PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account; Deposits in Certificate Account; Permitted Withdrawals from Certificate Account. (a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein: (i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicer; (ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer; (iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i); (iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and (v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) respectively. (b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority: (i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06; (ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and (iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (BLC Financial Services Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account; Deposits in Certificate Account; Permitted Withdrawals from Certificate Account.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 19971998-1, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account pursuant to Section 6.04 and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) Section 6.05, respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (BLC Financial Services Inc), Pooling and Servicing Agreement (BLC Financial Services Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. 5.01 Establishment of Certificate Note Distribution Account; Deposits in Certificate ------------------------------------------------------- Note Distribution Account; Permitted Withdrawals from Certificate Account.----------------------------------------------------- Note Distribution Account . -------------------------
(a) No later than the Closing Date, the Indenture Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Note Distribution Account, Marine Midland Bank, as trustee Indenture Trustee for the registered holders of FNBNE Business Loan Center SBA Loan-Backed Adjustable Rate CertificatesNotes, Series 19971998-1, Class A and Class BA" (the "Certificate " Note Distribution Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Certificate Note Distribution Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicerbelow);
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Indenture Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i5.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e5.06(e) in connection with losses on investments of amounts in the Certificate AccountAccounts; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c5.04(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Note Distribution Account shall be withdrawn on each Remittance Date by the Indenture Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b5.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Indenture Trustee, to invest amounts on deposit in the Certificate Note Distribution Account in Permitted Instruments pursuant to Section 6.065.06;
(ii) by the Indenture Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Indenture Trustee, to withdraw any amount not required to be deposited in the Certificate Note Distribution Account or deposited therein in error; and
(iv) by the Indenture Trustee, to clear and terminate the Certificate Note Distribution Account upon the termination of this Agreement in accordance with the terms of Section 11.01 10.01 hereof.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First International Bancorp Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNT; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNT; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of The Money Store Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A A, Class M and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below below) and amounts then on deposit in the Spread Account) Extra Interest remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) Guaranty Payments or any amounts received from any Alternate Credit Enhancement pursuant to Sections 6.13 and 6.14;
(iv) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(ivv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and
(vvi) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF SPREAD ACCOUNT; DEPOSITS IN SPREAD ACCOUNT; PERMITTED WITHDRAWALS FROM SPREAD ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish with the Spread Account Custodian an Account for the benefit of the Certificateholders (the "Spread Account"). The Spread Account shall be the property of the Spread Account Depositor, subject to the terms hereof, and the funds held therein may be invested in Permitted Instruments. The Spread Account shall not constitute part of the Trust Fund. No amounts shall be required to be deposited into the Spread Account until the first Remittance Date following the Spread Account Trigger Date. The Trustee or the Spread Account Custodian, as the case may be, shall, promptly upon receipt, deposit into the Spread Account or, in the case of the Trustee, transfer to the Spread Account Custodian for deposit in the Spread Account:
(i) on each Remittance Date after the Spread Account Trigger Date, that portion of the Available Funds, if any, required to be deposited into the Spread Account pursuant to Section 6.07(b)(ix) until the Spread Balance equals the then applicable Specified Spread Account Requirement; and
(ii) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Spread Account.
(b) Amounts on deposit in the Spread Account shall be withdrawn by the Spread Account Custodian and transferred to the Trustee for distribution in the manner set forth in subclause (c) below on each Remittance Date in the following order of priority:
(i) to deposit in the Certificate Account an amount by which (a) the sum of the Class A, Class M and Class B Interest Distribution Amounts, the Class A, Class M and Class B Principal Distribution Amounts and the Class A and Class M Carry Forward Amounts exceeds (b) the Available Funds for such Remittance Date, less the amount of any Guaranty Payments or Payments under any Alternate Credit Enhancement received for such Remittance Date.
(ii) to deposit in the Certificate Account the amount, if any, required to make the full distribution to the Expense Account pursuant to Section 6.07(b)(vii); and
(iii) to the extent that the amount then on deposit in the Spread Account after giving effect to all required transfers from the Spread Account to the Certificate Account on such Remittance Date then exceeds the Specified Spread Account Requirement as of such Remittance Date (such excess, a "Spread Account Excess"), an amount equal to such Spread Account Excess shall be distributed by the Spread Account Custodian to the Spread Account Depositor; and also, in no particular order of priority:
(iv) to invest amounts on deposit in the Spread Account in Permitted Instruments pursuant to Section 6.06;
(v) to withdraw any amount not required to be deposited in the Spread Account or deposited therein in error; and
(vi) to clear and terminate the Spread Account upon the termination of this Agreement in accordance with the terms of Section 11.01.
(c) Any amounts which are required to be withdrawn from the Spread Account pursuant to paragraph (b) above shall be withdrawn from the Spread Account in the following order of priority: (i) FIRST, from any uninvested funds therein, and (ii) SECOND, from the proceeds of the liquidation of any investments therein pursuant to Section 6.06(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNTS; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNTS; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNTS.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a three separate trust accountaccounts, which shall not be interest-bearing, titled "TMS Certificate Account 1998-A-I," "TMS Certificate Account 1998-A-II," and "TMS Certificate Account 1998-A-III" (each a "Certificate Account" and together, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class B" (the "Certificate AccountAccounts"). The Trustee shall, promptly upon receipt, deposit in the applicable Certificate Account and retain therein:
(i) the Pool Available Funds Remittance Amount of the related Pool (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below below) plus the Excess Spread and amounts then on deposit in any Subordination Reduction Amounts with respect to the Spread Account) Mortgage Loans of the related Pool remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance based on the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool I Certificates, in the case of Pool I, the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool II Certificates, in the case of Pool II, and the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool III Certificates, in the case of Pool III, remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i6.05(b)(iii) and Insured Payments received by the Trustee after a claim pursuant to Section 6.08(c);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the applicable Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c6.02(c) and (d) h), respectively.
