The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein. (b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. (c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows: (i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment; (ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof; (iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and (iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp Impact CMB Trust Series 2002-7)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 20022003-6F4" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders and the Bond Insurer for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Group 1 Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp Impac CMB Trust Series 2003-4)
The Pre-Funding Account. (a) No later than On the Closing Datedate hereof, the Indenture Trustee shall establish and maintain a segregated in its name, in trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee and for the registered holders benefit of IMH Assets Corp.the Certificateholders, Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain deposit therein the purchase price paid by the Initial Purchaser for the Original Certificate, less the amount (if any) paid to the Seller on such date as the purchase price for any Contracts purchased by the Trust on such date. The full purchase price paid on each subsequent Purchase Date in connection with the sale and issuance of any additional Certificates (or additional Interests to be reflected by existing Certificates) by the Trust (less any portion of such amount used by the Trust to purchase Contracts on such Purchase Date) shall also be deposited into the Pre-Funded Amount remitted on Funding Account. Should a successor Trustee be appointed, then the Closing Date to Servicer shall, with the Indenture Trustee by the Depositor. Funds deposited in Trustee's assistance as may be reasonably necessary, cause the Pre-Funding Account shall to be held in trust by moved to the Indenture Trustee for the Bondholders for the uses and purposes set forth hereinsuccessor Trustee.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account (as well as any investment earnings thereon) shall be withdrawn by held in trust for the Indenture Trustee as follows:
(i) On any Subsequent Transfer benefit of the Certificateholders until applied to make purchases of Contracts on each Closing Date. Subject to the requirements of Section 2.01, on each Closing Date, the Indenture Trustee shall Trustee, as paying agent, is authorized to withdraw an amount from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of purchase price to be paid by the Subsequent Mortgage Loans transferred and assigned to Trust for Contracts purchased from the Indenture Trustee for deposit in the Mortgage Pool Seller on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;date.
(iic) If the amount Funds on deposit in the Pre-Funding Account has shall be invested by the Trustee in Eligible Investments designated by the Majority Certificateholders (which may be in the form of standing instructions). All such Eligible Investments shall be (i) made in the name of the Trustee, for the benefit of the Certificateholders and (ii) able to be converted to cash within one (1) Business Day of making demand therefor. The Trustee in its fiduciary capacity shall not been reduced be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Pre-Funding Account and made in accordance with this Section 5.04(c). The Trustee shall keep and maintain appropriate accounting records relating to zero during deposits to and withdrawals from the Pre-Funding Period, Account.
(i) All Pre-Funding Account Earnings on deposit in the Pre-Funding Account shall be for the benefit of the Certificateholders as additional interest payable on their Certificates and shall be remitted to the Certificateholders on each Distribution Date as provided herein. The Trustee shall ensure that on the day Business Day immediately following preceding each Distribution Date, sufficient cash is available in the Pre-Funding Account in order to pay any Pre-Funding Account Earnings due to the Certificateholders on such Distribution Date.
(ii) Upon termination of the Funding PeriodTrust, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance shall be distributed by the Trustee, as paying agent, to the Certificateholders as an additional principal payment with respect to their Certificates. In addition, at any time upon at least five (5) Business Days' prior written notice to the terms hereof;
Trustee, the Majority Certificateholders may require the Trustee, as paying agent, to (iiii) To withdraw any amount not required to be deposited liquidate all Eligible Investments in the Pre-Funding Account or deposited therein and (ii) pay the full amount contained in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled Certificateholders as an additional principal payment with respect to distributions in respect of principaltheir Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Resource America Inc)
The Pre-Funding Account. (a) No later than The Indenture Trustee shall establish and maintain in the Closing DateIssuer’s name, a trust account entitled “[Pre-Funding Account], in trust for the benefit of the Holders of “____________ Mortgage Loan Owner Trust 200__-__Mortgage Loan Asset Backed Notes Series _____” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans. The Pre-Funding Account shall be an Eligible Account and if the account ceases to be an Eligible Account, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the new Pre-Funding Account that is also an Eligible Account within five Business Days and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses transfer all funds and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts property on deposit in the Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Depositor shall cause to be withdrawn by deposited the Indenture Trustee as follows:
(i) Pre-Funding Amount, into the Pre-Funding Account. On any Subsequent subsequent Transfer Date, provided the conditions set forth in Section 2.01(a) have been fully satisfied, the Indenture Trustee shall withdraw cause to be withdrawn from the Pre-Funding Account an amount equal to 100% the Transfer Price of the Stated Principal Balances of the any Subsequent Mortgage Loans transferred as of any applicable Transfer Date sold to the Issuer and assigned to pay such Transfer Price to the Depositor. In no event shall the Indenture Trustee withdraw from the Pre-Funding Account an amount in excess of the Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.
