Common use of Pre-Funding Account and Capitalized Interest Account Clause in Contracts

Pre-Funding Account and Capitalized Interest Account. (a) On the Closing Date, the Indenture Trustee will deposit from the proceeds of the sale of the Notes, on behalf of the Noteholders and the Note Insurer, (x) to the Pre-Funding Account, the Original Pre-Funded Amount and (y) to the Capitalized Interest Account, the Capitalized Interest Account Deposit. (b) On each Subsequent Transfer Date, the Sponsor shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to 96.25% of the aggregate Loan Balances of the Subsequent Mortgage Loans transferred to the Trust on such Subsequent Transfer Date and pay such amount to or upon the order of the Sponsor upon satisfaction of the conditions set forth in Section 2.04 of the Sale and Servicing Agreement with respect to such transfer. (c) On each Payment Date occurring during the Pre-Funding Period, the Indenture Trustee shall transfer from the Pre-Funding Account to the Note Account, the Pre-Funding Earnings, if any, for each such Payment Date. (d) On each Payment Date during the Pre-Funding Period, the Indenture Trustee shall transfer from the Capitalized Interest Account to (x) the Note Account, the Capitalized Interest Requirement, if any, for each such Payment Date and (y) the Master Servicer

Pre-Funding Account and Capitalized Interest Account. (a) On the Closing DateStartup Day, the Indenture Trustee will deposit deposit, on behalf of the Owners of the Class A Certificates and the Certificate Insurer, (i) in the Pre-Funding Account the Original Pre-Funded Amount and (ii) in the Capitalized Interest Account, the Capitalized Interest Requirement, each from the proceeds of the sale of the Notes, on behalf of the Noteholders and the Note Insurer, (x) to the Pre-Funding Account, the Original Pre-Funded Amount and (y) to the Capitalized Interest Account, the Capitalized Interest Account DepositClass A Certificates. (b) On each any Subsequent Transfer Date, the Sponsor Seller shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to 96.25100% of the aggregate Loan Balances of the Subsequent Mortgage Home Equity Loans transferred sold to the Trust on such Subsequent Transfer Date and pay such amount to or upon the order of the Sponsor Seller upon satisfaction of the conditions set forth in Section 2.04 of the Sale Sections 3.05 and Servicing Agreement 3.07 hereof with respect to such transfer. (c) On each Payment Date occurring during . In no event shall the Pre-Funding Period, Seller be permitted to instruct the Indenture Trustee shall transfer to release from the Pre-Funding Account to the Note AccountCertificate Account with respect to Subsequent Home Equity Loans an amount in excess of the Original Pre-Funded Amount. (c) After giving effect to any reductions in the Pre-Funded Amount on or before the Monthly Remittance Date in November 1996, the Trustee shall withdraw from the Pre-Funding Earnings, if any, for each such Payment Date. Account the amount (dexclusive of any related Pre-Funding Account Earnings still on deposit therein) On each Payment Date during remaining in the Pre-Funding Period, Account and deposit such amount to the Indenture Trustee shall transfer from the Capitalized Interest Certificate Account to (x) the Note Account, the Capitalized Interest Requirement, if any, for each on such Payment Date and (y) the Master ServicerMonthly Remittance Date.

Pre-Funding Account and Capitalized Interest Account. (a) On the Closing DateStartup Day, the Indenture Trustee will deposit deposit, on behalf of the Owners of the Notes and the Note Insurer, (i) in the Pre-Funding Account the Original Pre-Funded Amount from the proceeds of the sale of the Notes, on behalf of the Noteholders and the Note Insurer, (x) to the Pre-Funding Account, the Original Pre-Funded Amount and (y) to the Capitalized Interest Account, the Capitalized Interest Account Deposit. (b) On each any Subsequent Transfer Date, the Sponsor Issuer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to 96.25100% of the aggregate Loan Balances of the Subsequent Mortgage Home Equity Loans transferred sold to the Trust Issuer and subsequently pledged to the Indenture Trustee on such Subsequent Transfer Date and pay such amount to or upon the order of the Sponsor Seller upon satisfaction of the conditions set forth in Section 2.04 of the Sale Sections 2.05 and Servicing Agreement 2.07 hereof with respect to such transfer. (c) On each Payment Date occurring during . In no event shall the Pre-Funding Period, Issuer be permitted to instruct the Indenture Trustee shall transfer to release from the Pre-Funding Account to the Note Account, Account with respect to Subsequent Home Equity Loans to be transferred an amount in excess of the Original Pre-Funded Amount. (c) After giving effect to any reductions in the Pre-Funding Earnings, if any, for each such Payment Date. (d) On each Payment Funded Amount on or before the Monthly Remittance Date during the Pre-Funding Periodin __________ 199_, the Indenture Trustee shall transfer withdraw from the Capitalized Interest Pre-Funding Account the amount (exclusive of any related Pre-Funding Account Earnings still on deposit therein) remaining in the Pre-Funding Account and deposit such amount to (x) the Note Account, the Capitalized Interest Requirement, if any, for each Account on such Payment Date and (y) the Master ServicerMonthly Remittance Date.

Pre-Funding Account and Capitalized Interest Account. (a) On the Closing DateStartup Day, the Indenture Trustee will deposit deposit, on behalf of the Owners of the Class A Certificates and the Certificate Insurer, (i) in the Pre-Funding Account the Original Pre-Funded Amount and (ii) in the Capitalized Interest Account, the Original Capitalized Interest Deposit, each from the proceeds of the sale of the Notes, on behalf of the Noteholders and the Note Insurer, (x) to the Pre-Funding Account, the Original Pre-Funded Amount and (y) to the Capitalized Interest Account, the Capitalized Interest Account DepositClass A Certificates. (b) On each any Subsequent Transfer Date, the Sponsor Seller shall instruct the Indenture Trustee in writing to withdraw from the Pre-Funding Account an amount equal to 96.25100% of the aggregate Loan Balances of the Subsequent Mortgage Home Equity Loans transferred sold to the Trust on such Subsequent Transfer Date and pay such amount to or upon the order of the Sponsor Seller upon satisfaction of the conditions set forth in Section 2.04 of the Sale Sections 3.05 and Servicing Agreement 3.07 hereof with respect to such transfer. (c) On each Payment Date occurring during . In no event shall the Pre-Funding Period, Seller be permitted to instruct the Indenture Trustee shall transfer to release from the Pre-Funding Account to the Note AccountCertificate Account with respect to Subsequent Home Equity Loans an amount in excess of the Original Pre-Funded Amount. (c) After giving effect to any reductions in the Pre-Funded Amount on or before the Monthly Remittance Date relating to the final Pre-Funding Payment Date, the Trustee shall withdraw from the Pre-Funding Earnings, if any, for each such Payment Date. Account the amount (dexclusive of any related Pre-Funding Account Earnings still on deposit therein) On each Payment Date during remaining in the Pre-Funding Period, Account on such Monthly Remittance Date relating to the Indenture Trustee shall transfer from the Capitalized Interest Account to (x) the Note Account, the Capitalized Interest Requirement, if any, for each such final Pre-Funding Payment Date and (y) deposit such amount to the Master ServicerCertificate Account on such Monthly Remittance Date.