(b) Amounts on deposit in the each Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority (provided that only amounts on deposit in the Certificate Account relating to (x) Pool I and Pool II shall be withdrawn to make deposits pursuant to subclause (i), and (y) Pool III shall be withdrawn pursuant to subclause (ii) below):
(i) by the Trustee, to make deposits in the applicable Insurance Account pursuant to Section 6.04(a)(i);
(ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 6.06(a)(i);
(iii) [Reserved];
(iv) by the Trustee, or the Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Section 6.07(b) 6.08(d); and thereafter by the following parties also, in no particular order of priority:
(iv) by the Trustee, to invest amounts on deposit in the applicable Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(iivi) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iiivii) by the Trustee, to withdraw any amount not required to be deposited in the applicable Certificate Account or deposited therein in error; and
(ivviii) by the Trustee, to clear and terminate the applicable Certificate Account upon the termination of this Agreement the related Trust Fund in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; DEPOSITS IN PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; PERMITTED WITHDRAWALS FROM PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT.
(a) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Pre-Funding Account 1998-A" (the "Pre-Funding Account"). The Pre-Funding Account shall constitute part of the Trust Fund but not be asset of the REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes, amounts, if any, transferred by REMIC I to the Pre-Funding Account are treated as distributed by REMIC I to the Class R-1 Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Pre-Funding Account and retain therein the Original Pre-Funded Amount in an amount equal to the sum of (i) $112,250,961.63 from the proceeds of the sale of the Pool I Certificates, (ii) $106,880,617.54 from the proceeds of the sale of the Pool II Certificates, and (iii) $26,389,648.51 from the proceeds of the sale of the Pool III Certificates.
(b) On each Subsequent Transfer Date, the Representative shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the Subsequent Mortgage Loans (or, with respect to the Low Interest Mortgage Loans, an amount equal to the product of the percentage set forth on Exhibit T attached hereto determined by referring to the columns entitled "Coupon" and "Remaining Term" and the aggregate Principal Balances of such Subsequent Mortgage Loans) sold to the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Representative with respect to such transfer; in connection with such instruction, the Representative shall additionally inform the Trustee whether such Subsequent Mortgage Loans are being transferred in respect of Pool I, Pool II or Pool III. In no event shall the Representative be permitted to instruct the Trustee to release from the Pre-Funding Account with respect to subsequent Mortgage Loans to be transferred to Pool I, Pool II or Pool III an amount in excess of $112,250,961.63, $106,880,617.54, and $26,389,648.51, respectively.
(c) If at the end of the Funding Period amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the immediately following Remittance Date and deposit in the appropriate Certificate Account any Pre- Funded Amount relating to the Pool I, Pool II and Pool III Mortgage Loans, as the case may be, then remaining in the Pre-Funding Account. However, if at the close of business on June 29, 1998, amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the Special Remittance Date and deposit in the applicable Certificate Account any Pre-Funded Amount then remaining in the Pre-Funding Account.
(d) On the Remittance Dates occurring in April, May and June 1998, the Trustee shall transfer from the Pre-Funding Account to the appropriate Certificate Account the Pool Pre- Funding Earnings for the related Pool, if any, applicable to each such Remittance Date.
(e) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Capitalized Interest Account 1998-A" (the "Capitalized Interest Account"). The Capitalized Interest Account shall constitute part of the Trust Fund but not a part of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes amounts, if any, transferred by REMIC I to the Capitalized Interest Account are treated as distributed by REMIC I to the Class R Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Capitalized Interest Account $2,324,002.79. If prior to the end of the Funding Period the funds on deposit in the Pre-Funding Account are invested in a guaranteed investment contract, repurchase agreement or other arrangement acceptable to the Certificate Insurer, that constitutes a Permitted Instrument, the Trustee shall, within one Business Day of its receipt of written notification from the Certificate Insurer, withdraw from the Capitalized Interest Account and pay to the Owners of the Class R-1 Certificates the amount set forth in such written notification.
(f) On each Subsequent Transfer Date the Representative may instruct the Trustee to withdraw from the Capitalized Interest Account and pay on such Subsequent Transfer Date to the Owners of the Class R-1 Certificates the Overfunded Interest Amount for such Subsequent Transfer Date, as calculated by the Representative pursuant to Section 2.09(e) hereof.
(g) On the Remittance Dates occurring in April, May and June 1998, the Trustee shall transfer from the Capitalized Interest Account to the appropriate Certificate Account the Capitalized Interest Requirement for the related Pool, if any, for such Remittance Dates.
(h) On the Special Remittance Date, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Special Remittance Date. Any amounts remaining in the Capitalized Interest Account after taking into account such transfer shall be paid on such Special Remittance Date to the Holders of the Class R-1 Certificates, and the Capitalized Interest Account shall be closed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNTS; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNTS; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE Accounts.
