Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b). (b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Investments. No Eligible Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Bank Corporate Card Master Trust)
Interest Funding Account. (a) The Trustee Servicer shall establish and maintain with a Qualified Institution, which may be the Trusteean Eligible Deposit Account, in the name of the TrustTrustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account Class A Certificateholders (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Class A Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Class A Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institutionan Eligible Deposit Account, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, in the definition of Eligible Deposit Account and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date prior to termination of the Interest Funding Account, make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (bsubsection 4.9(a)(i).
(b) Funds on deposit in the Interest Funding Account shall be invested at the written direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds, if any, on deposit in the Interest Funding Account Account, for application pursuant to subsections 4.9(a) and 4.9(b).
(c) On the Transfer Date preceding each Class A Payment Date, the Trustee acting upon the written instructions of the Servicer shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in withdraw from the Interest Funding Account shall not be considered part and deposit into the Distribution Account for distribution (i) in accordance with subsection 4.9(g)(i) of the Agreement, an amount equal to the amounts deposited therein on deposit such Transfer Date and the two preceding Transfer Dates pursuant to subsections 4.9(a)(i), 4.11(a) and 4.12(a) and (ii) in accordance with subsection 4.9(g)(ii) of the Interest Funding Account for purposes of this Series SupplementAgreement, an amount equal to the amounts deposited therein on such Transfer Date and the two preceding Transfer Dates pursuant to subsections 4.9(b)(i), 4.11(c) and 4.12(b).
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "Interest Funding AccountINTEREST FUNDING ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Interest Funding Account shall be divided into three administrative subaccounts, the Class A Interest Funding Account (the "CLASS A INTEREST FUNDING ACCOUNT"), the Class B Interest Funding Account (the "CLASS B INTEREST FUNDING ACCOUNT") and the Collateral Interest Monthly Interest Funding Account (the "COLLATERAL INTEREST MONTHLY INTEREST FUNDING ACCOUNT"). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible InvestmentsPermitted Investments only upon and in accordance with the written directions of the Servicer, provided, however, that in the absence of such written directions, the Trustee shall invest such funds in Permitted Investments set forth in clause (v) of the definition thereof. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified an Eligible Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account (the "Interest Funding AccountINTEREST FUNDING ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified an Eligible Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified an Eligible Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the written direction of the Servicer by the Trustee in Eligible Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Investments. No Eligible Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Bank Corporate Card Master Trust)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 1998-F Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 1998-F Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit shall:
(i) hold each Permitted Investment (other than such as are described in clause (c) of the Investor Certificateholders definition thereof) that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (I) such investment property shall at all times be credited to a securities account of the Trustee, (II) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (III) all property credited to such securities account shall be treated as a financial asset, (IV) such securities intermediary shall waive any lien on, security interest in, or right of set-off with respect to any property credited to such securities account, and (V) such agreement shall be governed by the laws of the State of New York;
(ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than such as are described in clause (c) of the negotiable instruments or securitiesdefinition thereof); and (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Trustee by the issuer thereof; provided, if any, evidencing such Eligible Investments. No Eligible that no Permitted Investment shall be disposed of prior to its maturitymaturity date. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 2000-K Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 2000-K Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit shall: (i) hold each Permitted Investment (other than such as are described in clause (c) of the Investor Certificateholders definition thereof) that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (I) such investment property shall at all times be credited to a securities account of the Trustee, (II) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (III) all property credited to such securities account shall be treated as a financial asset, (IV) such securities intermediary shall waive any lien on, security interest in, or right of set-off with respect to any property credited to such securities account, and (V) such agreement shall be governed by the laws of the State of New York; (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than such as are described in clause (c) of the negotiable instruments or securitiesdefinition thereof); and (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Trustee by the issuer thereof; provided, if any, evidencing such Eligible Investments. No Eligible that no Permitted Investment shall be disposed of prior to its maturitymaturity date. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.. SECTION 8. Article V
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "“Interest Funding Account"”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Interest Funding Account shall be divided into three administrative subaccounts, the Class A Interest Funding Account (the “Class A Interest Funding Account”), the Class B Interest Funding Account (the “Class B Interest Funding Account”) and the Collateral Interest Monthly Interest Funding Account (the “Collateral Interest Monthly Interest Funding Account”). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible InvestmentsPermitted Investments only upon and in accordance with the written directions of the Servicer, provided, however, that in the absence of such written directions, the Trustee shall invest such funds in Permitted Investments set forth in clause (v) of the definition thereof. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Interest Funding Account. (ai) The Trustee Servicer, for the benefit of the Series 199_-_ Certificateholders, shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the TrustTrustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account an Eligible Deposit Account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 199_-_ Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall initially be under established with [the sole dominion and control Trustee].
