Common use of Securities Administration Account Clause in Contracts

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-10.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 2 contracts

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-10), Trust Agreement (Structured Asset Investment Loan Trust 2004-10)

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Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 2004-10S2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee reductions as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee for the applicable year. and (2) any remaining income and gain to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 2 contracts

Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-S2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042007-10WF1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to the Custodian, in payment of its Trustee Fee Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and to the Custodian its Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 2 contracts

Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-105.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee and the Certificate Insurer prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 2 contracts

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-5), Trust Agreement (Structured Asset Investment Loan Trust 2005-5)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-107.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-7)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042007-10EQ1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to the Custodian, in payment of its Trustee Fee Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and to the Custodian its Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Sasco 2007-Eq1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A.[___________], as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust [______________] Mortgage Pass-Through Certificates, Series 2004-1020[__]-[__].” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC13.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income Administrator and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the "Securities Administration Account"), entitled "Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 20042002-10BC1." The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. Amounts withdrawn from the Securities Administration Account pursuant to Section 4.07(c)(ii) shall be held in escrow from the date of deposit until paid on the next succeeding Distribution Date. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 20 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to pay to itself on any Distribution Date any amounts of interest and principal that would otherwise be payable to the Securities Administrator in its in respect capacity as a registered holder of a Class A Certificate; (iii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.044.07(d); and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i), (ii) and (iiiii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) . The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Master Servicer (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of "Eligible Investment" set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage Pass-Through Certificates, Series 20042007-10WF2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12 and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC5.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Fremont Home Loan Trust Mortgage Pass-Through Certificates, Series 2004-103.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be managed or advised by or be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) distributed first, to the Trustee, Trustee in payment of 1/12th of its Trustee Fee and (2) second, to the Securities Administrator, any remaining income and gain remaininggain. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all remaining income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Fremont Home Loan Trust 2004-3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-104.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-4)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2004-101.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee and the Certificate Insurer prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Amortizing Residential Collateral Trust, Series 2004-1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042006-10WF1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to pay itself the Securities Administration Fee for each Distribution Date; (ii) to withdraw amounts deposited in the Securities Administration Account in error; (iiiii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iv) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivvi) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i), (ii) and (iiiii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Sasco 2006-Wf1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042005-10WF2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and to make payments of any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or pay the Trustee for Fee, if due, then any remaining amounts reimbursable under the terms of this Agreementinvestment income or earnings to itself; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-103.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment BNC Mortgage Loan Trust 2007-1 Mortgage Pass-Through Certificates, Series 20042007-101.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (BNC Mortgage Loan Trust 2007-1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-10BNC1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-Bnc1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042005-10WF4.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or pay the Trustee for Fee, if due, then any remaining amounts reimbursable under the terms of this Agreementinvestment income or earnings to itself; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp 2005-Wf4)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC11.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income Administrator and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042006-10AM1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Sasco 2006-Am1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-106.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-6)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042005-10WF3.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and to make payments of any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or pay the Trustee for Fee, if due, then any remaining amounts reimbursable under the terms of this Agreementinvestment income or earnings to itself; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (SASCO Mortgage Loan Trust 2005-Wf3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment BNC Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 20042006-102.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to the Custodian, in payment of its Trustee Fee Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and the Custodian its Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (BNC Mortgage Loan Trust 2006-2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 2004-10S3.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee reductions as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee for the applicable year. and (2) any remaining income and gain to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp 2004-S3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC8.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee and the Certificate Insurer prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-106.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-6)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-101.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself andthe Trustee to pay 1/12th of the Trustee Fee, to the extent agreed between the Securities Administrator and the Trustee, then to the Trustee and or itself to reimburse the Securities Administrator or the Trustee for any amounts reimbursable reimburseable under the terms of this Agreement, and then any remaining amounts to itself; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC6.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income Administrator and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-105.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-5)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Securities Corporation Mortgage Loan Trust 2006-BC6 Mortgage Pass-Through Certificates, Series 20042006-10BC6.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to the Custodian, in payment of its Trustee Fee Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and the Custodian its Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-104.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-4)

