THE SPREAD ACCOUNT Sample Clauses
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THE SPREAD ACCOUNT. Lender acknowledges that pursuant to the Spread Account Agreement, Borrower, as holder of the Certificate, has pledged and created a security interest in certain funds and property in the account designated in the Spread Account Agreement as the "Series 2000-1
THE SPREAD ACCOUNT. Section 5.1. Withdrawals from Spread Account in respect of Deficiency Claim Amount.
(a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the sum of the amount of the Available Funds deposited in the Collection Account with respect to such Determination Date is less than the sum of the amounts payable on the related Payment Date pursuant to clauses (i) through (v) of Section 4.6 for the related Payment Date (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date immediately preceding such Payment Date, the Trustee shall deliver to the Collateral Agent, the Security Insurer, the Issuer and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date.
(b) Any Deficiency Notice shall be delivered by 1:00 p.m., New York City time, on the Deficiency Claim Date immediately preceding such Payment Date (so long as the Trustee received the Servicer's Certificate no later than 10:00 a.m., New York City time, at least one Business Day prior to the Deficiency Claim Date). The Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 4.5.
Section 5.2. Withdrawals from Spread Account in respect of Noteholders' Excess Principal Payment Amount or following the occurrence of an Insurer Default. So long as an Insurer Default shall not have occurred and be continuing, in the event that the Servicer's Certificate with respect to any Determination Date shall state that the next succeeding Payment Date is a Trigger Date, or in the event that the Trustee has received notice from the Security Insurer of the occurrence of an Insurance Agreement Event of Default, no later than 1:00 p.m. New York City time on the Deficiency Claim Date immediately preceding such Payment Date or following receipt of such notice (so long as the Trustee received such notice no later than 10:00 a.m., New York City time, at least one Business Day prior to the Deficiency Claim Date), as the case may be, the Trustee shall deliver to the Collateral Agent, the Placement Agent, the Security Insurer, the Issuer and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Tri...
THE SPREAD ACCOUNT. Section 5.1. Withdrawals from Spread Account in respect of Deficiency Claim Amount....................... 55 Section 5.2. Withdrawals from Spread Account in respect of Noteholders' Excess Principal Payment Amount or following the occurrence of an Insurer Default....................................... 55
THE SPREAD ACCOUNT. The Servicer, for the benefit of the Senior Certificateholders, shall cause to be established and maintained in the name of the Trustee, with an office or branch of a Qualified Institution (including Bankers Trust Company), a segregated trust account for the Series 1997-1 (the "SPREAD ACCOUNT") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Senior Certificateholders. The Servicer shall give written notice to the Trustee of the location and account number of the Spread Account and shall notify the Trustee in writing prior to any subsequent change thereof. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Spread Account and in all proceeds thereof. The Spread Account shall be under the sole dominion and control of the Trustee for the benefit of the Senior Certificateholders. The Transferor does hereby transfer, assign, set-over, and otherwise convey to the Trust for the benefit of the Senior Certificateholders, without recourse, all of its right, title and interest in, to and under:
(i) the Spread Account, all funds, and all investment property, certificates and instruments, if any, from time to time representing or evidencing or held in the Spread Account;
(ii) all investments of amounts on deposit in the Spread Account from time to time and all investment property, certificates and instruments, if any, from time to time representing or evidencing such investments;
(iii) all notes, certificates of deposit, investment property and other instruments from time to time hereafter delivered to or otherwise possessed by the Trustee for and on behalf of the Transferor in substitution for or in addition to any of the then existing Spread Account property;
(iv) all interest, dividends, cash, investment property, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of the existing Spread Account property; and
(v) all additional property designated as being Spread Account property that may from time to time hereafter be assigned or pledged to the Trustee for the benefit of the Series 1997-1 Certificateholders hereunder by the Transferor or by any Person on the Transferor's behalf.
THE SPREAD ACCOUNT. SECTION 5.1. Withdrawals from Spread Account in respect of Deficiency Claim Amount . . . . . . . . .