Common use of Middle Tier Account; Distributions Clause in Contracts

Middle Tier Account; Distributions. On or before the issuance of the Middle Tier Interests, Xxxxxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Middle Tier REMIC that shall collectively be the “Middle Tier Account,” (ii) in lieu of maintaining any such account or accounts, maintain the Middle Tier Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Mortgage Loans 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 Middle Tier Interests or (iii) maintain the Middle Tier 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 Middle Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Middle Tier Interests so long as funds held in the Middle Tier REMIC by, or for the account of, the Trustee shall at all times be identified. To the extent that the Middle Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Middle Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee. Xxxxxx Xxx shall deposit in the Middle Tier Account all distributions on the Lower Tier Regular Interests received by it as Trustee hereunder. All proceeds deposited from time to time in the Middle Tier Account and all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Middle Tier Account as part of the Middle Tier REMIC, as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.9.

Middle Tier Account; Distributions. (a) On or before the issuance of the Middle Tier Interests, Xxxxxx Mae Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Middle Tier REMIC that shall collectively be the “Middle Tier Account,” ”, (ii) in lieu of maintaining any such account or accounts, maintain the Middle Tier Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Mortgage Loans 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 Middle Tier Interests or (iii) maintain the Middle Tier 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 Middle Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Middle Tier Interests so long as funds held in the Middle Tier REMIC by, or for the account of, the Trustee shall at all times be identified. To the extent that the Middle Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Middle Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee. . (b) Xxxxxx Xxx shall deposit in the Middle Tier Account all distributions on the Lower Tier Regular Interests received by it as Trustee hereunderInterests. All proceeds deposited from time to time in the Middle Tier Account and all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Middle Tier Account as part of the Middle Tier REMIC, REMIC as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.9.

Middle Tier Account; Distributions. (a) On or before the issuance of the Middle Tier Interests, Xxxxxx Mae Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Middle Tier REMIC that shall collectively be the “Middle Tier Account,” (ii) in lieu of maintaining any such account or accounts, maintain the Middle Tier Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Mortgage Loans 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 Middle Tier Interests or (iii) maintain the Middle Tier 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 Middle Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Middle Tier Interests so long as funds held in the Middle Tier REMIC by, or for the account of, the Trustee shall at all times be identified. To the extent that the Middle Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Middle Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee. . (b) Xxxxxx Xxx shall deposit in the Middle Tier Account all distributions on the Lower Tier Regular Interests received by it as Trustee hereunderInterests. All proceeds deposited from time to time in the Middle Tier Account and all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Middle Tier Account as part of the Middle Tier REMIC, REMIC as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.9.

Middle Tier Account; Distributions. (a) On or before the issuance of the Middle Tier Interests, Xxxxxx Mae shall either (i) i)‌ open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Middle Tier REMIC that shall collectively be the “Middle Tier Account,” ”, (ii) in lieu of maintaining any such account or accounts, maintain the Middle Tier Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Mortgage Loans 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 Middle Tier Interests or (iii) maintain the Middle Tier 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 Middle Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Middle Tier Interests so long as funds held in the Middle Tier REMIC by, or for the account of, the Trustee shall at all times be identified. To the extent that the Middle Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Middle Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee. . (b) Xxxxxx Xxx shall deposit in the Middle Tier Account all distributions on the Lower Tier Regular Interests received by it as Trustee hereunderInterests. All proceeds deposited from time to time in the Middle Tier Account and all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Middle Tier Account as part of the Middle Tier REMIC, REMIC as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.9.