Note Payment Account. (a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the Secured Parties. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from the Collection and Funding Account pursuant to Section 4.2(b), (iii) the Indenture Trustee shall remit thereto any Available Funds from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation Account pursuant to Section 4.5 and (iv) the Indenture Trustee shall transfer amounts from an applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.6.
(b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a), as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and paid to Depositor or its designee.
(c) Amounts held in the Note Payment Account may be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1.
Note Payment Account. 29 Section 5.01 Note Payment Account.............................................29
Note Payment Account. The Indenture Trustee shall establish and maintain an Eligible Account entitled "Bank One, National Association, as Indenture Trustee, for the benefit of the Securityholders, the Certificate Paying Agent and the Credit Enhancer, pursuant to the Indenture, dated as of September 26, 2002, between GMACM Home Loan Trust 2002-HLTV1 and Bank One, National Association" (the "Note Payment Account"). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Indenture Trustee in accordance with Section 3.05
Note Payment Account. The Indenture Trustee shall establish and maintain an Eligible Account entitled "Wells Fargo Bank, N.A., as Indexxxxx Trustee, for the benefit of the Securityholders, the Certificate Paying Agent and the Enhancer, pursuant to the Indenture, dated as of October 28, 2004, between GMACM Home Equity Loan Trust 2004-HE4 and Wells Fargo Bank, N.A." (the "Noxx Xxyment Account"). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Indenture Trustee in accordance with Section 3.05
Note Payment Account. The Indenture Trustee shall establish and maintain an Eligible Account entitled "JPMorgan Chase Bank, as Indenture Trustee, for the benefit of the Securityholders, the Certificate Paying Agent, pursuant to the Indenture, dated as of December 22, 2003, between GMACM Mortgage Loan Trust 2003-GH2 and JPMorgan Chase Bank" (the "Note Payment Account"). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Indenture Trustee in accordance with Section 3.05
Note Payment Account. (a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the Noteholders. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from the Collection and Funding Account pursuant to Section 4.2(b) and (iii) the Indenture Trustee shall transfer amounts from the General Reserve Account pursuant to, and to the extent required by, Section 4.6.
(b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a), as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and paid to the Issuer.
(c) Amounts held in the Note Payment Account shall be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1.
Note Payment Account. (a) On each Payment Date, the Trustee shall distribute all amounts on deposit in the Note Payment Account, as such amounts on deposit in the Note Payment Account are specified on the related Servicer's Certificate, to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) the Noteholders' Interest Payment Amount;
(ii) the Noteholders' Principal Payment Amount and the Additional Principal Payment Amount until the Outstanding Amount of the Notes is reduced to zero.
(b) On each Payment Date, the Trustee shall send to each Noteholder pursuant to a written request the statement provided to the Trustee by the Servicer pursuant to Section 5.11 hereof on such Payment Date.
(c) In the event that any withholding tax is imposed on the Trust's payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The parties hereto hereby agree to provide to the Trustee the information any such party may have, if any, with respect to any such withholding tax. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Trustee from contesting any such tax in appropriate proceedings, although the Trustee is under no obligation to so contest absent direction from the Controlling Party to so contest, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a payment (such as a payment to a non-US Noteholder), the Trustee may in its sole discretion withhold such amounts in accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Trustee for any out-of-pocket expenses incurred. Notwithstanding anything to the contrary contained in this Agreement, neither the Trust C...
Note Payment Account. The Paying Agent shall establish and maintain an Eligible Account entitled "Wachovia Bank, National Association, as Paying Agent, for the benefit of the Securityholders, the Indenture Trustee, the Certificate Paying Agent and the Enhancer, pursuant to the Indenture, dated as of _____ __, 200_, among Wachovia Asset Funding Trust, LLC [______] Trust, Wachovia Bank, National Association and [_________________]" (the "Note Payment Account"). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Paying Agent in accordance with Section 3.05
Note Payment Account. 32 Section 5.01 Note Payment Account.............................................32 ARTICLE VI The Servicer.............................................................33 Section 6.01 Liability of the Servicer........................................33 Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer.................................................33 Section 6.03 Limitation on Liability of the Servicer and Others...............33 Section 6.04 Servicer Not to Resign...........................................34
Note Payment Account. The Indenture Trustee shall establish and maintain an Eligible Account entitled “Xxxxx Fargo Bank Minnesota, N.A., as Indenture Trustee, for the benefit of the Securityholders, the Certificate Paying Agent and the Enhancer, pursuant to the Indenture, dated as of March 26, 2003, between Wachovia Asset Securitization, Inc. 2003-HE1 Trust and Xxxxx Fargo Bank Minnesota, N.A.” (the “Note Payment Account”). On each Payment Date, amounts on deposit in the Note Payment Account shall be distributed by the Indenture Trustee in accordance with Section 3.05