(b) Funds in the Pre-Funding Account may be invested by the Indenture Trustee in Permitted Investments at the written direction of the [Depositor]. All income and gain on such investments shall be for the benefit of the [Depositor] and shall be subject to withdrawal on order by the [Depositor] from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the [Depositor] by a deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon Pre-Funding Account out of its own funds, without any right of reimbursement therefor, immediately as realized. On the order Business Day immediately following the end of the Issuer upon satisfaction of Pre-Funding Period, the conditions set forth in Section 2.05 with respect to such Indenture Trustee shall transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Note Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) on the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid occurring in [ ] as principal to the Holders of the Bonds then entitled to distributions Notes in respect of principal.accordance with this Article V.]
Appears in 1 contract
Samples: Sale and Servicing Agreement (Hsi Asset Securitization Corp)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F4F" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "“Pre-Funding Account, Deutsche Bank JPMorgan Chase Bank, National Trust CompanyAssociation, as indenture trustee Trustee, in trust for the registered holders Holders of IMH Assets Corp.2005-CB8 Trust, Collateralized C-BASS Mortgage Loan Asset-Backed BondsCertificates, Series 20022005-6F" CB8 (the "“Pre-Funding Account"”). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders Certificateholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, Account as directed in writing by the Master Servicer Seller in writing, in Eligible Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this IndentureAgreement, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this IndentureAgreement, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's ’s receipt thereof; provided, however, that in the absence of such written direction from the Seller to the Trustee, the amounts on deposit in the Pre-Funding Account will be held uninvested. For federal income tax purposes, the Master Servicer Seller shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at transferred to the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereofSeller. The Master Servicer Seller shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor. At no time will the Pre-Funding Account be assets of any REMIC created hereunder.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account Account, an amount equal to 100% of the Stated aggregate Principal Balances Balance of the Subsequent Mortgage Loans Loans, transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer Depositor upon satisfaction of the conditions set forth in Section 2.05 2.16 with respect to such transfer and assignment;
(ii) If Immediately prior to the Distribution Date in the month following the end of the Funding Period, the remaining amount on deposit in the Pre-Funding Account has not been reduced to zero during (exclusive of any investment income therein) shall be deposited by the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Distribution Account for distribution in accordance with the terms hereof;
(iii) To distribute to the Seller any income and gain realized from the investment of funds in the Pre-Funding Account;
(iv) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(ivv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Distribution Date immediately following the end of the Funding Period and (B) the termination of this IndentureAgreement, with any amounts remaining on deposit therein being paid to the Holders of the Bonds Certificates then entitled to distributions in respect of principal. Withdrawals pursuant to clauses (i), (ii) and (iii) shall be treated as contributions of cash to REMIC 1 on the date of withdrawal.
Appears in 1 contract
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank Bankers Trust Company of California, National Trust CompanyAssociation, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 20022001-6F3" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp)
The Pre-Funding Account. (ai) No later than The Indenture Trustee shall establish and maintain the Pre-Funding Account for the benefit of the Note Insurer and the Noteholders, as an Eligible Bank Account, in the name of "ABFS Equipment Contract Trust 1999-A Pre-Funding Account, in trust for the benefit of the registered holders of Equipment Contract-Backed Notes and the Note Insurer." At the Servicer's written direction, the Indenture Trustee shall make withdrawals from the Pre-Funding Account only as provided in Section 2.05 of this Indenture. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Account and all proceeds thereof. The Pre-Funding Account shall be under the sole dominion and control of the Indenture Trustee, for the benefit of the Noteholders and the Note Insurer.