(a) No later than the Closing Date, (i) the Pool I and Pool II Co-Trustee will establish and maintain with itself in its trust department two separate trust accounts, which shall not be interest-bearing, titled "TMS Certificate Account 1998-B-I" and "TMS Certificate Account 1998-B-II," and (ii) the Pool III Co-Trustee will establish and maintain with itself in its trust department a separate trust account, which shall not be interest-interest bearing, titled "TMS Certificate Account 1998-B-III" (each a "Certificate Account" and together, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class B" (the "Certificate AccountAccounts"). The Trustee Co-Trustees shall, promptly upon receipt, deposit in the applicable Certificate Account and retain therein:
(i) the Pool Available Funds Remittance Amount of the related Pool (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below below) plus the Excess Spread and amounts then on deposit in any Subordination Reduction Amounts with respect to the Spread Account) Mortgage Loans of the related Pool remitted to the applicable Co-Trustee by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance based on the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool I Certificates, in the case of Pool I, the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool II Certificates, in the case of Pool II, and the Class Adjusted Mortgage Loan Remittance Rates for the Classes of Pool III Certificates, in the case of Pool III, remitted to the applicable Co-Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i6.05(b)(iii) and Insured Payments received by the applicable Co-Trustee after a claim pursuant to Section 6.08(c);; and
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the applicable Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) respectively.
(b) Amounts on deposit in the each Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority (provided that only amounts on deposit in the Certificate Account relating to (x) Pool I and Pool II shall be withdrawn to make deposits pursuant to subclause (i), and (y) Pool III shall be withdrawn pursuant to subclause (ii) below):
(i) by the Pool I and Pool II Co-Trustee, to make deposits in the applicable Insurance Account pursuant to Section 6.04(a)(i);
(ii) by the Pool III Co-Trustee, to make deposits in the FHA Premium Account pursuant to Section 6.06(a)(i);
(iii) [Reserved];
(iv) by the applicable Co-Trustee, or the applicable Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Section 6.07(b) 6.08(d); and thereafter by the following parties also, in no particular order of priority:
(iv) by the applicable Co-Trustee, to invest amounts on deposit in the applicable Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(iivi) by the applicable Co-Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iiivii) by the applicable Co-Trustee, to withdraw any amount not required to be deposited in the applicable Certificate Account or deposited therein in error; and
(ivviii) by the applicable Co-Trustee, to clear and terminate the applicable Certificate Account upon the termination of this Agreement the related Trust Fund in accordance with the terms of Section 11.01 hereof.
Section 6.02 [Reserved]
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNTS; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNTS; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNTS.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series Account 1997-1, Class A and Class BI," (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) below), remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Home Improvement Loan Remittance Rates remitted to the Trustee by the Servicer;
(iii) Guaranty Payments or any amounts transferred received from the Spread Account any Alternate Credit Enhancement pursuant to Section 6.02(b)(i)Sections 6.16 and 6.17, respectively;
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c6.02(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority:
(i) Reserved;
(ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 6.06(a)(i);
(iii) by the Trustee, or the Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Section 6.07(b) 6.08(d); and thereafter by the following parties also, in no particular order of priority:
(iiv) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(iiv) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iiivi) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(ivvii) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement the Trust Fund in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; DEPOSITS IN PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; PERMITTED WITHDRAWALS FROM PRE-FUNDING ACCOUNT AND CAPITALIZED- INTEREST ACCOUNT.
(a) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Pre- Funding Account 1997-I" (the "Pre-Funding Account"). The Pre-Funding Account shall constitute part of the Trust Fund but shall not be an asset of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes, amounts, if any, transferred by REMIC I to the Pre-Funding Account are treated as distributed by REMIC I to the Class R-1 Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Pre-Funding Account and retain therein the Original Pre- Funded Amount in an amount equal to $43,749,959.40 from the proceeds of the sale of the Certificates.
(b) On each Subsequent Transfer Date, the Representative shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the Subsequent Home Improvement Loans (or, with respect to the Low Interest Home Improvement Loans, if any, an amount equal to the product of the percentage set forth on Exhibit T attached hereto determined by referring to the columns entitled "Coupon" and "Remaining Term" and the aggregate Principal Balances of such Subsequent Home Improvement Loans) sold to the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Representative with respect to such transfer. In no event shall the Representative be permitted to instruct the Trustee to release from the Pre-Funding Account with respect to subsequent Home Improvement Loans an amount in excess of $43,749,959.40.
(c) If at the end of the Funding Period amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the immediately following Remittance Date and deposit in the Certificate Account any Pre-Funded Amount then remaining in the Pre- Funding Account. However, if at the close of business on June 26, 1997, amounts still remain in the Pre- Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the Special Remittance Date and deposit in the Certificate Account any Pre-Funded Amount then remaining in the Pre-Funding Account.
(d) On the Remittance Dates occurring in April, May and June 1997, the Trustee shall transfer from the Pre-Funding Account to the Certificate Account the Pre-Funding Earnings, if any, applicable to each such Remittance Date.
(e) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Capitalized Interest Account 1997-I" (the "Capitalized Interest Account"). The Capitalized Interest Account shall constitute part of the Trust Fund but shall not be a part of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes amounts, if any, transferred by REMIC I to the Capitalized Interest Account are treated as distributed by REMIC I to the Class R Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Capitalized Interest Account $544,075.95. If prior to the end of the Funding Period the funds on deposit in the Pre-Funding Account are invested in a guaranteed investment contract, repurchase agreement or other arrangement, that constitutes a Permitted Instrument, the Trustee shall, within one Business Day of its receipt of written notification from the Servicer, withdraw from the Capitalized Interest Account and pay to the Owners of the Class R-1 Certificates the amount set forth in such written notification.