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Investor Series 199_-_ Certificateholders. If at ; provided, that on each Distribution Date any time the institution holding the interest and other investment -------- income (net of losses and investment expenses) (Interest Funding Account ceases to Investment Proceeds") on funds on deposit therein shall be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes applied as set forth in this Series Supplement, and paragraph (iiiii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) below. Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Investments that will mature so that such funds will be available for withdrawal at the close of business on or prior the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Interest Funding Account on a Transfer Date (which immediately precedes a Payment Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(iii) On each Distribution Date, the Servicer shall direct the Trustee to withdraw from the Interest Funding Account and [deposit into the Collection Account] [pay to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Investments. No Eligible Depositor] all Interest Funding Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds Proceeds then on deposit in the Interest Funding Account [and such Interest Funding Investment Proceeds shall be paid treated as a portion of (x) prior to the Transferor. All Class B Principal Commencement Date, Class A Available Funds and (y) thereafter, Class B Available Funds, in each case for such Distribution Date].
(iv) Reinvested interest and earnings (including reinvested interest) other investment income on funds on deposit deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement Supplement (Asset Backed Securities Corp)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Interest Funding Account shall be divided into three administrative subaccounts, the Class A Interest Funding Account (the "Class A Interest Funding Account"), the Class B Interest Funding Account (the "Class B Interest Funding Account") and the Collateral Interest Monthly Interest Funding Account (the "Collateral Interest Monthly Interest Funding Account"). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible InvestmentsPermitted Investments only upon and in accordance with the written directions of the Servicer, provided, however, that in the absence of such written directions, the Trustee shall invest such funds in Permitted Investments set forth in clause (v) of the definition thereof. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Interest Funding Account. (a) The Trustee Servicer shall establish and maintain with a Qualified Institution, which may be the Trusteean Eligible Deposit Account, in the name of the TrustTrustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account Class A Certificateholders (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Class A Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Class A Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institutionan Eligible Deposit Account, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, in the definition of Eligible Deposit Account and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date prior to termination of the Interest Funding Account make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b4.9(a)(i).
(b) Funds on deposit in the Interest Funding Account shall be invested at the written direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Class A Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds, if any, on deposit in the Interest Funding Account Account, for application pursuant to subsections 4.9(a).
(c) On the Transfer Date preceding each Class A Interest Payment Date, the Trustee acting upon the written instructions of the Servicer shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in withdraw from the Interest Funding Account shall not be considered part and deposit into the Distribution Account for distribution (i) in accordance with subsection 4.9(g)(i) of the Agreement, an amount equal to the amounts deposited therein on deposit such Transfer Date and the two preceding Transfer Dates pursuant to subsections 4.9(a)(i), 4.11(a) and 4.12(a) and (ii) in accordance with subsection 4.9(g)(ii) of the Interest Funding Account for purposes of this Series SupplementAgreement, an amount equal to the amounts deposited therein on such Transfer Date and the two preceding Transfer Dates pursuant to subsections 4.9(b)(i), 4.11(c) and 4.12(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 2000-F Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 2000-F Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit shall: (i) hold each Permitted Investment (other than such as are described in clause (c) of the Investor Certificateholders definition thereof) that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (I) such investment property shall at all times be credited to a securities account of the Trustee, (II) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (III) all property credited to such securities account shall be treated as a financial asset, (IV) such securities intermediary shall waive any lien on, security interest in, or right of set-off with respect to any property credited to such securities account, and (V) such agreement shall be governed by the laws of the State of New York; (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than such as are described in clause (c) of the negotiable instruments or securitiesdefinition thereof); and (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Trustee by the issuer thereof; provided, if any, evidencing such Eligible Investments. No Eligible that no Permitted Investment shall be disposed of prior to its maturitymaturity date. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.. SECTION 8. Article V
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (ai) The Trustee Servicer, for the benefit of the Series [ ] Certificateholders, shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the TrustTrustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account an Eligible Deposit Account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series [ ] Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall initially be under established with [the sole dominion and control Trustee].