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Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042005-10WF1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee to pay such portion of the Trustee Fee that remains to be paid, and then to itself and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-10BNC2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.06(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be managed or advised by or be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-Bnc2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042006-10BNC1.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2006-Bnc1)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-108.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of managed or advised by the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-8)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-102.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself andthe Trustee to pay 1/12th of the Trustee Fee, to the extent agreed between the Securities Administrator and the Trustee, then to the Trustee and or itself to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement, and then any remaining amounts to itself; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the "Securities Administration Account"), entitled "Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 20042002-10BC2." The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. Amounts withdrawn from the Securities Administration Account pursuant to Section 4.07(c)(ii) shall be held in escrow from the date of deposit until paid on the next succeeding Distribution Date. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 20 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to pay to itself on any Distribution Date any amounts in respect of interest and principal that would otherwise be payable to the Securities Administrator in its capacity as a registered holder of a Class A Certificate; (iii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.044.07(d); and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i), (ii) and (iiiii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) . The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Master Servicer (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of "Eligible Investment" set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 20042002-10BC4.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. Amounts withdrawn from the Securities Administration Account pursuant to Section 4.07(c)(ii) shall be held in escrow from the date of deposit until paid on the next succeeding Distribution Date. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 20 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to pay to itself on any Distribution Date any amounts in respect of interest and principal that would otherwise be payable to the Securities Administrator in its capacity as a registered holder of a Class A Certificate; (iii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.044.07(d); and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i), (ii) and (iiiii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) . The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Master Servicer (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC7.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC10.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee and the Certificate Insurer prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income Administrator and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the "Securities Administration Account"), entitled "Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 20042002-10BC3." The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. Amounts withdrawn from the Securities Administration Account pursuant to Section 4.07(c)(ii) shall be held in escrow from the date of deposit until paid on the next succeeding Distribution Date. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 20 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to pay to itself on any Distribution Date any amounts in respect of interest and principal that would otherwise be payable to the Securities Administrator in its capacity as a registered holder of a Class A Certificate; (iii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.044.07(d); and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i), (ii) and (iiiii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) . The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Master Servicer (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of "Eligible Investment" set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A.[___________________], as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust [_________________] Mortgage Pass-Through Certificates, Series 2004-1020[__]-[_].” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-1011.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust Series 2004-11)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-102.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee and (2) income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042005-103.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC9.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Securities Corporation Mortgage Loan Trust 2007-BC3 Mortgage Pass-Through Certificates, Series 20042007-10BC3.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) each Custodian to pay each Custodian its respective Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to each Custodian, in payment of its Trustee Fee respective Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and each Custodian its respective Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-109.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-9)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment BNC Mortgage Loan Trust 2007-2 Mortgage Pass-Through Certificates, Series 20042007-102.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian to pay the Custodial Compensation, if due and (C) then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th its Trustee Fee, to the extent not paid when due in accordance with Section 6.12, (2) to the Custodian, in payment of its Trustee Fee Custodial Compensation, to the extent not paid when due in accordance with Section 6.12 and (23) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee and the Custodian its Custodial Compensation on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (BNC Mortgage Loan Trust 2007-2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2004-107.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction reductions for payment of the Trustee Fee as provided in Section 6.12) and any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of managed or advised by the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid from the Certificate Account as provided in Section 4.04 and (2) any income and gain remaining to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-7)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Securities Corporation Mortgage Pass-Through Certificates, Series 20042006-10WF2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to pay the Trustee Fee, if due, then any remaining amounts of investment income or earnings to itself; (iii) to reimburse the Securities Administrator or the Trustee itself for any amounts reimbursable under the terms of this Agreement; (iiiiv) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (ivv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration Account, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its Affiliate). All such investments must be payable on demand or mature no later than the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Fee, to the extent not paid when due in accordance with Section 6.12, and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator for deposit in the Securities Administration Account out of its own funds, without any right of reimbursement therefor, immediately as realized.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 20042003-10BC2.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Investment Loan Trust 2003-Bc2)

Securities Administration Account. (a) On the Closing Date, the Securities Administrator shall open and shall thereafter maintain an escrow account to be held in trust (the “Securities Administration Account”), entitled “Xxxxx Fargo BankBank Minnesota, N.A.National Association, as Securities Administrator, in trust for the benefit of the Holders of Structured Asset Investment Loan Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 20042002-10BC7.” The Securities Administration Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Securities Administration Account shall not be commingled with any other monies. (b) The Securities Administration Account shall be an Eligible Account. If an existing Securities Administration Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Securities Administration Account that is an Eligible Account within 10 20 Business Days of notice thereof to the Securities Administrator, and shall transfer all funds on deposit in such existing Securities Administration Account into such new Securities Administration Account. (c) The Securities Administrator shall make withdrawals from the Securities Administration Account only for the following purposes: (i) to withdraw amounts deposited in the Securities Administration Account in error; (ii) to make payments of the Securities Administrator Fee (subject to any reduction for payment of the Trustee Fee as provided in Section 6.12) any investment income or earnings on the Securities Administration Account to itself and, to the extent agreed between the Securities Administrator and the Trustee, to the Trustee and to reimburse the Securities Administrator or the Trustee for any amounts reimbursable under the terms of this Agreement; (iii) to make payments to the Trustee for deposit into the Certificate Account pursuant to Section 4.04; and (iv) to clear and terminate the Securities Administration Account pursuant to Section 7.02. (d) The Securities Administrator shall give to the Trustee prior written notice of the name and address of the depository institution at which the Securities Administration Account is maintained and the account number of such Securities Administration Account. On each Deposit Date, the entire amount on deposit in the Securities Administration Account (less any amounts withdrawn pursuant to Section 4.07(c)(i) and (ii)), shall be remitted to the Trustee for deposit into the Certificate Account by wire transfer in immediately available funds. The Securities Administrator, at its option, may choose to make daily remittances from the Securities Administration Account to the Trustee for deposit into the Certificate Account. (e) The Securities Administrator shall cause to be deposited into the Securities Administration Account on the Master Servicer Remittance Date, any monies remitted by the Master Servicer to the Securities Administrator on such date pursuant to the terms of this Agreement. (f) The Securities Administrator may invest, or cause to be invested, funds held in the Securities Administration AccountAccount at the direction of the Master Servicer, which funds, if invested, shall be invested in Eligible Investments (which may be obligations of the Securities Administrator or its AffiliateAdministrator). All such investments must be payable on demand or mature no later than one Business Day prior to the next Deposit Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Trustee Master Servicer (in its capacity as such) or its nominee. All income and gain realized from any such investment for each Distribution Date investment, shall be compensation (1) to the Trustee, in payment of 1/12th of its Trustee Fee Master Servicer and (2) to the Securities Administrator, any income and gain remaining. The Securities Administrator shall pay to the Trustee the Trustee Fee on behalf of the Trust Fund and all income and gain realized from any such investments shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Securities Administrator Master Servicer for deposit in the Securities Administration Certificate Account out of its own funds, without any right of reimbursement therefor, immediately as realized.. In the event the Master Servicer does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Securities Administration Account shall be invested in a money market or common trust fund as described in paragraph (viii) of the definition of “Eligible Investment” set forth in Article I.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)

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