(f) On each Subsequent Transfer Date the Representative may instruct the Trustee to withdraw from the Capitalized Interest Account and pay on such Subsequent Transfer Date to the Owners of the Class R-1 Certificates the Overfunded Interest Amount for such Subsequent Transfer Date, as calculated by the Representative pursuant to Section 2.09(h) hereof.
(g) On the Remittance Dates occurring in April, May and June 1997, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Remittance Dates.
(h) On the Special Remittance Date, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Special Remittance Date. Any amounts remaining in the Capitalized Interest Account after taking into account such transfer shall be paid on such Special Remittance Date to the Holders of the Class R-1 Certificates, and the Capitalized Interest Account shall be closed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNT; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNT; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 19971998-1, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF SPREAD ACCOUNT; DEPOSITS IN SPREAD ACCOUNT; PERMITTED WITHDRAWALS FROM SPREAD ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish with the Spread Account Custodian an Account in accordance with the terms of the Spread Account Agreement (the "Spread Account"). The Spread Account shall be the property of the Spread Account Depositor, subject to the terms hereof and of the Spread Account Agreement, and the funds held therein may be invested in Permitted Instruments. The Spread Account shall not constitute part of the Trust Fund. The Trustee or the Spread Account Custodian, as the case may be, shall, promptly upon receipt, deposit into the Spread Account or, in the case of the Trustee, transfer to the Spread Account Custodian for deposit in the Spread Account:
(i) on the Closing Date, the Initial Deposit made by the Spread Account Depositor;
(ii) on each Remittance Date, that portion of the Available Funds, if any, required to be deposited into the Spread Account pursuant to Section 6.07(b)(vii) until the Spread Balance equals the then applicable Specified Spread Account Requirement; and
(iii) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Spread Account.
(b) Amounts on deposit in the Spread Account shall be withdrawn by the Spread Account Custodian and transferred to the Trustee for distribution in the manner set forth in subclause (c) below on each Remittance Date in the following order of priority:
(i) to deposit in the Certificate Account an amount by which (a) the sum of the Class A and Class B Interest Distribution Amounts, the Class A and Class B Principal Distribution Amounts and the Class A and Class B Carry Forward Amounts exceeds (b) the Available Funds for such Remittance Date (but excluding from such definition of Available Funds, amounts in the Spread Account);
(ii) to deposit in the Certificate Account the amount, if any, required to make the full distribution to the Expense Account pursuant to Section 6.07(b)(v); and
(iii) to the extent that the amount then on deposit in the Spread Account after giving effect to all required transfers from the Spread Account to the Certificate Account on such Remittance Date then exceeds the Specified Spread Account Requirement as of such Remittance Date (such excess, a "Spread Account Excess"), an amount equal to such Spread Account Excess shall be distributed by the Spread Account Custodian to the Spread Account Depositor; and also, in no particular order of priority:
(iv) to invest amounts on deposit in the Spread Account in Permitted Instruments pursuant to Section 6.06;
(v) to withdraw any amount not required to be deposited in the Spread Account or deposited therein in error; and
(vi) to clear and terminate the Spread Account upon the termination of this Agreement in accordance with the terms of Section 11.01.
(c) Any amounts which are required to be withdrawn from the Spread Account pursuant to paragraph (b) above shall be withdrawn from the Spread Account in the following order of priority: (i) FIRST, from any uninvested funds therein, and (ii) SECOND, from the proceeds of the liquidation of any investments therein pursuant to Section 6.06(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. 6.01 Establishment of Certificate Account; Deposits in Certificate Account; Permitted Withdrawals from Certificate Account.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 19971996-12, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and;
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (dh), respectively; and
(vi) respectivelyon the Closing Date, an amount received from the Servicer equal to $334,427.72, representing 14 days' interest on the sum of the Original Class A and Original Class B Certificate Principal Balances calculated at the weighted average initial Class A and Class B Remittance Rates.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store of New York Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNT; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNT; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of The Money Store Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-12, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below below) and amounts then on deposit in the Spread Account) Extra Interest remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF SPREAD ACCOUNT; DEPOSITS IN SPREAD ACCOUNT; PERMITTED WITHDRAWALS FROM SPREAD ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish with the Spread Account Custodian an Account in accordance with the Spread Account Agreement for the benefit of the Certificateholders(the "Spread Account"). The Spread Account shall be the property of the Spread Account Depositor, subject to the terms hereof and of the Spread Account Agreement, and the funds held therein may be invested in Permitted Instruments. The Spread Account shall not constitute part of the Trust Fund. On the Closing Date, the Spread Account Depositor will make an initial cash deposit into the Spread Account in an amount equal to $1,480,000. Thereafter, on each Remittance Date, the Trustee or the Spread Account Custodian, as the case may be, shall, promptly upon receipt, deposit into the Spread Account or, in the case of the Trustee, transfer to the Spread Account Custodian for deposit in the Spread Account:
(i) that portion of the Available Funds, if any, required to be deposited into the Spread Account pursuant to Section 6.07(b)(vii) until the Spread Balance equals the then applicable Specified Spread Account Requirement; and
(ii) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Spread Account.
