Permitted Withdrawals from the Certificate Accounts. The Trustee shall withdraw or cause to be withdrawn funds from the Certificate Accounts for the following purposes: (a) to effect the distributions described in Section 6.05; (b) to pay to the Seller with respect to each Mortgage Loan or property acquired in respect thereof that has been repurchased or replaced pursuant to Section 2.04 or 3.03 or to pay to the Master Servicer with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased all amounts received thereon and not required to be distributed as of the date on which the related repurchase or purchase price or Principal Balance was determined; (c) on the Business Day prior to each Distribution Date, to pay the Master Servicer any interest earned on or investment income earned with respect to funds in the Certificate Accounts up to the Business Day immediately prior to such Distribution Date; (d) on each Distribution Date, to pay itself any interest earned on or investment income earned with respect to funds in the Certificate Accounts from the Business Day immediately prior to such Distribution Date to such Distribution Date; (e) to return to the Collection Account any amount deposited in a Certificate Account that was not required to be deposited therein; (f) to make reimbursements to itself in accordance with Section 9.05; and (g) to clear and terminate the Certificate Accounts upon termination of any of the Trust Fund pursuant to Article VIII. The Trustee shall keep and maintain a separate accounting for withdrawals from the Certificate Accounts pursuant to each of subclauses (a) through (f) listed above.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