(ii) On the Closing Date, the Indenture Trustee shall establish deposit, on behalf of the Noteholders and maintain a segregated trust account that is an Eligible Accountthe Note Insurer, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writingOriginal Pre-Funded Amount; provided, in Eligible Investments with a maturity date (i) no later than that the Business Day immediately preceding Original Pre-Funded Amount shall not exceed 30% of the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or Initial Aggregate Collateral Balance.
(iii) within one (1) Business Day of The Indenture Trustee shall withdraw and distribute or cause to be distributed the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited following moneys held in the Pre-Funding Account shall be included in Available Funds at the following times: times specified, based on written instructions provided by the Servicer or other party as indicated:
(iA) on the Business Day immediately preceding each Payment On any Subsequent Funding Date, if a Person other than the Servicer may instruct the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts to withdraw from amounts on deposit in the Pre-Funding Account shall an amount equal to 95% of the aggregate Discounted Contract Principal Balances (as of the Subsequent Cut-Off Date) of all Subsequent Contracts (which Subsequent Contracts have been approved in writing by the Note Insurer) to be withdrawn by pledged to the Trust on such Subsequent Funding Date and pay such amount to, or at the direction of, the Transferors as an additional advance of funds on the Pledged Notes;
(B) On each Payment Date through and including the Payment Date immediately following the last Subsequent Funding Date (or, if the last Subsequent Funding Date is also a Payment Date, then on the last Subsequent Funding Date), the Indenture Trustee as follows:shall transfer from the Pre-Funding Account to the Collection Account the Pre-Funding Earnings, if any, applicable to each such Payment Date; and
(iC) On If all or any Subsequent Transfer portion of the Pre-Funded Amount remains in the Pre-Funding Account on the Payment Date which immediately follows the Funding Termination Date (or, in the event that the Funding Termination Date is a Payment Date, then on such Payment Date), the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Payment Date the remaining Pre-Funded Amount and pay shall distribute (a) the Class A Accelerated Percentage of such amount to or upon the order Class A Noteholders, as a prepayment of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, principal on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
Class A Notes and (iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (Ab) the Payment Date immediately following the end Class B Accelerated Percentage of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid such amount to the Holders Class B Noteholders, as a prepayment of principal on the Bonds then entitled to distributions in respect of principalClass B Notes.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
The Pre-Funding Account. (a) No later than The Securities Administrator has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained a separate account (the Closing Date“Pre-Funding Account”), the Indenture Trustee which is and shall establish and maintain a segregated trust account that is continue to be an Eligible Account, which Account in the name of the Securities Administrator and shall be titled "designated “Pre-Funding Account, Deutsche Bank National Trust Company[ - ], as indenture trustee Securities Administrator, in trust for Holders of the registered holders of IMH Assets Corp.First NLC Securitization Trust 200 - , Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Securities.” Any investment earnings from Pre-Funding Account"). The Indenture Trustee shallAccount will be paid to the Seller on each Payment Date during the Pre-Funding Period; provided, promptly upon receipthowever, that if the final Subsequent Sale Date occurs after the Payment Date in a month, on such Subsequent Sale Date, the Securities Administrator shall (i) transfer the amount remaining on deposit in the Pre-Funding Account and retain therein at the Original end of the Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in Funding Period from the Pre-Funding Account shall be held in trust by to the Indenture Trustee for Collection Account, (ii) transfer any investment earnings to the Bondholders for the uses Sellers as soon as practicable and purposes set forth herein.
(biii) The Indenture Trustee will invest funds deposited in close the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by invested only in Eligible Investments. All investment earnings on funds on deposit in the Indenture Trustee Pre-Funding Account will be treated as follows:owned by, and will be taxable to, the Sellers.
(b) On the Closing Date, the Sellers will cause to be deposited $[ - ] in the Pre-Funding Account from the sale of the Notes.
(c) On each Subsequent Sale Date, (i) On any Subsequent Transfer Date, each of the Indenture Trustee Sellers shall instruct the Securities Administrator to withdraw from the Pre-Funding Account an amount equal to 100% of the Stated aggregate Scheduled Principal Balances of the Subsequent Mortgage Loans transferred and assigned sold to the Indenture Trustee for deposit in the Mortgage Pool Trust on such Subsequent Transfer Sale Date and (ii) the Securities Administrator shall pay such amount amounts to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 Sellers with respect to such transfer and assignment;transfer.