(b) Amounts on deposit in the Spread Account shall be withdrawn by the Spread Account Custodian and transferred to the Trustee for distribution in the manner set forth in subclause (c) below on each Remittance Date in the following order of priority:
(i) to deposit in the Certificate Account an amount by which (a) the sum of the Class A and Class B Interest Distribution Amounts, the Class A and Class B Principal Distribution Amounts and the Class A and Class B Carry Forward Amounts exceeds (b) the Available Funds for such Remittance Date (but excluding from such definition, amounts in the Spread Account);
(ii) to deposit in the Certificate Account the amount, if any, required to make the full distribution to the Expense Account pursuant to Section 6.07(b)(vii); and
(iii) to the extent that the amount then on deposit in the Spread Account after giving effect to all required transfers from the Spread Account to the Certificate Account on such Remittance Date then exceeds the Specified Spread Account Requirement as of such Remittance Date (such excess, a "Spread Account Excess"), an amount equal to such Spread Account Excess shall be distributed by the Spread Account Custodian to the Spread Account Depositor; and also, in no particular order of priority:
(iv) to invest amounts on deposit in the Spread Account in Permitted Instruments pursuant to Section 6.06;
(v) to withdraw any amount not required to be deposited in the Spread Account or deposited therein in error; and
(vi) to clear and terminate the Spread Account upon the termination of this Agreement in accordance with the terms of Section 11.01.
(c) Any amounts which are required to be withdrawn from the Spread Account pursuant to paragraph (b) above shall be withdrawn from the Spread Account in the following order of priority: (i) FIRST, from any uninvested funds therein, and (ii) SECOND, from the proceeds of the liquidation of any investments therein pursuant to Section 6.06(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Commercial Mortgage Inc)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNT; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNT; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class B" (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF SPREAD ACCOUNT; DEPOSITS IN SPREAD ACCOUNT; PERMITTED WITHDRAWALS FROM SPREAD ACCOUNT.
(a) No later than the Closing Date, the Trustee will establish with the Spread Account Custodian an Account in accordance with the terms of the Spread Account Agreement (the "Spread Account"). The Spread Account shall be the property of the Spread Account Depositor, subject to the terms hereof and of the Spread Account Agreement, and the funds held therein may be invested in Permitted Instruments. The Spread Account shall not constitute part of the Trust Fund. The Trustee or the Spread Account Custodian, as the case may be, shall, promptly upon receipt, deposit into the Spread Account or, in the case of the Trustee, transfer to the Spread Account Custodian for deposit in the Spread Account:
(i) on the Closing Date, the Initial Deposit made by the Spread Account Depositor;
(ii) on each Remittance Date, that portion of the Available Funds, if any, required to be deposited into the Spread Account pursuant to Section 6.07(b)(vii) until the Spread Balance equals the then applicable Specified Spread Account Requirement; and
(iii) amounts required to be paid by the Servicer pursuant to Section 6.06(e) in connection with losses on investments of amounts in the Spread Account.
(b) Amounts on deposit in the Spread Account shall be withdrawn by the Spread Account Custodian and transferred to the Trustee for distribution in the manner set forth in subclause (c) below on each Remittance Date in the following order of priority:
(i) to deposit in the Certificate Account an amount by which (a) the sum of the Class A and Class B Interest Distribution Amounts, the Class A and Class B Principal Distribution Amounts and the Class A and Class B Carry Forward Amounts exceeds (b) the Available Funds for such Remittance Date (but excluding from such definition of Available Funds, amounts in the Spread Account);
(ii) to deposit in the Certificate Account the amount, if any, required to make the full distribution to the Expense Account pursuant to Section 6.07(b)(v); and
(iii) to the extent that the amount then on deposit in the Spread Account after giving effect to all required transfers from the Spread Account to the Certificate Account on such Remittance Date then exceeds the Specified Spread Account Requirement as of such Remittance Date (such excess, a "Spread Account Excess"), an amount equal to such Spread Account Excess shall be distributed by the Spread Account Custodian to the Spread Account Depositor; and also, in no particular order of priority:
(iv) to invest amounts on deposit in the Spread Account in Permitted Instruments pursuant to Section 6.06;
(v) to withdraw any amount not required to be deposited in the Spread Account or deposited therein in error; and
(vi) to clear and terminate the Spread Account upon the termination of this Agreement in accordance with the terms of Section 11.01.
(c) Any amounts which are required to be withdrawn from the Spread Account pursuant to paragraph (b) above shall be withdrawn from the Spread Account in the following order of priority: (i) FIRST, from any uninvested funds therein, and (ii) SECOND, from the proceeds of the liquidation of any investments therein pursuant to Section 6.06(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Sba Loan Backed Adj Rak Cert Series 1997-I)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNTS; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNTS; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNTS.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a three separate trust accountaccounts, which shall not be interest-bearing, titled ATMS Home Equity Certificate Account 1997-B-I," ATMS Home Equity Certificate Account 1997-B-II" and ATMS Home Equity Certificate Account 1997-B-III" (each a "Certificate Account" and together, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class B" (the "Certificate AccountAccounts"). The Trustee shall, promptly upon receipt, deposit in the applicable Certificate Account and retain therein:
(i) the Pool Available Funds Remittance Amount of the related Pool (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below ), below, but including the Excess Spread and amounts then on deposit in any Subordination Reduction Amounts with respect to the Spread AccountMortgage Loans of the related Pool) remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Mortgage Loan Remittance Rates for Class A-1 through Class A-8, in the case of Pool I, the Class Adjusted Mortgage Loan Remittance Rate for Class A-9 and Class A-10, in the case of Pool II, and the Class Adjusted Mortgage Loan Remittance Rate for Class A-11, in the case of Pool III, remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i6.05(b)(ii) and Insured Payments received by the Trustee after a claim pursuant to Section 6.08(c);
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the applicable Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c6.02(c) and (d) h), respectively.
