Common use of Note Payment Account Clause in Contracts

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 (b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as described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. (a) Pursuant to Section 4.14.01, the Indenture Trustee shall establish and maintain the Note Payment Account, Account which shall be an Eligible Account, for the benefit of the Secured Parties. If Noteholders and 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) daysInsurer. The Note Payment Account shall be funded to the extent that (ix) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.111.02, (iiy) the Indenture Note Insurer shall remit any required payment pursuant to the Policy, or (z) the Trustee shall remit thereto any the 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 4.64.03. (b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a4.04(b) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons persons or accounts Accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described with respect to the Notes, any amounts then on deposit in Section 4.5(a)the Note Payment Account shall be remitted by the Trustee to the Note Insurer to the extent of any unpaid Note Insurer Obligations then outstanding, as applicableuntil all such Note Insurer Obligations are paid in full, and any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest lien of the Trust Estate and paid to Depositor or its designeethe Issuer. (c) Amounts held in the Note Payment Account may shall be invested in Permitted Investments at the direction of the Administrator Issuer as provided in Section 4.14.01. Such investments shall not be sold or disposed of prior to their maturity.

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 PartiesNoteholders. 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 fourteen (3014) 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 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 Depositor or its designeethe Issuer. (c) Amounts held in the Note Payment Account may shall be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1.

Note Payment Account. (a) Pursuant to Section 4.1, the Indenture The 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 shall: (i) No later than three Business Days prior to an Interest Payment Date or Maturity Date, the Issuer Trustee shall remit calculate all amounts then due in accordance with Section 5.11(d)(ii) and withdraw from the Concentration Account such amounts that, when added 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 Account, are sufficient to pay principal and interest pursuant to Section 5.11(c)(iv) on the next following Interest Payment Date or Maturity Date, as applicable, and deposit all such amounts withdrawn pursuant to this clause (i) immediately into the Note Payment Account, provided, however, that the Trustee may, but is not obligated to, make calculations of accrued interest due on the next following Interest Payment Date and withdraw related amounts from the Security Concentration Account and deposit them into the Note Payment Account more frequently during the calendar month preceding the Interest and paid Payment Date (except that no portion of a principal payment on a Maturity Date may be withdrawn pursuant to Depositor or its designee.this clause (i) before three Business Days in advance of the Maturity Date); (cii) Amounts held Deposit amounts received pursuant to Section 5.11(d)(ii); (iii) Deposit amounts received pursuant to Section 2.05(f); (iv) From amounts then on deposit in the Note Payment Account, withdraw amounts first to pay to the Noteholders of Outstanding Notes on each Interest Payment Date the interest then due and payable on the Notes and second, subject to Section 2.01(f), to pay to the Noteholders of Outstanding Notes on their Maturity Date or other date set for redemption of Outstanding Notes all principal then due and payable pursuant to the terms of such Notes, this Note Agreement, and any applicable supplemental note agreement; (v) Invest the remaining in the Note Payment Account may be invested promptly in Permitted Investments at the direction of the Administrator as provided in Section 4.15.11(e); and (vi) Withdraw and pay to the Debtor all remaining amounts upon termination of this Note Agreement.

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 PartiesNoteholders. 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 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 Depositor or its designeethe Issuer. (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. (a) Pursuant to Section 4.14.01, the Indenture Trustee shall establish and maintain the Note Payment Account, Account which shall be an Eligible Account, for the benefit of the Secured Parties. If Noteholders and 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) daysInsurer. The Note Payment Account shall be funded to the extent that (iw) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.111.02, (iix) the Indenture Issuer shall remit all or a portion of the Prepayment Amount pursuant to Section 11.07, (y) the Note Insurer shall remit any required payment pursuant to the Policy, or (z) the Trustee shall remit thereto any the 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 4.64.03. (b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a4.04(b) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons persons or accounts Accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described with respect to the Notes, any amounts then on deposit in Section 4.5(a)the Note Payment Account shall be remitted by the Trustee to the Note Insurer to the extent of any unpaid Note Insurer Obligations then outstanding, as applicableuntil all such Note Insurer Obligations are paid in full, and any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest lien of the Trust Estate and paid to Depositor or its designeethe Issuer. (c) Amounts held in the Note Payment Account may shall be invested in Permitted Investments at the direction of the Administrator Issuer as provided in Section 4.14.01. Such investments shall not be sold or disposed of prior to their maturity.