(iid) If at the amount on deposit end of the Pre-Funding Period amounts still remain in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding PeriodAccount, the Indenture Trustee Securities Administrator shall deposit into the Payment Account any withdraw such amounts remaining in from the Pre-Funding Account for distribution on the immediately following Payment Date and deposit such amounts in accordance with the terms hereof;Collection Account.
(iiie) To withdraw any amount not required to be deposited in Unless sooner closed as provided above, the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate shall be closed at the Pre-Funding Account upon the earlier to occur close of (A) business on the Payment Date immediately following the end of the Pre-Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principalPeriod.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (First NLC Securitization, Inc.)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F3" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders and the Bond Insurer for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Collateralized Asset-Backed Bonds Series 2002-3)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank Bankers Trust Company of California, National Trust CompanyAssociation, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 20022001-6F4" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans or Seasoned Mortgage Loans, as applicable, transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp)
The Pre-Funding Account. (a) No later than the Closing Date, the The Indenture Trustee shall establish and maintain with itself a segregated separate trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account")) entitled "First Union National Bank as Indenture Trustee, in trust for the registered holders of Emergent Home Equity Loan Trust 1997-4, Asset Backed Notes, Series 1997-4 Pre-Funding Account." Such Account shall be an Eligible Account. The Indenture Trustee Upon receipt of the proceeds of the sale of the Notes, on the Closing Date, the Issuer shall, promptly upon receiptfrom the proceeds of the sale of the Notes, deposit deposit, on behalf of the Noteholders, in the Pre-Funding Account and retain therein Account, the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the DepositorAmount. Funds deposited in the Pre-Funding Account shall be held invested in trust by Permitted Investments, at the Indenture Trustee for direction of the Bondholders for Servicer, in accordance with Section 8.12 hereof and Section 3.14 of the uses Sale and purposes set forth herein.
(b) Servicing Agreement. The Indenture Trustee will invest funds deposited in shall give notice to the Pre-Funding AccountIssuer, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than and the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day Insurer of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner location of the Pre-Funding Account when established and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the prior to any change thereof.
(b) On any Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Loan Transfer Date, the Depositor shall instruct in writing the Indenture Trustee shall to withdraw from the Pre-Funding Account an amount equal to 100% of the Stated aggregate Principal Balances as of the Subsequent Mortgage related Pre-Funding Loan Cut-off Date of the Pre-Funding Loans transferred and assigned sold to the Indenture Trustee for deposit in the Mortgage Pool Trust on such Subsequent Pre-Funding Loan Transfer Date and pay such amount to or upon the order of the Issuer Sponsor upon satisfaction of the conditions set forth in Section 2.05 Sections 2.02(b) and (c) of the Sale and Servicing Agreement with respect to such transfer and assignment;transfer. The Indenture Trustee may conclusively rely on such written instructions from the Depositor.
(iic) If the amount on deposit in the Pre-Funding Account Amount (other than Pre-Funding Earnings) has not been reduced to zero during by __________, 1998, after giving effect to any reductions in the Pre-Funding Period, on the day immediately following the termination of the Funding PeriodAmount pursuant to Section 8.8(b), the Indenture Trustee shall deposit into the Payment Account any amounts remaining in withdraw from the Pre-Funding Account on such date and deposit in the Distribution Account the entire remaining Pre-Funding Amount (exclusive of Pre-Funding Earnings) for distribution as provided in accordance with the terms hereof;Section 8.3(a) or 8.3(g), as applicable.
(iiid) To withdraw any amount not required to be deposited in On the _________, 1998 and __________, 1998 Distribution Dates the Indenture Trustee shall transfer from the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate to the Distribution Account the Pre-Funding Account upon the earlier Earnings, if any, applicable, respectively, to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principalsuch Distribution Dates.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
The Pre-Funding Account. [The Revolving Account].
