Segregation of Moneys; No Interest. Subject to Sections 5.1 and 5.2, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and, if the Holders of more than 50% of the Certificates so direct, shall be invested in Permitted Investments maturing no later than one Business Day prior to the related Payment Date at the direction of such Certificateholders. The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Certificateholders.
Appears in 7 contracts
Samples: Deposit Trust Agreement (Residential Resources Inc), Deposit Trust Agreement (Fund America Investors Corp Ii), Deposit Trust Agreement (Union Planters Mortgage Finance Corp)
Segregation of Moneys; No Interest. Subject to Sections 5.1 and 5.2, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and, if the Holders of more than 50% of the Certificates so direct, and shall be invested in Permitted Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of such Certificateholdersthe Depositor (with the consent of the Seller). The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Certificateholders.
Appears in 6 contracts
Samples: Trust Agreement (Oakwood Homes Corp), Trust Agreement (Bear Stearns Asset Backed Securities Inc), Trust Agreement (Imc Home Equity Loan Owner Trust 1998-6)
Segregation of Moneys; No Interest. Subject to Sections 5.1 and 5.2, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and, if the Holders of more than 50% of the Certificates so direct, shall be invested in Permitted Investments maturing no later than one Business Day prior to the related Payment Date at the direction of such Certificateholders. The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Certificateholders.
Appears in 3 contracts
Samples: Deposit Trust Agreement (Ocwen Mortgage Loan Trust Ass Back Notes Ser 1998-Oac1/), Deposit Trust Agreement (Financial Asset Securities Corp), Deposit Trust Agreement (Ocwen Mortgage Loan Trust Ass Back Notes Ser 1998-Oac1/)
