall give notice to the Co-Owner Trustee holds Trust of the location of the Trust Account prior to the use thereof, and shall make no change to such location without the prior approval of the Trust. Any income received by the Trust with respect to the balance from time to time on deposit in the Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1". Funds shall be deposited in credited to the Certificate Distribution Account as required by the Sale and Servicing AgreementTrust Account. All of the right, title and interest of in and to the Co-Owner Trustee or Owner Trustee in all funds amounts on deposit from time to time in the Certificate Distribution Trust Account shall constitute part of the Trust Estate and in all proceeds thereof shall be held for the benefit of the OwnersTrust and shall not constitute payment of any obligations to which such funds are to be applied pursuant to the provisions hereof until applied thereto as hereinafter provided.
(c) Moneys deposited into the Trust Account shall not be commingled with, and shall be segregated and kept apart from, other funds held by the Securities Insurer Trust and may be deposited under such other persons entitled general conditions as may be prescribed by law, and the Trustee shall not be liable for any interest thereon.
(d) The Trustee shall make, to distributions therefrom. Except as otherwise expressly provided herein the extent required or authorized hereunder, withdrawals from the Trust Account: (i) to withdraw any amount deposited in the Sale Trust Account and Servicing Agreement, not required to be deposited therein; (ii) to make required payments to the Certificate Distribution parties entitled thereto pursuant to Section 6.03; and (iii) to clear and terminate the Trust Account shall be under pursuant to the sole dominion and control instructions of the Owner Trustee or Co-Owner Trustee Super Majority Note Holders and in accordance with the requirements of the Act in connection with the liquidation and winding up of the Trust.
(e) Only the Trustee, on behalf of and for the benefit of the OwnersTrust, shall be entitled to withdraw funds from the Securities Insurer and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under and only the Sale and Servicing Agreement and constitutes part of Trustee shall be an authorized signatory on the Trust Estate pledged by Account. The Trustee shall withdraw funds from the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject only pursuant to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cthis Agreement.
(f) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit may invest amounts in the Trust Accounts (as such term is defined Account in the Sale and Servicing Agreement) may be investedU.S. Government Obligations.
Appears in 1 contract
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, U.S. Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKU.S. Bank National Association, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS CO-OWNER TRUSTEEin trust for the Empire Funding Home Loan Asset Backed Securities, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997Series 1998-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Empire Funding Home Loan Owner Trust 1998-1)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders and the Securities Insurer, to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKFirst Union National Bank, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIESthe Noteholders and the Securities Insurer, SERIES 1997in trust for the Fremont Home Loan Owner Trust 1999-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, BANK NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1997-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee for the benefit of the Owners, the Securities Insurer and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.06(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company by virtue of its acceptance of the FRH Certificates, agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Establishment of Trust Account. The Owner Trustee shall cause the Indenture Trustee, to establish and maintain with First Trust of New York, National Association for the benefit of the Subordinated Interest Holders and the Holder of the Residual Certificate, shall establish and maintain in the name of the Trust an Eligible Securities Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Subordinated Interest Holders. The Owner Trustee, for the benefit of the Subordinated Interest Holders and the Holder of the Residual Certificate, shall, upon the written request of the Servicer, establish and maintain in the name of the Trust an Eligible Securities Account (the "Certificate Yield Supplement Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Subordinated Interest Holders. The Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Trust Account shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT, FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the possess all right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and the Certificate Yield Supplement Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer and such other persons entitled to distributions therefromthereof. Except as otherwise expressly provided herein or in the Sale and Servicing Agreementherein, the Certificate Distribution Account and the Certificate Yield Supplement Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Subordinated Interest Holders. If, at any time, the Certificate Distribution Account or Co-the Certificate Yield Supplement Account ceases to be an Eligible Securities Account, the Owner Trustee (or the Seller on behalf of the Owner Trustee, if the Certificate Distribution Account or the Certificate Yield Supplement Account is not then held by the Owner Trustee or an affiliate thereof) shall within 10 Business Days following notification of such occurrence (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account or Certificate Yield Supplement Account, as the case may be, as an Eligible Securities Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account or Certificate Yield Supplement Account, as the case may be. Funds on deposit in the Certificate Yield Supplement Account shall be invested by the Owner Trustee, at the written direction of the Servicer, in Eligible Investments selected by the Servicer; PROVIDED, HOWEVER, it is understood and agreed that the Owner Trustee shall not be liable for any loss arising from such investment in Eligible Investments (other than losses from nonpayment of investments in obligations of The Chase Manhattan Bank). All such Eligible Investments shall be held by the Owner Trustee for the benefit of the Owners, the Securities Insurer and the ServicerSubordinated Interest Holders. In addition to the foregoing, Funds on deposit in the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Yield Supplement Account shall be subject to and established and maintained invested in accordance with Eligible Investments that will mature so that such funds will be available at the applicable provisions close of business on the Sale and Servicing Agreement and Transfer Date preceding the Indentureimmediately following Distribution Date; PROVIDED, includingHOWEVER, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the that funds on deposit in the Trust Accounts (as Certificate Yield Supplement Account may be invested in Eligible Investments of The Chase Manhattan Bank which may mature so that such term is defined funds will be available on the Distribution Date. Funds deposited in the Sale and Servicing Agreement) may Certificate Yield Supplement Account on a Transfer Date which immediately precedes a Distribution Date upon the maturity of any Eligible Investments are not required to be invested overnight, but if so invested, such investments must meet the conditions of the immediately preceding sentence.