(a) No later than The [Administrator] shall establish and maintain in its name, as [Administrator], a trust account entitled “[Pre-Funding Account] [Revolving Account], in trust for the benefit of the Holders of “Bayview Mortgage-Pass Through Certificates, Series [ ]” and the funds therein shall be used solely for the purchase of [Subsequent Mortgage Loans] [Additional Mortgage Loans]. The [Pre-Funding Account] [Revolving Account] shall be an Eligible Account and if the account ceases to be an Eligible Account, the [Administrator] shall establish a new [Pre-Funding Account] [Revolving Account] that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the [Pre-Funding Account] [Revolving Account] into such new [Pre-Funding Account] [Revolving Account]. On the Closing Date, the Indenture Trustee Depositor shall establish and maintain a segregated trust account that is an Eligible Accountcause to be deposited the [Pre-Funding Amount] [Revolving Amount], which shall be titled "into the [Pre-Funding Account] [Revolving Account]. On any subsequent Transfer Date, Deutsche Bank National provided the conditions set forth in Section 2.01(a) have been fully satisfied, the [Administrator] shall cause to be withdrawn from the [Pre-Funding Account ] [Revolving Account] an amount equal to the Transfer Price of any [Subsequent Mortgage Loans] [Additional Mortgage Loans] as of any applicable Transfer Date sold to the Trust Company, as indenture trustee for and to pay such Transfer Price to the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (Depositor. In no event shall the "[Administrator] withdraw from the [Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit ] [Revolving Account] an amount in excess of the [Pre-Funding Account and retain therein Amount] [Revolving Amount] or withdraw funds from the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the [Pre-Funding Account shall be held in trust by Account] [Revolving Account] during the Indenture Trustee [Pre-Funding Period] [Revolving Period] for the Bondholders for the uses and purposes set forth hereinany other purpose.
(b) The Indenture Trustee will invest funds deposited Funds in the [Pre-Funding Account, as directed ] [Revolving Account] may be invested by the Master Servicer in writing, [Administrator] in Eligible Investments with a maturity date (i) no later than at the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day written direction of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom[Depositor]. All income and gain realized from investment of funds deposited in the Pre-Funding Account on such investments shall be included in Available Funds at for the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate benefit of the Indenture Trustee manages or advises such investment, or [Depositor] and shall be subject to withdrawal on each Payment Date, if order by the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof[Depositor] from time to time. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss losses incurred in respect of any such Eligible Investment immediately upon realization investments shall be paid by the [Depositor] by a deposit in the [Pre-Funding Account] [Revolving Account] out of such loss its own funds, without any right of reimbursement therefor.
(c) Amounts on deposit in , immediately as realized. On the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date Business Day immediately following the end of the [Pre-Funding Period and (B) Period] [Revolving Period], the termination of this Indenture, with [Administrator] shall transfer any amounts remaining on deposit therein being paid in the [Pre-Funding Account] [Revolving Account] to the Certificate Account for distribution on the Payment Date occurring in [ ] as principal to the Holders of the Bonds then entitled to distributions Notes in respect of principalaccordance with this Article VI.]
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Bayview Financial Securities Co LLC)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 20022003-6F8" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the aggregate Stated Principal Balances of the related Group 1 Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture The Trustee shall establish and maintain in its name, as trustee, a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account")) entitled "Pre-Funding Account, Bank One, National Association, as Trustee, in trust for the benefit of the Holders of Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2002-BC1". The Indenture Pre-Funding Account shall be an Eligible Account and if it ceases to be an Eligible Account, the Trustee shallshall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the Existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, promptly upon receiptthe Depositor shall cause to be deposited into the Pre-Funding Account, the Initial Pre-Funding Account. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(b) have been fully satisfied, the Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Trust Fund and to pay such Transfer Price to the Depositor. In no event shall the Trustee withdraw from the Pre-Funding Account an amount in excess of the Initial Pre-Funding Account or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.
(b) Funds in the Pre-Funding Account may be invested by this Trustee in Eligible Investments at the direction of the Depositor. All income and gain on such investments shall be for the benefit of the Depositor and shall be subject to withdrawal on order by the Depositor from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Depositor by a deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Accountout of its own funds, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts , immediately as realized. In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Pre-Funding Account shall be withdrawn by invested in a money market or common trust fund as described in paragraph (viii) of the Indenture Trustee as follows:definition of "Eligible Investment" set forth in Article I.