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Investor Series [ ] Certificateholders. If at ; PROVIDED, that on each Distribution Date any time the institution holding the interest and other investment income (net of losses and investment expenses) (Interest Funding Account ceases to Investment Proceeds") on funds on deposit therein shall be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes applied as set forth in this Series Supplement, and paragraph (iiiii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) below. Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Investments that will mature so that such funds will be available for withdrawal at the close of business on or prior the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Interest Funding Account on a Transfer Date (which immediately precedes a Payment Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(iii) On each Distribution Date, the Servicer shall direct the Trustee to withdraw from the Interest Funding Account and [deposit into the Collection Account] [pay to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Investments. No Eligible Depositor] all Interest Funding Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds Proceeds then on deposit in the Interest Funding Account [and such Interest Funding Investment Proceeds shall be paid treated as a portion of (x) prior to the Transferor. All Class B Principal Commencement Date, Class A Available Funds and (y) thereafter, Class B Available Funds, in each case for such Distribution Date].
(iv) Reinvested interest and earnings (including reinvested interest) other investment income on funds on deposit deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ace Securities Corp)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a two segregated trust account (( the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at pursuant to the written direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Master Trust)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 1997-N Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 1997-N Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Series 1997-N Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 2000-G Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 2000-G Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit shall: (i) hold each Permitted Investment (other than such as are described in clause (c) of the Investor Certificateholders definition thereof) that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (I) such investment property shall at all times be credited to a securities account of the Trustee, (II) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (III) all property credited to such securities account shall be treated as a financial asset, (IV) such securities intermediary shall waive any lien on, security interest in, or right of set-off with respect to any property credited to such securities account, and (V) such agreement shall be governed by the laws of the State of New York; (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than such as are described in clause (c) of the negotiable instruments or securitiesdefinition thereof); and (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Trustee by the issuer thereof; provided, if any, evidencing such Eligible Investments. No Eligible that no Permitted Investment shall be disposed of prior to its maturitymaturity date. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.. SECTION 8. Article V of the Agreement. Article V of the Agreement shall read in its entirety as follows and shall be applicable only to the Investor Certificateholders:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 1997-M Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 1997-M Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Series 1997-M Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "“Interest Funding Account"), ”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders, or establish and maintain the Interest Funding Account with a Qualified Institution. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, time in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible InvestmentsPermitted Investments only upon and in accordance with the written directions of the Servicer; provided, however, that in the absence of such written directions of the Servicer, the Trustee shall invest such funds in Permitted Investments set forth in clause (v) of the definition thereof. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Permitted Investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Interest Funding Account. (ai) The Trustee Servicer, for the benefit of the Series 199[ ]-[ ] Certificateholders, shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the TrustTrustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account an Eligible Deposit Account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 199[ ]-[ ] Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall initially be under established with [the sole dominion and control Trustee].
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Investor Series 199[ ]-[ ] Certificateholders. If at ; provided, that on each Distribution Date any time the institution holding the interest and other investment income (net of losses and investment expenses) ("Interest Funding Account ceases to Investment Proceeds") on funds on deposit therein shall be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes applied as set forth in this Series Supplement, and paragraph (iiiii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) below. Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments Investments that will mature so that such funds will be available for withdrawal at the close of business on or prior the Transfer Date preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited in the Interest Funding Account on a Transfer Date (which immediately precedes a Payment Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(iii) On each Distribution Date, the Servicer shall direct the Trustee to withdraw from the Interest Funding Account and [deposit into the Collection Account] [pay to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Eligible Investments. No Eligible Depositor] all Interest Funding Investment shall be disposed of prior to its maturity. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds Proceeds then on deposit in the Interest Funding Account [and such Interest Funding Investment Proceeds shall be paid treated as a portion of (x) prior to the Transferor. All Class B Principal Commencement Date, Class A Available Funds and (y) thereafter, Class B Available Funds, in each case for such Distribution Date].
