Common use of PAYMENTS TO BENEFICIAL OWNERS Clause in Contracts

PAYMENTS TO BENEFICIAL OWNERS. Each payment with respect to a Note shall be paid to the Noteholder. Each Noteholder shall be responsible for remitting payments made by the Trustee with respect to the Note to the holders of beneficial interests in the Note that it represents or to each brokerage firm for which it acts as agent with respect to the Note in accordance with its normal procedures. Each such brokerage firm or Clearing Agency shall be responsible for disbursing funds to the holders of beneficial interests in the Note that it represents in accordance with its normal procedures. None of the Trustee, the Debtor, the Administrator or the Servicer shall have any responsibility therefor except as otherwise provided by this Note Agreement.

PAYMENTS TO BENEFICIAL OWNERS. Each payment with respect to a Note shall be paid to the NoteholderBroker/Dealer, as the Noteholder thereof. Each Noteholder shall be responsible for remitting payments made by the Trustee with respect to the Note to the holders of beneficial interests in the Note that it represents or to each brokerage firm for which it acts as agent with respect to the Note in accordance with its normal procedures. Each such brokerage firm or Clearing Agency shall be responsible for disbursing funds to the holders of beneficial interests in the Note that it represents in accordance with its normal procedures. None of the Trustee, the Debtor, the Administrator or the Servicer shall have any responsibility therefor except as otherwise provided by this Note Agreement.