(ic) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from Business Day immediately following the end of the Pre-Funding Account an amount equal to 100% of Period, the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such shall transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Certificate Account for distribution on the Distribution Date occurring in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid May 2002 as principal to the Holders of the Bonds then entitled Certificates in accordance with Article V. The Pre-Funding Account shall be an asset of the Trust Fund but not be an asset of any REMIC created pursuant to distributions in respect of principalthis Agreement.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F8" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders and the Bond Insurer for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.,
Appears in 1 contract
The Pre-Funding Account. (a) No later than The Indenture Trustee shall establish and maintain in the Closing Datename of the Securities Intermediary an account (the “Pre-Funding Account”) entitled “Pre-Funding Account, JPMorgan Chase Bank, as Indenture Trustee, in trust for the benefit of the Holders of Structured Asset Securities Corporation Mortgage Loan Trust 2002-9 Mortgage-Backed Securities, Series 2002-9”. The Pre-Funding Account shall be an Eligible Account and if it ceases to be an Eligible Account, the Indenture Trustee shall establish and maintain a segregated trust account new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, which the Depositor shall cause to be titled "deposited into the Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Initial Pre-Funding Account"). The On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(b) have been fully satisfied, the Indenture Trustee shall, promptly upon receipt, deposit in shall cause to be withdrawn from the Pre-Funding Account an amount equal to Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer and retain therein to pay such Transfer Price to the Original Pre-Funded Amount remitted on the Closing Date to Depositor. In no event shall the Indenture Trustee by the Depositor. Funds deposited in withdraw from the Pre-Funding Account shall be held an amount in trust by excess of the Indenture Trustee Initial Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for the Bondholders for the uses and purposes set forth hereinany other purpose.
(b) The Indenture Trustee will invest may invest, or cause to be invested, funds deposited held in the Pre-Funding Account, as directed by at the Master Servicer in writingdirection of the Seller, which funds, if invested, shall be invested in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to may be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day obligations of the Indenture Trustee's receipt thereof). For federal income tax purposesAll such investments must be payable on demand or mature no later than one Business Day prior to the next Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the Master Servicer shall be the owner name of the Pre-Funding Account and shall report all items of income, deduction, gain Indenture Trustee (in its capacity as such) or loss arising therefromits nominee. All income and gain realized from any such investment shall be held in trust for the benefit of funds deposited in Securityholders until withdrawn from the Pre-Funding Account as provided in this Article V. The amount of any losses incurred in respect of any such investments shall be included in Available Funds at paid by the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall Seller for deposit in the Pre-Funding Account the amount out of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss its own funds, without any right of reimbursement therefor.
(c) Amounts , immediately as realized. In the event the Seller does not provide written direction to the Indenture Trustee pursuant to this Section, all funds on deposit in the Pre-Funding Account shall be withdrawn by invested in a money market or common trust fund as described in paragraph (viii) of the Indenture Trustee as follows:definition of “Eligible Investment” set forth in Article I.
(ic) On any Subsequent Transfer Datethe Business Day immediately following the end of the Pre-Funding Period, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Note Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) on the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid occurring in August 2002 as principal to the Holders of the Bonds then entitled to distributions Notes in respect accordance with Section 5.03(c). The Pre-Funding Account shall be an asset of principalthe Trust Estate.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Structured Asset Securities Corp Mort Back Notes Ser 2002 9)
The Pre-Funding Account. (a) No later than The Indenture Trustee shall establish and maintain in the Closing Datename of the Securities Intermediary an account (the “Pre-Funding Account”) entitled “Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the benefit of the Holders of SASCO Mortgage Loan Trust 2003-GEL1 Mortgage Backed Notes, Series 2003-GEL1”. The Pre-Funding Account shall be an Eligible Account and if it ceases to be an Eligible Account, the Indenture Trustee shall establish and maintain a segregated trust account new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, which the Depositor shall cause to be titled "deposited into the Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account")Amount. The On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(b) have been fully satisfied, the Indenture Trustee shall, promptly upon receipt, deposit in shall cause to be withdrawn from the Pre-Funding Account an amount equal to Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer and retain therein to pay such Transfer Price to the Original Pre-Funded Amount remitted on the Closing Date to Depositor. In no event shall the Indenture Trustee by the Depositor. Funds deposited in withdraw from the Pre-Funding Account shall be held an amount in trust by excess of the Indenture Trustee Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for the Bondholders for the uses and purposes set forth hereinany other purpose.
