Common use of Funding Account; Distributions Clause in Contracts

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx Xxx, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.07, shall deposit in the Funding Account an amount equal to the Lower Tier Distribution Amount for the Distribution Date in April 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 in order to effect the distribution of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account all amounts held therein and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.07, Xxxxxx Mae shall deposit in the Funding Account any amount by which the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates for the following Distribution Date is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account all amounts held therein and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Trust Fund; provided, however, that Xxxxxx Mae may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Certificates Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund Lower Tier REMIC that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx Xxx, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.073.06, shall deposit in the Funding Account an amount equal to the Lower Tier Distribution Amount for the Distribution Date in April 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 in order to effect the distribution of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the each Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Trust Account all amounts held therein and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.073.06, Xxxxxx Mae shall deposit in the Funding Account any amount by which the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates for the following Distribution Date is in excess of the amount at the time on deposit therein. As promptly as practicable following the each Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Trust Account all amounts held therein and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Trust Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Trust Fund; provided, however, that Xxxxxx Mae may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Securities any Group 1 or Group 3 MBS and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Group 1 and Group 3 Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Group 1 and Group 3 Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx Xxx, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.07, shall deposit in the Funding Account an amount equal to the Lower Tier Group 1 Principal Distribution Amount and Group 3 Principal Distribution Amount for the Distribution Date in April June 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 4.04 in order to effect the distribution of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account I all amounts held therein in respect of the Group 1 Principal Distribution Amount and Group 3 Principal Distribution Amount, as applicable, and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.07, Xxxxxx Mae shall deposit in the Funding Account any amount by which the aggregate amount of principal Group 1 Principal Distribution Amount and interest distributable in respect of the Trust Fund Certificates Group 3 Principal Distribution Amount, as applicable, for the following Distribution Date related month is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account I all amounts held therein in respect of the Group 1 Principal Distribution Amount and Group 3 Principal Distribution Amount, as applicable, and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Account I and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Lower Tier REMIC I and the Trust Fund; provided, however, that Xxxxxx Mae may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Xxx Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates Certificateholders or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates Certificateholders so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx XxxMae, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.073.05, shall deposit in the Funding Account an amount equal to the Lower Tier Certificate Distribution Amount for the Distribution Date in April February 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae Xxx shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Certificate Account created pursuant to Section 4.03 4.01 in order to effect the distribution of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates Certificate Distribution Amount on such Distribution Date. As promptly as practicable following the Related related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.073.05, Xxxxxx Mae Xxx shall deposit in the Funding Account any amount by which the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates Certificate Distribution Amount for the following Distribution Date is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Certificate Account, withdrawal from the Certificate Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Trust Fund; provided, however, that Xxxxxx Mae Xxx may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Certificate Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Xxx Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx XxxMae, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.073.09, shall deposit in the Funding Account an amount equal to the aggregate of the amounts of principal and interest required to be distributed in respect of Lower Tier Distribution Amount for Interests 1 through 8 (inclusive) and Lower Tier Interest 10 on the following Distribution Date therefor in April May 1997 (the “Initial Funding Amount”). On such the initial Distribution DateDate for the Group 1 and Group 3 Certificates, Xxxxxx Mae Xxx shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 in order to effect the distribution of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein in respect of Lower Tier Interests 1 through 8 (inclusive) and Lower Tier Interest 10 and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.073.09, Xxxxxx Mae Xxx shall deposit in the Funding Account any amount by which the aggregate amount portion of principal and interest distributable the Lower Tier Distribution Amount in respect of the Trust Fund Certificates Lower Tier Interests 1 through 8 (inclusive) and Lower Tier Interest 10 for the following Distribution Date related month is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein in respect of Lower Tier Interests 1 through 8 (inclusive) and Lower Tier Interest 10 and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Trust Fund; provided, however, that Xxxxxx Mae Xxx may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx Xxx, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.07, shall deposit in the Funding Account an amount equal to the Lower Tier Distribution Amount for the initial Distribution Date in April March 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 in order to effect the distribution to the Holders of the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account all amounts held therein and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.07, Xxxxxx Mae shall deposit in the Funding Account any amount by which the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates Lower Tier Distribution Amount for the following Distribution Date is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx shall withdraw from the Certificate Account all amounts held therein and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Trust Fund; provided, however, that Xxxxxx Mae may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-specified deposit requirements with respect to the Trust Account.

Funding Account; Distributions. On or before the issuance of the Trust Fund Certificates, Xxxxxx Xxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Funding Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Funding Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Xxxxxx Mae Xxx Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or (iii) maintain the Funding Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Funding Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Funding Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Funding Account shall be deemed to refer to credits and debits to the related books of the Trustee. The Funding Account shall be held in a non-interest bearing account and the funds therein shall not be invested. Xxxxxx XxxMae, as soon as practicable following the initial publication of Certificate Principal Factors pursuant to Section 3.073.06, shall deposit in the Funding Account an amount equal to the Lower Tier Distribution Amount for the Distribution Date in April 1997 (the “Initial Funding Amount”). On such Distribution Date, Xxxxxx Mae Xxx shall withdraw all amounts so deposited in the Funding Account and deposit the same in the Trust Account created pursuant to Section 4.03 in order to effect the distribution of the aggregate amount of principal and interest distributable amounts due in respect of the Trust Fund Certificates on such Distribution Date. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein and deposit the same in the Funding Account, subject to withdrawal as hereinafter provided. As promptly as practicable following the second publication of Certificate Principal Factors pursuant to Section 3.073.06, Xxxxxx Mae Xxx shall deposit in the Funding Account any amount by which the aggregate amount of principal and interest distributable in respect of the Trust Fund Certificates Lower Tier Distribution Amount for the following Distribution Date is in excess of the amount at the time on deposit therein. As promptly as practicable following the Related Security Distribution Due Date, Xxxxxx Xxx Mae shall withdraw from the Certificate Account all amounts held therein and (a) deposit in the Funding Account such amount as shall be necessary in order that the amount held therein be equal to the Initial Funding Amount and (b) remit to itself any amounts remaining after the deposit referred to in (a) above. Similar requirements and procedures for deposit in the Trust Account, withdrawal from the Certificate Account and subsequent deposit into the Funding Account shall apply for the remainder of the life of the Lower Tier REMIC and the Trust Fund; provided, however, that Xxxxxx Mae Xxx may withdraw from the Funding Account and remit to itself such additional amounts as it may determine from time to time to be in excess of the amounts necessary to satisfy the above-above- specified deposit requirements with respect to the Trust Account.