(b) Amounts on deposit in the each Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority (provided that only amounts on deposit in the Certificate Account relating to Pool II shall be withdrawn pursuant to subclause (iii) below):
(i) by the Trustee, to make deposits in the applicable Insurance Account pursuant to Section 6.04(a)(i);
(ii) [Reserved]
(iii) by the Trustee, to pay the Auction Agent the required Auction Agent Fee pursuant to the terms of the Auction Agent Agreement;
(iv) by the Trustee, or the Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Section 6.07(b) 6.08(d); and thereafter by the following parties also, in no particular order of priority:
(iv) by the Trustee, to invest amounts on deposit in the applicable Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(iivi) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iiivii) by the Trustee, to withdraw any amount not required to be deposited in the applicable Certificate Account or deposited therein in error; and
(ivviii) by the Trustee, to clear and terminate the applicable Certificate Account upon the termination of this Agreement the related Trust Fund in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; DEPOSITS IN PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; PERMITTED WITHDRAWALS FROM PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT.
(a) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled ATMS Home Equity Pre-Funding Account 1997-B" (the "Pre-Funding Account"). The Pre-Funding Account shall constitute part of the Trust Fund but shall not be an asset of the REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes, amounts, if any, transferred by REMIC I to the Pre-Funding Account are treated as distributed by REMIC I to the Class R-1 Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Pre-Funding Account and retain therein the Original Pre-Funded Amount in an amount equal to the sum of (i) $178,037,664.51 from the proceeds of the sale of the Pool I Certificates, (ii) $12,019,482.52 from the proceeds of the sale of the Pool II Certificates, and (iii) $6,763.17 from the proceeds of the sale of the Pool III Certificates.
(b) On each Subsequent Transfer Date, the Representative shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the Subsequent Mortgage Loans (or, with respect to the Low Interest Mortgage Loans, an amount equal to the product of the percentage set forth on Exhibit T attached hereto determined by referring to the columns entitled "Coupon" and "Remaining Term" and the aggregate Principal Balances of such Subsequent Mortgage Loans) sold to the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Representative with respect to such transfer; in connection with such instruction, the Representative shall additionally inform the Trustee whether such Subsequent Mortgage Loans are being transferred in respect of Pool I, Pool II or Pool III. In no event shall the Representative be permitted to instruct the Trustee to release from the Pre- Funding Account with respect to subsequent Mortgage Loans to be transferred to Pool I, Pool II or Pool III an amount in excess of $178,037,664.51, $12,019,482.52, and $6,763.17, respectively.
(c) If at the end of the Funding Period amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the immediately following Remittance Date and deposit in the appropriate Certificate Account any Pre- Funded Amount relating to the Pool I, Pool II and Pool III Mortgage Loans, as the case may be, then remaining in the Pre-Funding Account. However, if at the close of business on September 26, 1997, amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the Special Remittance Date and deposit in the applicable Certificate Account any Pre-Funded Amount then remaining in the Pre-Funding Account.
(d) On the Remittance Dates occurring in July, August and September 1997, the Trustee shall transfer from the Pre-Funding Account to the appropriate Certificate Account the Pool Pre- Funding Earnings for the related Pool, if any, applicable to each such Remittance Date.
(e) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled ATMS Home Equity Capitalized Interest Account 1997-B" (the "Capitalized Interest Account"). The Capitalized Interest Account shall constitute part of the Trust Fund but not a part of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes amounts, if any, transferred by REMIC I to the Capitalized Interest Account are treated as distributed by REMIC I to the Class R-1 Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Capitalized Interest Account $2,046,867.33. If prior to the end of the Funding Period the funds on deposit in the Pre-Funding Account are invested in a guaranteed investment contract, repurchase agreement or other arrangement acceptable to the Certificate Insurer, that constitutes a Permitted Instrument, the Trustee shall, within one Business Day of its receipt of written notification from the Certificate Insurer, withdraw from the Capitalized Interest Account and pay to the Owners of the Class R-1 Certificates the amount set forth in such written notification.
(f) On each Subsequent Transfer Date the Representative may instruct the Trustee to withdraw from the Capitalized Interest Account and pay on such Subsequent Transfer Date to the Owners of the Class R-1 Certificates the Overfunded Interest Amount for such Subsequent Transfer Date, as calculated by the Representative pursuant to Section 2.09(h) hereof.
(g) On the Remittance Dates occurring in July, August and September 1997, the Trustee shall transfer from the Capitalized Interest Account to the appropriate Certificate Account the Pool Capitalized Interest Requirement for the related Pool, if any, for such Remittance Dates.
