The Note Payment Account Clause Samples

The Note Payment Account. The Securities Administrator shall establish and maintain in the name of the Securities Intermediary for the benefit of the Indenture Trustee and the Noteholders, the Note Payment Account which shall be an Eligible Account. On each Deposit Date, to the extent that the Collection Account is not a sub-account of the Note Payment Account, the Securities Administrator shall withdraw, on behalf of the Indenture Trustee, from the Collection Account the aggregate Available Funds for the related Payment Date for deposit into the Note Payment Account. The Securities Administrator shall also deposit into the Note Payment Account all amounts received on behalf of the Issuer under the Yield Maintenance Agreements. In the event that the Securities Administrator shall remit into the Note Payment Account any amount not required to be remitted by it, it may at any time withdraw such amount from the Note Payment Account, any provision herein to the contrary notwithstanding. All funds deposited in the Note Payment Account shall be held by the Securities Intermediary in trust for the Noteholders, until disbursed in accordance with this Agreement or withdrawn in accordance with Section 5.01. If the Note Payment Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Note Payment Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Note Payment Account into such new Note Payment Account. All funds on deposit in the Note Payment Account may be invested as directed by the Securities Administrator in Permitted Investments in the name of the Securities Intermediary for the benefit of the Indenture Trustee and the Noteholders which shall mature no later than the Payment Date, provided that such Permitted Investment is an obligation of the Securities Administrator or otherwise managed or advised by the Securities Administrator or an affiliate thereof. All income and gain net of realized losses on such investments shall be paid to the Master Servicer as additional master servicing compensation except to the extent that the Collection Account is treated as a sub-account of the Note Payment Account, in which case only investment income earned on the Business Day prior to each Payment Date shall be paid to the Master Servicer as additional servicing compensation and any remaining investment income shall be paid to ▇▇▇▇▇▇▇▇▇ in its capacity as Servicer as specified in Section 4.0...