Common use of Investment of Funds in the Certificate Account Clause in Contracts

Investment of Funds in the Certificate Account. The Depositor, on behalf of the Trust, may direct in writing any depository institution maintaining the Certificate Account to invest the funds in such Certificate Account in one or more Eligible Investments, which shall mature not later than the Business Day immediately preceding the next Distribution Date (or, if the Trustee in its commercial capacity is the obligor of such Eligible Investments and the Certificate Account is maintained by the Trustee, such Eligible Investments shall mature not later than the next Distribution Date) and shall not be sold or disposed of prior to their respective maturities; provided, however, that if the Depositor fails to select any such Eligible Investment, the Trustee shall direct such institution to invest such funds in demand deposits meeting the requirements described in item (iii) of the definition of Eligible Investments. All such Eligible Investments shall be made in the name of the Trustee, in trust for the Holders of the Certificates, or its nominee. All proceeds of any such investment shall be deposited in the Certificate Account, may not be reinvested and may only be withdrawn an applied for the purposes set forth herein.

Appears in 2 contracts

Samples: Trust Agreement (Gs Mortgage Securities Corp), Trust Agreement (Goldman Sachs Asset Backed Securities Corp)

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Investment of Funds in the Certificate Account. The Depositor, on behalf of the Trust, may direct in writing any depository institution maintaining the Certificate Account to invest the funds in such Certificate Account in one or more Eligible Investments, which shall mature not later than the Business Day immediately preceding the next Distribution Date (or, if the Trustee in its commercial capacity is the obligor of such Eligible Investments and the Certificate Account is maintained by the Trustee, such Eligible Investments shall mature not later than the next Distribution Date) and shall not be sold or disposed of prior to their respective maturities; providedPROVIDED, howeverHOWEVER, that if the Depositor fails to select any such Eligible Investment, the Trustee shall direct such institution to invest such funds in demand deposits meeting the requirements described in item (iii) of the definition of Eligible Investments. All such Eligible Investments shall be made in the name of the Trustee, in trust for the Holders of the Certificates, or its nominee. All proceeds of any such investment shall be deposited in the Certificate Account, may not be reinvested and may only be withdrawn an and applied for the purposes set forth herein.

Appears in 1 contract

Samples: Trust Agreement (Ace Securities Corp)

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Investment of Funds in the Certificate Account. The ---------------------------------------------- Depositor, on behalf of the Trust, may direct in writing any depository institution maintaining the Certificate Account to invest the funds in such Certificate Account in one or more Eligible Investments, which shall mature not later than the Business Day immediately preceding the next Distribution Date (or, if the Trustee in its commercial capacity is the obligor of such Eligible Investments and the Certificate Account is maintained by the Trustee, such Eligible Investments shall mature not later than the next Distribution Date) and shall not be sold or disposed of prior to their respective maturities; provided, -------- however, that if the Depositor fails to select any such Eligible Investment, the ------- Trustee shall direct such institution to invest such funds in demand deposits meeting the requirements described in item (iii) of the definition of Eligible Investments. All such Eligible Investments shall be made in the name of the Trustee, in trust for the Holders of the Certificates, or its nominee. All proceeds of any such investment shall be deposited in the Certificate Account, may not be reinvested and may only be withdrawn an and applied for the purposes set forth herein.

Appears in 1 contract

Samples: Trust Agreement (Asset Backed Securities Corp)

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