(h) On the Special Remittance Date, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Special Remittance Date. Any amounts remaining in the Capitalized Interest Account after taking into account such transfer shall be paid on such Special Remittance Date to the Holders of the Class R-1 Certificates, and the Capitalized Interest Account shall be closed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. Establishment of Certificate Account6.01 ESTABLISHMENT OF CERTIFICATE ACCOUNTS; Deposits in Certificate AccountDEPOSITS IN CERTIFICATE ACCOUNTS; Permitted Withdrawals from Certificate AccountPERMITTED WITHDRAWALS FROM CERTIFICATE ACCOUNTS.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA Loan-Backed Adjustable Rate Certificates, Series Account 1997-1, Class A and Class BII," (the "Certificate Account"). The Trustee shall, promptly upon receipt, deposit in the Certificate Account and retain therein:
(i) the Available Funds Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) below), remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Home Improvement Loan Remittance Rates remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i)Reserved;
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the Certificate Account; and
(v) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c6.02(c) and (d) h), respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority:
(i) Reserved;
(ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 6.06(a)(i);
(iii) by the Trustee, or the Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Section 6.07(b) 6.08(d); and thereafter by the following parties also, in no particular order of priority:
(iiv) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(iiv) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iiivi) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(ivvii) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement the Trust Fund in accordance with the terms of Section 11.01 hereof.
Section 6.02 ESTABLISHMENT OF PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; DEPOSITS IN PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; PERMITTED WITHDRAWALS FROM PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT.
(a) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Pre-Funding Account 1997-II" (the "Pre-Funding Account"). The Pre-Funding Account shall constitute part of the Trust Fund but shall not be an asset of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes, amounts, if any, transferred by REMIC I to the Pre-Funding Account are treated as distributed by REMIC I to the Class R-1 Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Pre-Funding Account and retain therein the Original Pre-Funded Amount in an amount equal to $41,290,578.35 from the proceeds of the sale of the Certificates.
(b) On each Subsequent Transfer Date, the Representative shall instruct the Trustee to withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Principal Balances of the Subsequent Home Improvement Loans (or, with respect to the Low Interest Home Improvement Loans, if any, an amount equal to the product of the percentage set forth on Exhibit T attached hereto determined by referring to the columns entitled "Coupon" and "Remaining Term" and the aggregate Principal Balances of such Subsequent Home Improvement Loans) sold to the Trust Fund on such Subsequent Transfer Date and pay such amount to or upon the order of the Representative with respect to such transfer. In no event shall the Representative be permitted to instruct the Trustee to release from the Pre-Funding Account with respect to subsequent Home Improvement Loans an amount in excess of $41,290,578.35.
(c) If at the end of the Funding Period amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the immediately following Remittance Date and deposit in the Certificate Account any Pre- Funded Amount then remaining in the Pre-Funding Account. However, if at the close of business on September 25, 1997, amounts still remain in the Pre-Funding Account, the Servicer shall instruct the Trustee to withdraw from the Pre-Funding Account on the Special Remittance Date and deposit in the Certificate Account any Pre-Funded Amount then remaining in the Pre- Funding Account.
(d) On the Remittance Dates occurring in July, August and September 1997, the Trustee shall transfer from the Pre-Funding Account to the Certificate Account the Pre-Funding Earnings, if any, applicable to each such Remittance Date.
(e) No later than the Closing Date, the Representative shall establish and maintain with the Trustee in its trust department a trust account, which shall not be interest-bearing, titled "TMS Home Improvement Capitalized Interest Account 1997-II" (the "Capitalized Interest Account"). The Capitalized Interest Account shall constitute part of the Trust Fund but shall not be a part of REMIC I or REMIC II. It is an outside reserve fund, the owners of which are the Class R-1 Certificateholders and for Federal tax purposes amounts, if any, transferred by REMIC I to the Capitalized Interest Account are treated as distributed by REMIC I to the Class R Certificateholders. The Trustee shall, promptly upon receipt, deposit into the Capitalized Interest Account $486,467.85. If prior to the end of the Funding Period the funds on deposit in the Pre- Funding Account are invested in a guaranteed investment contract, repurchase agreement or other arrangement, that constitutes a Permitted Instrument, the Trustee shall, within one Business Day of its receipt of written notification from the Servicer, withdraw from the Capitalized Interest Account and pay to the Owners of the Class R-1 Certificates the amount set forth in such written notification.
(f) On each Subsequent Transfer Date the Representative may instruct the Trustee to withdraw from the Capitalized Interest Account and pay on such Subsequent Transfer Date to the Owners of the Class R-1 Certificates the Overfunded Interest Amount for such Subsequent Transfer Date, as calculated by the Representative pursuant to Section 2.09(h) hereof.
(g) On the Remittance Dates occurring in July, August and September 1997, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Remittance Dates.
(h) On the Special Remittance Date, the Trustee shall transfer from the Capitalized Interest Account to the Certificate Account the Capitalized Interest Requirement, if any, for such Special Remittance Date. Any amounts remaining in the Capitalized Interest Account after taking into account such transfer shall be paid on such Special Remittance Date to the Holders of the Class R-1 Certificates, and the Capitalized Interest Account shall be closed.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. 6.01 Establishment of Certificate Account; Deposits in Certificate Account; Permitted Withdrawals from Certificate Account.
(a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a separate trust accountaccount with four sub-accounts, which shall not be interest-interest bearing, titled "TMS Certificate Account, Marine Midland Bank, as trustee for the registered holders of Business Loan Center SBA LoanHIL Series 1998-Backed Adjustable Rate Certificates, Series 1997-1, Class A and Class BI" (the "Certificate Account"). .