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 PartiesNoteholders. 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 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 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. (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 transfer amounts from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation an applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.5 4.6, and (iv) the Indenture Trustee shall transfer amounts from an applicable Series the Expense 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 PLS or its designeedesignee unless it would cause a Borrowing Base Deficiency. (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. (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 transfer amounts from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation an applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.5 4.6, and (iv) the Indenture Trustee shall transfer amounts from an applicable Series the Expense 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 NSM or its designeedesignee unless it would cause a Borrowing Base Deficiency. (c) Amounts held in the Note Payment Account may be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1shall remain uninvested.

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 PartiesNoteholders. 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 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 Depositor or its designeethe Issuer. (c) Amounts held in the Note Payment Account may shall be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1.

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 PartiesNoteholders. 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 the General Reserve Account Fund 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; provided, however, that if no such direction is provided, all amounts shall remain uninvested.

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 applicable 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(b4.2(a), (iii) the Indenture Trustee shall remit thereto any Available Funds transfer amounts from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation an applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.5 4.6, and (iv) the Indenture Trustee shall transfer amounts from an applicable Series the Expense 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 loanDepot or its designeedesignee unless it would cause a Borrowing Base Deficiency. (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; provided, however, that if no such direction is provided, all amounts shall remain uninvested.

Note Payment Account. (a) Pursuant to Section 4.1, the Indenture The 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 shall: (i) No later than three Business Days prior to an Interest Payment Date or Maturity Date, the Issuer Trustee shall remit calculate all amounts then due in accordance with Section 5.11(d)(ii) and withdraw from the Concentration Account such amounts that, when added 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 Account, are sufficient to pay principal and interest pursuant to Section 5.11(c)(v) on the next following Interest Payment Date or Maturity Date, as applicable, and deposit all such amounts withdrawn pursuant to this clause (i) immediately into the Note Payment Account, provided, however, that the Trustee may, but is not obligated to, make calculations of accrued interest due on the next following Interest Payment Date and withdraw related amounts from the Security Concentration Account and deposit them into the Note Payment Account more frequently during the calendar month preceding the Interest and paid Payment Date (except that no portion of a principal payment on a Maturity Date may be withdrawn pursuant to Depositor or its designee.this clause (i) before three Business Days in advance of the Maturity Date); (cii) Deposit amounts received pursuant to Section 5.11(a)(ii)(D) above; (iii) Deposit amounts received pursuant to Section 5.11(d)(ii); (iv) Deposit amounts received pursuant to Section 2.09(f); (v) From amounts then on deposit in the Note Payment Account, withdraw amounts first to pay to the Noteholders of Outstanding Notes on each Interest Payment Date the interest then due and payable on the Notes and second, subject to Section 2.01(f), to pay to the Noteholders of Outstanding Notes on their Maturity Date or other date set for redemption of Outstanding Notes all principal then due and payable pursuant to the terms of such Notes, this Note Agreement, and any applicable supplemental note agreement; (vi) Withdraw the Sinking Fund Redemption Amounts held specified in Exhibit D to pay to the Noteholders whose Notes are to be redeemed on the applicable monthly Sinking Fund Redemption Date; (vii) Invest the remaining in the Note Payment Account may be invested promptly in Permitted Investments at the direction of the Administrator as provided in Section 4.15.11(e); and (viii) Withdraw and pay to the Debtor all remaining amounts upon termination of this Note Agreement.