(iv) Reinvested interest and earnings (including reinvested interest) other investment income on funds on deposit deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement Supplement (Asset Backed Securities Corp)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Interest Funding Account shall be divided into two administrative subaccounts, the Class A Interest Funding Account (the "Class A Interest Funding Account") and the Class B Interest Funding Account (the "Class B Interest Funding Account"). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at pursuant to the written direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Series 1998-E Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Series 1998-E Certificateholders. If at any time the institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits a deposit into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a4.09(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at the direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit shall:
(i) hold each Permitted Investment (other than such as are described in clause (c) of the Investor Certificateholders definition thereof) that constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Trustee that (I) such investment property shall at all times be credited to a securities account of the Trustee, (II) such securities intermediary shall comply with entitlement orders originated by the Trustee without the further consent of any other person or entity, (III) all property credited to such securities account shall be treated as a financial asset, (IV) such securities intermediary shall waive any lien on, security interest in, or right of set-off with respect to any property credited to such securities account, and (V) such agreement shall be governed by the laws of the State of New York;
(ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than such as are described in clause (c) of the negotiable instruments or securitiesdefinition thereof); and (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Trustee by the issuer thereof; provided, if any, evidencing such Eligible Investments. No Eligible that no Permitted Investment shall be disposed of prior to its maturitymaturity date. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the meaning set forth in the New York UCC. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Trustee, acting at the Servicer's direction given on or before such Transfer Date on funds Date, shall transfer from the Interest Funding Account to the Finance Charge Account the Interest Funding Investment Proceeds on deposit in the Interest Funding Account shall be paid for application as Class A Available Funds applied pursuant to the Transferorsubsection 4.09(a)(i). All interest and earnings Interest Funding Investment Proceeds (including reinvested interest) on funds on deposit in the Interest Funding Account shall not be considered part of the amounts on deposit in the Interest Funding Account for purposes of this Series Supplement.
Appears in 1 contract
Samples: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Interest Funding Account. (a) The Trustee shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Investor CertificateholdersHolders, a segregated trust account (the "Interest Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor CertificateholdersHolders or establish and maintain the Interest Funding Account with a Qualified Institution. The Interest Funding Account shall be divided into two administrative subaccounts, the Class A Interest Funding Account (the "Class A Interest Funding Account") and the Class B Interest Funding Account (the "Class B Interest Funding Account"). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Interest Funding Account and in all proceeds thereof. The Interest Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor CertificateholdersHolders. If at any time the institution a Qualified Institution holding the Interest Funding Account ceases to be a Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Interest Funding Account meeting the conditions specified above with a Qualified Institutionabove, and shall transfer any cash or any investments to such new Interest Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Interest Funding Account and the relevant subaccount from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Transfer Date make deposits into the Interest Funding Account in the amounts specified in, and otherwise in accordance with, subsections 4.9(a) and (b).
(b) Funds on deposit in the Interest Funding Account shall be invested at pursuant to the written direction of the Servicer by the Trustee in Eligible Permitted Investments. Funds on deposit in the Interest Funding Account on any Transfer Date, after giving effect to any withdrawals from the Interest Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders Holders possession of the negotiable instruments or securities, if any, evidencing such Eligible Permitted Investments. No Eligible Permitted Investment shall be disposed of prior to its maturity. .
(c) On each Transfer Distribution Date, the Servicer shall direct the Trustee in writing to withdraw from the Interest Funding Account and pay to the Transferor all interest and earnings other investment income (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Interest Funding Account shall be paid to the Transferor. All interest and earnings (including reinvested interest) on funds on deposit in the Interest Funding Account.
(d) Reinvested interest and other investment income on funds deposited in the Interest Funding Account shall not be considered part of the to be principal amounts on deposit in the Interest Funding Account therein for purposes of this Series Supplement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