(I) The Trustee shall, upon direction of the Trust Administrator, promptly upon receipt, deposit in into the first sub-account of the Certificate Account and retain therein:
(i) the Pool Available Funds Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Account) remitted by the Servicerbelow);
(ii) the Compensating Interest and the portion of the Monthly Advance based on the Class Adjusted Mortgage Loan Remittance Rates for the Certificates remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Spread Account pursuant to Section 6.02(b)(i);[Reserved]; and
(iv) amounts required to be paid by the Servicer pursuant to Section 6.06(e6.07(e) in connection with losses on investments of amounts in the Certificate Account; and
(vII) amounts The Trustee shall, upon direction of the Trust Administrator, promptly upon receipt, deposit into the second sub-account of the Certificate Account and retain therein, (i) amounts, if any, transferred from the Pre-Funding Supplemental Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(cSection 6.14(c)(ii)(x) and (dii) respectivelyamounts, if any, transferred from the Spread Account pursuant to Section 6.02(c)(i).
(bIII) The Trustee shall, upon direction of the Trust Administrator, promptly upon receipt, deposit into the third sub-account of the Certificate Account and retain therein, amounts, if any, transferred from the Supplemental Account pursuant to Section 6.14(c)(ii)(y).
(IV) On each Remittance Date, The Trustee shall, upon the direction of the Trust Administrator, deposit into the fourth sub-account of the Certificate Account, amounts, if any, transferred from the first sub-account of the Certificate Account, pursuant to Section 6.08(d)(Z)(xvii). Neither the second sub-account, the third sub-account or the fourth sub-account of the Certificate Account nor any amounts deposited in the second sub-account, the third sub-account or the fourth sub-account of the Certificate Account, as the case may be, shall constitute part of the Trust Fund or assets of REMIC I or REMIC II. The owners of the second sub-account, the third sub-account and the fourth sub-account of the Certificate Account are the Class X Certificateholders and for Federal tax purposes, amounts, if any, transferred by the Trust Fund to the second sub-account, the third sub-account or the fourth sub-account of the Certificate Account are treated as distributed by the Trust Fund to the Class X Certificateholders.
(I) Amounts on deposit in the first sub-account of the Certificate Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority:
(i) [Reserved]; and
(ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 6.06(a)(i);
(iii) [Reserved]; and
(iv) by the Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 6.08(d);
(II) Amounts on deposit in the second sub-account of the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, Agent on its behalf, to effect the distribution applicable distributions described in Sections 6.08(e)(i) and (ii), in that order; and
(III) Amounts on deposit in the third sub-account of the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 6.07(b6.08(e)(iii).
(IV) and thereafter Amounts on deposit in the fourth sub-account of the Certificate Account shall be withdrawn on each Remittance Date by the following parties Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 6.08(e)(iv).
(V) Amounts on deposit in each sub-account of the Certificate Account shall be withdrawn, in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.066.07;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the Certificate Account or deposited therein in error; and
(iv) by the Trustee, to clear and terminate the Certificate Account upon the termination of this Agreement the Trust Fund in accordance with the terms of Section 11.01 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
PAYMENTS TO THE CERTIFICATEHOLDERS. Section 6.01. 6.01 Establishment of Certificate Account; Deposits in Certificate Account; Permitted Withdrawals from Certificate Account.
(a) No . With respect to each Sub-Pool, and no later than the Closing Date, the Trustee will establish and maintain with itself in its one or more segregated trust department a trust accountaccounts that are Eligible Accounts, which shall not be interesttitled, with respect to Sub-bearingPool 1, titled "Sub-Pool 1 Certificate Account, Marine Midland LaSalle National Bank, as trustee for the registered holders of Business AFC Mortgage Loan Center SBA Loan-Asset Backed Adjustable Rate Certificates, Series 19971996-14" and with respect to Sub-Pool 2, Class A and Class B" (the "Sub-Pool 2 Certificate Account"). The , LaSalle National Bank, as trustee for the registered holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." With respect to each Sub-Pool, the Trustee shall, promptly upon receipt, deposit in the related Certificate Account and retain therein:
(i) the related Available Funds Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below and amounts then on deposit in the Spread Accountbelow) remitted by the ServicerServicer pursuant to Section 5.04(i) above;
(ii) the related Monthly Advance and related Compensating Interest and the portion of the Monthly Advance remitted to the Trustee by the Servicer;
(iii) amounts transferred from the Excess Spread Account with respect to the related Sub-Pool remitted to the Trustee by the Servicer pursuant to Section 6.02(b)(i5.04(i) above and Insured Payments with respect to the related Sub-Pool pursuant to Section 6.06(b);
(iv) all income or gain from investments of funds on deposit in the related Certificate Account pursuant to Section 6.05(e) and amounts required to be paid by the Servicer pursuant to such Section 6.06(e6.05(e) in connection with losses on investments of amounts in the related Certificate Account;
(v) the Termination Price; and
(vvi) amounts transferred from the Pre-Funding Account and the Capitalized Interest Account on the Special Remittance Date pursuant to Sections 6.04(c) and (d) respectively.
(b) Amounts on deposit in the Certificate Account shall be withdrawn on each Remittance Date by the Trustee, or the Paying Agent, on its behalf, to effect the distribution described in Section 6.07(b) and thereafter by the following parties in no particular order of priority:
(i) by the Trustee, to invest amounts on deposit in the Certificate Account in Permitted Instruments pursuant to Section 6.06;
(ii) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(iii) by the Trustee, to withdraw any amount not required to be deposited in the related Certificate Account or deposited therein in error; and
(iv) by the Trustee, pursuant to clear and terminate the Certificate Account upon the termination of this Agreement in accordance with the terms of Section 11.01 hereof6.14(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
