Common use of Excess Proceeds Account Clause in Contracts

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r). The Excess Proceeds Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1997-2." On the Remittance Date occurring in April 1997, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

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Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r). The Excess Proceeds Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 19971996-210." On the Remittance Date occurring in April January 1997, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April January 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two Corp.--Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r2.02(s). The Excess Proceeds Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1997-26." On the Remittance Date occurring in April October 1997, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April October 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r). The Excess Proceeds Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 19971996-29." On the Remittance Date occurring in April 1997December 1996, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April 1997December 1996. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two Corp.--Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be Trust with an Eligible AccountInstitution, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r2.02(l). The Excess Proceeds Account shall be entitled "Firstar First Trust Company National Association as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate PassSub-Through Certificates Series 1997Pool HI and Sub-2.Pool HE Certificateholders, Home Improvement and Home Equity Loan Trust 1996-F." On the Remittance Payment Date occurring in April January 1997, the Trustee shall withdraw the amount of funds on deposit in the Excess Proceeds Account (including any investment earnings thereon, which will be allocated between the Sub-Pool HI Certificates and the Sub-Pool HE Certificates pro rata based upon the Excess Proceeds attributable to each), and shall deposit such funds in the Certificate Account for distribution on such Remittance Payment Date in accordance with Section 8.038.04. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Payment Date occurring in April January 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

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Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be Trust with an Eligible AccountInstitution, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r2.02(l). The Excess Proceeds Account shall be entitled "Firstar First Trust Company National Association as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series the Certificateholders, Home Equity Loan Trust 1997-2.B." On the Remittance Payment Date occurring in April June 1997, the Trustee shall withdraw the amount of funds on deposit in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Payment Date in accordance with Section 8.038.04. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Payment Date occurring in April June 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be Trust with an Eligible AccountInstitution, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r2.02(l). The Excess Proceeds Account shall be entitled "Firstar First Trust Company National Association as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate PassClass HI Certificateholders, Home Improvement and Home Equity Loan Trust 1996-Through Certificates Series 1997-2.D." On the Remittance Payment Date occurring in April 1997October 1996, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Payment Date in accordance with Section 8.038.04. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust and but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April 1997October 1996. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Excess Proceeds Account. a. On or before the Closing Date, the Trustee shall establish the Excess Proceeds Account on behalf of the Trust, which must be Trust with an Eligible AccountInstitution, and shall deposit therein an amount equal to the Excess Proceeds received from the Company pursuant to Section 2.02(r). The Excess Proceeds Account shall be entitled "Firstar Trust Company as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1997-24." On the Remittance Date occurring in April July 1997, the Trustee shall withdraw the amount of funds in the Excess Proceeds Account (including any investment earnings thereon), and shall deposit such funds in the Certificate Account for distribution on such Remittance Date in accordance with Section 8.03. After such date no further amounts shall be deposited in or withdrawn from the Excess Proceeds Account. b. The Excess Proceeds Account shall be part of the Trust but not part of the REMIC. The Trustee on behalf of the Trust shall be the legal owner of the Excess Proceeds Account. Green Tree Finance Corp.--Two shall be the beneficial owner of the Excess Proceeds Account, subject to the foregoing power of the Trustee to transfer amounts in the Excess Proceeds Account to the Certificate Account. Funds in the Excess Proceeds Account shall, at the direction of the Servicer, be invested in Eligible Investments that mature no later than the Business Day prior to the Remittance Date occurring in April July 1997. All amounts earned on deposits in the Excess Proceeds Account shall be taxable to Green Tree Finance Corp.--Two. Any losses on such investments shall be deposited in the Excess Proceeds Account by Green Tree Finance Corp.-- Two out of its own funds immediately as realized.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

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