Common use of Permitted Withdrawals and Transfers from the Payment Account Clause in Contracts

Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO Certificates has been reduced to zero. (b) On each Distribution Date, the Grantor Trustee shall pay the amount distributable to the Holders of the Certificates in accordance with Section 5.01 from the funds in the Payment Account, provided that payments on the Underlying Notes are received by the Grantor Trustee by no later than 1:00 p.m. New York time.

Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO Certificates has been reduced to zero. (b) On each Distribution Date, the Grantor Trustee shall pay the amount distributable to the Holders of the Certificates in accordance with Section 5.01 from the funds in the Payment Account, provided that payments on the Underlying Notes are received by the Grantor Trustee by no later than 1:00 p.m. New York time.

Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO IO-1 Certificates and Class A-IO-2 Certificates has been reduced to zero. (b) On each Distribution Date, the Grantor Trustee shall pay the amount distributable to the Holders of the Certificates in accordance with Section 5.01 from the funds in the Payment Account, provided that payments on the Underlying Notes are received by the Grantor Trustee by no later than 1:00 p.m. New York time.