Common use of Segregation of Moneys; No Interest Clause in Contracts

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 shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction 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 3 contracts

Samples: Trust Agreement (First Alliance Mortgage Loan Trust 1998-1a), Trust Agreement (First Alliance Mortgage Loan Trust 1998-1f), Trust Agreement (First Alliance Mortgage Co /De/)

AutoNDA by SimpleDocs

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 shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the SellerDepositor. 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: Trust Agreement (Imc Securities Inc), Owner Trust Agreement (Imc Home Equity Loan Owner Trust 1997-6), Owner Trust Agreement (Imc Home Equity Loan Owner Trust 1997-8)

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 shall be invested in Eligible Investments maturing no later than one Business Day prior to the related date set for payment or distribution of such moneys or, if none, the next Payment Date at the direction of the SellerDepositor (which may consist of standing instructions). The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains moneys and the same shall be for the account of and paid to the Certificateholders.

Appears in 1 contract

Samples: Trust Agreement (Oakwood Homes 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 shall be invested in Eligible Permitted Investments maturing no later than one Business Day prior to the related Payment Distribution Date at the direction of the SellerDepositor. 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 1 contract

Samples: Trust Agreement (Aames Capital Acceptance 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 shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at a the direction of the SellerDepositor. 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 1 contract

Samples: Trust Agreement (Imc Securities Inc)

AutoNDA by SimpleDocs

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 and, if the Holders of more than [50%] of the Certificates so direct, shall be invested in Eligible Permitted Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the Sellersuch 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 1 contract

Samples: Deposit Trust Agreement (Union Planters Home Equity 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 shall be invested invested, at the direction of the Seller, in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the SellerDate. 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 1 contract

Samples: Trust Agreement (First Alliance Mortgage Loan Trust 1998-2)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!