Appears in 1 contract
Samples: Trust Agreement (Caterpillar Financial Funding Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders [and the Securities Insurer,] to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORK_________________________, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1the Noteholders [and the Securities Insurer,] in trust for the ____________ Home Loan Owner Trust 199__-__". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mortgage Acceptance Corporation Iv)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, U.S. Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKU.S. Bank National Association, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS COin trust for the Empire Funding Home Loan Asset Backed Securities, Series 1998-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-12". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mortgage Acceptance Corporation Iv)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, the Noteholders and the Securities Insurer, to establish and maintain with First Trust of New York, U.S. Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKU.S. Bank National Association, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS COthe Owners, the Noteholders and the Securities Insurer, in trust for the Empire Funding Home Loan Asset Backed Securities, Series 1998-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-13". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Empire Funding Home Loan Owner Trust 1998 3)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust The Bank of New York, National Association York for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKThe Bank of New York, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS COin trust for the Master Financial Home Loan Asset Backed Securities, Series 1998-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-12". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Master Financial Asset Securitization Trust 1998-2)
Establishment of Trust Account. The Owner Trustee a. On or before the Closing Date the Depositor shall cause the Indenture Trustee, Servicer to establish and maintain with First the Trust of New York, National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Owner Trustee holds such Account. The Trust Account shall be entitled identified as follows: "CERTIFICATE DISTRIBUTION ACCOUNTU.S. Bank Trust National Association, FIRST TRUST OF NEW YORKas Trustee under the Green Tree Grantor Trust Agreement 1998-E dated as of December 1, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-11998.". Funds
b. The Trustee shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the possess all right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Trust Account and in all proceeds thereof thereof. If, at any time, the Trust Account ceases to be an Eligible Account, the Trustee shall within 5 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Account and shall transfer any cash and/or any investments to such new Trust Account.
c. All amounts held in the Trust Account shall, to the extent permitted by applicable laws, rules and regulations, be invested by the Trustee in Eligible Investments pursuant to the written instructions of the Servicer that mature not later than one Business Day prior to the Payment Date to which such amounts relate. Investments in Eligible Investments shall be held for made in the benefit name of the OwnersTrust, the Securities Insurer and such other persons entitled investments shall not be sold or disposed of prior to distributions therefromtheir maturity. Except as otherwise expressly provided herein or Any investment of funds in the Sale and Servicing Agreement, the Certificate Trust Distribution Account shall be under made in Eligible Investments held by a financial institution with respect to which (a) such institution has noted the sole dominion Trustee's interest therein by book entry or otherwise and control (b) a confirmation of the Owner Trustee's interest has been sent to the Trustee by such institution, provided that such Eligible Investments are (i) specific certificated securities, and (ii) either (A) in the possession of such institution or (B) in the possession of a clearing corporation in New York or Delaware, registered in the name of such clearing corporation, not endorsed for collection or surrender or any other purpose not involving transfer, not containing any evidence of a right or interest inconsistent with the Trustee's security interest therein, and held by such clearing corporation in an account of such institution. Subject to the other provisions hereof, the Trustee shall have sole control over each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered directly to the Trustee or Co-Owner Trustee for the benefit its agent, together with each document of the Ownerstransfer, the Securities Insurer and the Servicer. In addition if any, necessary to transfer title to such investment to the foregoing, the Certificate Distribution Account is Trustee in a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance manner which complies with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be investedthis Section 5.
