Prefunding Account. The Issuer hereby directs and the Indenture Trustee and Paying Agent hereby agree that the Paying Agent on behalf of the Indenture Trustee will establish and maintain an account (the “Prefunding Account”) for the benefit of the Noteholders. On the Closing Date, the Issuer shall cause the Indenture Trustee to deposit into the Prefunding Account an amount equal to the Prefunding Amount Initial Deposit. The Prefunding Account shall be an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Receivables Note Trust 2018-A, Timeshare Loan-Backed Notes, Series 2018-A — Prefunding Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Prefunding Account and in all proceeds thereof. The Prefunding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Prefunding Account ceases to be an Eligible Bank Account, the Paying Agent on behalf of the Indenture Trustee shall, in accordance with Section 3.1(i) hereof, establish a new Prefunding Account (which if not maintained by the Indenture Trustee is subject to an account control agreement satisfactory to the Indenture Trustee) which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Prefunding Account and from the date such new Prefunding Account is established, it shall be the “Prefunding Account”. Amounts on deposit in the Prefunding Account shall be invested in accordance with Section 3.1 hereof. Withdrawals and payments from the Prefunding Account shall be made in the following manner:
Prefunding Account. (a) Pursuant to Section 4.01, the Servicer shall establish the Prefunding Account in the name of the Indenture Trustee for the benefit of the Noteholders and the Insurer.
Prefunding Account. On or prior to the Closing Date, the Securities Administrator shall establish and maintain, on behalf of the Certificateholders, the Prefunding Account. On the Closing Date the Depositor shall remit the Prefunded Amount to the Securities Administrator for deposit in the Prefunding Account. From the Prefunded Amount, the Group 1 Prefunded Amount and the Group 2 Prefunded Amount shall be applied to the purchase of Subsequent Mortgage Loans for Loan Group 1 and Loan Group 2, respectively. On each Subsequent Transfer Date, upon satisfaction of the conditions for such Subsequent Transfer Date set forth in Section 2.01(b), with respect to the related Subsequent Transfer Agreement, the Securities Administrator shall remit to the Depositor the applicable Aggregate Subsequent Transfer Amount as payment of the purchase price for the related Subsequent Mortgage Loans. If any funds remain in the Prefunding Account at the end of the Prefunding Period, to the extent that they represent earnings on the amounts originally deposited into the Prefunding Account, the Securities Administrator shall distribute them to the order of the Depositor. The remaining funds shall be transferred to the Distribution Account to be included as part of principal distributions to the Certificates on the Distribution Date in the month following the end of the Prefunding Period. Each institution at which the Prefunding Account is maintained shall either hold such funds on deposit uninvested or shall invest the funds therein in Permitted Investments as directed in writing by the Depositor, which shall mature not later than the Business Day immediately preceding a Subsequent Transfer Date and shall not be sold or disposed of prior to its maturity. In the absence of direction, such funds shall be invested in the Wxxxx Fargo Advantage Prime Investment Money Market Fund or comparable investment vehicle, or remain uninvested. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such balances or investment of funds on deposit in the Prefunding Account shall be for the benefit of the Depositor and shall be remitted to it monthly. The amount of any net investment losses in the Prefunding Account shall promptly be deposited by the Depositor in the Prefunding Account. The Securities Administrator in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect...
Prefunding Account. The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06 in the name of the Trustee for the benefit of the Certificateholders and designated “U.S. Bank National Association, in trust for registered holders of Home Equity Asset Trust 2002-3, Home Equity Pass-Through Certificates, Series 2002-3 Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.
Prefunding Account. (a) If a Prefunding Account is specified in Article I, the Trustee will establish and maintain the Prefunding Account. No later than the Closing Date, the Trustee will deposit in the Prefunding Account the Prefunding Account Deposit from the proceeds of the sale of the Offered Certificates. Subject to this Section, upon the conveyance of Subsequent Mortgage Loans to the Trust on any Subsequent Transfer Date, the Depositor shall instruct the Trustee to withdraw from the Prefunding Account (i) an amount equal to the Subsequent Purchase Price for the Subsequent Mortgage Loans to be included in each Mortgage Loan Group and make a corresponding reduction in the amount on deposit in the Prefunding Account allocated to such Mortgage Loan Group, and to pay such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.02 of this Agreement with respect to such transfer.
Prefunding Account. 65 Section 4.08 Requirements Relating to Prefunding Account............................................. 65 ARTICLE V THE SELLER............................................................................................. 66
Prefunding Account. The separate Eligible Account created and maintained by the Trust Administrator pursuant to Section 3.05(g) in the name of the Trust Administrator for the benefit of the Certificateholders and designated “Xxxxx Fargo Bank, N.A., in trust for registered holders of Adjustable Rate Mortgage Trust 2005-3 Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-3.” Funds in the Group 1 Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Group 1 Prefunding Account shall be for the account of the Depositor.
Prefunding Account. 65 SECTION 4.08. REQUIREMENTS RELATING TO PREFUNDING ACCOUNT...........................66 ARTICLE V - THE SELLER......................................................................66 SECTION 5.01. LIABILITY OF SELLER; INDEMNITIES......................................66 SECTION 5.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, SELLER; CERTAIN LIMITATIONS...........................................66 SECTION 5.03. LIMITATION ON LIABILITY OF SELLER AND OTHERS..........................67 SECTION 5.04. SELLER NOT TO RESIGN..................................................67 SECTION 5.05. SELLER MAY OWN NOTES..................................................67
Prefunding Account. 64 Section 3.17 Capitalized Interest Account...............................................................64 Section 3.18 [Reserved].................................................................................65 Section 3.19 [Reserved].................................................................................65 Section 3.20 [Reserved].................................................................................65 Section 3.21 Net Rate Cap Fund..........................................................................65 Section 3.22 Covenants and Representations Regarding Prepayment Charges.................................66 Section 3.23 Claims Upon the PMI Policy.................................................................66 Section 3.24 Advance Facility...........................................................................66 ARTICLE IV REMITTANCE REPORT
Prefunding Account. (i) On the Closing Date, the Seller shall deposit the Prefunding Account Closing Date Deposit into the Prefunding Account as required by Section 2.01(b) of the Loan Sale Agreement.