(b) The Indenture Trustee will invest may invest, or cause to be invested, funds deposited held in the Pre-Funding Account, as directed by at the Master Servicer in writingdirection of the Depositor, which funds, if invested, shall be invested in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to may be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day obligations of the Indenture Trustee's receipt thereof). For federal income tax purposesAll such investments must be payable on demand or mature no later than one Business Day prior to the next Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the Master Servicer shall be the owner name of the Pre-Funding Account and shall report all items of income, deduction, gain Indenture Trustee (in its capacity as such) or loss arising therefromits nominee. All income and gain realized from any such investment shall be held in trust for the benefit of funds deposited in Securityholders until withdrawn from the Pre-Funding Account as provided in this Article V. The amount of any losses incurred in respect of any such investments shall be included in Available Funds at paid by the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall Seller for deposit in the Pre-Funding Account the amount out of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss its own funds, without any right of reimbursement therefor.
(c) Amounts , immediately as realized. In the event the Depositor does not provide written direction to the Indenture Trustee pursuant to this Section, all funds on deposit in the Pre-Funding Account shall be withdrawn by invested in a money market or common trust fund as described in paragraph (viii) of the Indenture Trustee as follows:definition of “Eligible Investment” set forth in Article I.
(ic) On any Subsequent Transfer Datethe Business Day immediately following the end of the Pre-Funding Period, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Note Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) on the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid occurring in February 2004 as principal to the Holders of the Bonds then entitled to distributions Notes in respect accordance with Section 5.03(c).
(d) The Pre-Funding Account shall be an asset of principalthe Trust Estate.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
The Pre-Funding Account. (a) No later than The Securities Administrator shall establish and maintain in the name of the Trustee, an account (the “Pre-Funding Account”). The Pre-Funding Account for Pool 1 shall be entitled “Pool 1 Pre-Funding Account, Wachovia Bank, National Association, as Trustee, in trust for the benefit of the Holders of Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-5” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans for Pool 1. The Pre-Funding Account shall be an Eligible Account and if any such account ceases to be an Eligible Account, the Securities Administrator shall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the applicable Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Indenture Trustee Seller shall establish and maintain a segregated trust account that is an Eligible Account, which shall cause to be titled "deposited $44,996,305.28 into the Pre-Funding Account. On any Transfer Date, Deutsche Bank National Trust Companyprovided the conditions set forth in Section 2.1(b) have been fully satisfied, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (Securities Administrator shall cause to be withdrawn from the "Pre-Funding Account")Account an amount equal to the aggregate Transfer Price for any Subsequent Mortgage Loans as of such Transfer Date sold to the Trust Fund and to pay such Transfer Price to the Depositor. In no event shall the Securities Administrator withdraw from any Pre-Funding Account an amount in excess of the Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.
(b) Funds in the Pre-Funding Account may be invested by the Securities Administrator in Eligible Investments at the written direction of the Seller. All income and gain on such investments shall be for the benefit of the Seller and shall be subject to withdrawal on order by the Seller from time to time. The Indenture Trustee shall, promptly upon receipt, amount of any losses incurred in respect of any such investments shall be paid by the Seller by a deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Accountout of its own funds, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts , immediately as realized. In the event the Seller does not provide written direction to the Securities Administrator pursuant to this Section, all funds on deposit in the Pre-Funding Account shall be withdrawn by invested in a money market or common trust fund as described in paragraph (viii) of the Indenture Trustee as follows:definition of “Eligible Investments” set forth in Article I.
(ic) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from Business Day immediately following the end of the Pre-Funding Account an amount equal to 100% of Period, the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such Securities Administrator shall transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Distribution Account for distribution on the Distribution Date occurring in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid November 2005 as principal to the Holders of the Bonds then entitled related Certificates in accordance with Article IV.
(d) The Pre-Funding Account shall be an asset of the Trust Fund but shall not be an asset of any REMIC created pursuant to distributions in respect of principalthis Agreement.