Appears in 1 contract
Samples: Grantor Trust Agreement (Green Tree Financial Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders [and the Securities Insurer,] to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNT“Certificate Distribution Account, FIRST TRUST OF NEW YORK_________________________, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1"the Noteholders [and the Securities Insurer,] in trust for the ____________ Mortgage Loan Trust 200__-__”. Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners[, the Securities Insurer Insurer] and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Hsi Asset Securitization Corp)
Establishment of Trust Account. The Owner Trustee shall ------------------------------ cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners[, the Securities Insurer] and the Noteholders, to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled ["CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account], FIRST TRUST OF NEW YORK[________________________], NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS COthe Owners[, the Securities Insurer] and the Noteholders, in trust for the [________________] Owner Trust ____-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1__". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Master Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee [and the Paying Agent] in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Master Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee [or Co-Owner Trustee Paying Agent] for the benefit of the Owners[, the Securities Insurer Insurer] and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Master Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Master Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(c[Section 4.02(b) and 5.03 of of] the Sale and Master Servicing Agreement regarding --------------- distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Master Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Southpoint Residential Mortgage Securities Corp)
Establishment of Trust Account. The Owner Trustee ------------------------------ shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, National Association [_______________________] for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORK[_________], NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS CO-OWNER TRUSTEEin trust for the [_________] Home Loan Asset Backed Securities, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1Series 199[_]-[_]". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeMaster Servicer, for the benefit of the Owners, the Noteholders [and the Securities Insurer,] to establish and maintain with First Trust of New York, National Association the Indenture Trustee for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORK_________________________, NATIONAL ASSOCIATIONas Indenture Trustee on behalf of the Owner Trustee, AS CO-OWNER TRUSTEEthe Owners, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997-1the Noteholders [and the Securities Insurer,] in trust for the ____________ Home Loan Owner Trust 200__-__". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners[, the Securities Insurer Insurer] and the ServicerNoteholders. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Hsi Asset Securitization Corp)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New YorkNorwest Bank Minnesota, National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKNorwest Bank Minnesota, NATIONAL ASSOCIATIONNational Association, AS CO-OWNER TRUSTEEon behalf of the Owner Trustee, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIESin trust for the Life Financial Home Loan Asset Backed Securities, SERIES Series 1997-1". 3." Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company Transferor agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Trust Agreement (Life Financial Home Loan Owner Trust 1997-3)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First Trust of New York, U.S. Bank National Association for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while which, so long as the Co-Owner Indenture Trustee holds such Trust Account on behalf of the Owner Trustee, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKU.S. Bank National Association, NATIONAL ASSOCIATIONon behalf of the Owner Trustee, AS CO-OWNER TRUSTEEin trust for the Empire Funding Home Loan Asset Backed Securities, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES Series 1997-14". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Indenture Trustee or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Trust Agreement (Empire Funding Home Loan Owner Trust 1997-4)
Establishment of Trust Account. The Owner Trustee shall cause the Indenture TrusteeServicer, for the benefit of the Owners, to establish and maintain with First [Bankers Trust of New York, National Association Company] for the benefit of the Owner Trustee or Co-Owner Trustee one or more Eligible Accounts which while the Co-Co- Owner Trustee holds such Trust Account shall be entitled ["CERTIFICATE DISTRIBUTION ACCOUNT, FIRST BANKERS TRUST OF NEW YORK, NATIONAL ASSOCIATIONCOMPANY, AS CO-CO- OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN PREFERRED CREDIT ASSET BACKED SECURITIES, SERIES 1997-1199_-_". .] Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, [the Securities Insurer Insurer,] and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee for the benefit of the Owners, the [Securities Insurer Insurer] and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.06(c) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company by virtue of its acceptance of the Company Certificates, agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Establishment of Trust Account. The Owner Trustee Trust shall cause the Indenture Trustee, to establish and maintain in the State of New York with First Trust The Bank of New York, National Association for the benefit of the Owner Trustee or Co-Owner Trustee Trust, one or more Eligible Accounts which while the Co-Owner Trustee which, so long as The Bank of New York holds such Trust Account on behalf of the Trust, shall be entitled "CERTIFICATE DISTRIBUTION ACCOUNTCertificate Distribution Account, FIRST TRUST OF NEW YORKThe Bank of New York, NATIONAL ASSOCIATION, AS CO-OWNER TRUSTEE, IN TRUST FOR THE MEGO MORTGAGE HOME LOAN ASSET BACKED SECURITIES, SERIES 1997for the DiTech Home Loan Owner Trust 1998-1". Funds shall be deposited in the Certificate Distribution Account as required by the Sale and Servicing Agreement. All of the right, title and interest of the Co-Owner Trustee or Owner Trustee and the Paying Agent in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Owners, the Securities Insurer Owners and such other persons entitled to distributions therefrom. Except as otherwise expressly provided herein or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or Co-Owner Trustee Paying Agent for the benefit of the Owners, the Securities Insurer Owners and the Servicer. In addition to the foregoing, the Certificate Distribution Account is a Trust Account under the Sale and Servicing Agreement and constitutes part of the Owner Trust Estate pledged by the Trust to the Indenture Trustee under the Indenture. The Certificate Distribution Account shall be subject to and established and maintained in accordance with the applicable provisions of the Sale and Servicing Agreement and the Indenture, including, without limitation, the provisions of Sections 5.01(cSection 5.02(b) and 5.03 of the Sale and Servicing Agreement regarding distributions from the Certificate Distribution Account. The Company agrees to direct and shall have the sole authority to direct the Owner Trustee or Co-Owner Trustee, Paying Agent or their successor in interest, as to the Permitted Investments in which the funds on deposit in the Trust Accounts (as such term is defined in the Sale and Servicing Agreement) may be invested.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Accept Corp Iv Ditech Home Loan Ownr 1998-1)