Common use of Money for Distributions to be Held in Trust; Withholding Clause in Contracts

Money for Distributions to be Held in Trust; Withholding. (a) All payments of amounts due and payable with respect to any Certificate that are to be made from amounts withdrawn from the Distribution Account or from Insured Payments shall be made by and on behalf of the Trustee, and no amounts so withdrawn from the Distribution Account for payments of Certificates and no Insured Payment shall be paid over to the Trustee except as provided in this Section. (b) Whenever the Trustee has appointed one or more Paying Agents pursuant to Section 11.15 hereof, the Trustee will, on the Business Day immediately preceding each Distribution Date, cause to be deposited with such Paying Agents in immediately available funds an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Distribution Account for the Class to which such amounts are due), such sum to be held in trust for the benefit of the Owners entitled thereto.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

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