Appears in 1 contract
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture The Trustee shall establish and maintain in its name, as trustee, a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F" (the "Pre-Funding Account")) entitled "Pre-Funding Account, Bank One, National Association, as Trustee, in trust for the benefit of the Holders of Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2002-BC2". The Indenture Pre-Funding Account shall be an Eligible Account and if it ceases to be an Eligible Account, the Trustee shallshall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the Existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, promptly upon receiptthe Depositor shall cause to be deposited into the Pre-Funding Account, the Initial Pre-Funding Account. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(b) have been fully satisfied, the Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Trust Fund and to pay such Transfer Price to the Depositor. In no event shall the Trustee withdraw from the Pre-Funding Account an amount in excess of the Initial Pre-Funding Account or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.
(b) Funds in the Pre-Funding Account may be invested by this Trustee in Eligible Investments at the direction of the Depositor. All income and gain on such investments shall be for the benefit of the Depositor and shall be subject to withdrawal on order by the Depositor from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Depositor by a deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Accountout of its own funds, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts , immediately as realized. In the event the Depositor does not provide written direction to the Trustee pursuant to this Section, all funds on deposit in the Pre-Funding Account shall be withdrawn by invested in a money market or common trust fund as described in paragraph (viii) of the Indenture Trustee as follows:definition of "Eligible Investment" set forth in Article I.
(ic) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from Business Day immediately following the end of the Pre-Funding Account an amount equal to 100% of Period, the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such shall transfer and assignment;
(ii) If the amount any amounts on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Certificate Account for distribution on the Distribution Date occurring in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid July 2002 as principal to the Holders of the Bonds then entitled Certificates in accordance with Article V. The Pre-Funding Account shall be an asset of the Trust Fund but not be an asset of any REMIC created pursuant to distributions in respect of principalthis Agreement.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
The Pre-Funding Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain a segregated trust account that is an Eligible Account, which shall be titled "Pre-Funding Account, Deutsche Bank National Trust Company, as indenture trustee for the registered holders of IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2002-6F2" (the "Pre-Funding Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account and retain therein the Original Pre-Funded Amount remitted on the Closing Date to the Indenture Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall be held in trust by the Indenture Trustee for the Bondholders and the Bond Insurer for the uses and purposes set forth herein.
(b) The Indenture Trustee will invest funds deposited in the Pre-Funding Account, as directed by the Master Servicer in writing, in Eligible Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if a Person other than the Indenture Trustee or an Affiliate manages or advises such investment, (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Indenture, if the Indenture Trustee or an Affiliate manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. For federal income tax purposes, the Master Servicer shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom. All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be included in Available Funds at the following times: (i) on the Business Day immediately preceding each Payment Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Payment Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, (ii) on the Business Day immediately preceding each Subsequent Transfer Date, if a Person other than the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment, or on each Subsequent Transfer Date, if the Indenture Trustee or an Affiliate of the Indenture Trustee manages or advises such investment or (iii) within one (1) Business Day of the Indenture Trustee's receipt thereof. The Master Servicer shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor.
(c) Amounts on deposit in the Pre-Funding Account shall be withdrawn by the Indenture Trustee as follows:
(i) On any Subsequent Transfer Date, the Indenture Trustee shall withdraw from the Pre-Funding Account an amount equal to 100% of the Stated Principal Balances of the Subsequent Mortgage Loans transferred and assigned to the Indenture Trustee for deposit in the Mortgage Pool on such Subsequent Transfer Date and pay such amount to or upon the order of the Issuer upon satisfaction of the conditions set forth in Section 2.05 with respect to such transfer and assignment;
(ii) If the amount on deposit in the Pre-Funding Account has not been reduced to zero during the Funding Period, on the day immediately following the termination of the Funding Period, the Indenture Trustee shall deposit into the Payment Account any amounts remaining in the Pre-Funding Account for distribution in accordance with the terms hereof;
(iii) To withdraw any amount not required to be deposited in the Pre-Funding Account or deposited therein in error; and
(iv) To clear and terminate the Pre-Funding Account upon the earlier to occur of (A) the Payment Date immediately following the end of the Funding Period and (B) the termination of this Indenture, with any amounts remaining on deposit therein being paid to the Holders of the Bonds then entitled to distributions in respect of principal.
Appears in 1 contract
Samples: Indenture (Imh Assets Corp)