Common use of Transfer to Paying Agent Clause in Contracts

Transfer to Paying Agent. (a) No later than each Distribution Date, the Trustee will withdraw and deliver to the Paying Agent from funds on deposit in one or more Certificate Accounts an amount equal to the Certificate Distribution Amount for each Trust; provided, however, that such withdrawal and delivery from any Certificate Account in respect of the portion of the Certificate Distribution Amount attributable to Mortgage Loans serviced by a particular Direct Servicer will be limited to funds relating to Mortgage Loans included in that Trust or in any other Trust or Other Xxxxxx Xxx Trust that are serviced by the related Direct Servicer; and provided further, that if such funds are insufficient, the Trustee will withdraw and deliver such funds as are then available on deposit subject to the limitation set forth in the preceding clause. The Trustee may consolidate funds in one or more Certificate Accounts (or through a clearing account at an Eligible Depository) prior to transfer to the Paying Agent. (b) At the direction of the Master Servicer, the Trustee will apply funds held in one or more Certificate Accounts that relate to Mortgage Loans serviced by a particular Direct Servicer in the same manner and subject to the same restrictions as permitted under Subsection 6.1(2)(b)(i) and (ii) and Section 6.2(i).

Transfer to Paying Agent. ‌ (a) No later than each Distribution Date, the Trustee will withdraw and deliver to the Paying Agent from funds on deposit in one or more Certificate Accounts an amount equal to the Certificate Distribution Amount for each Trust; provided, however, that such withdrawal and delivery from any Certificate Account in respect of the portion of the Certificate Distribution Amount attributable to Mortgage Loans serviced by a particular Direct Servicer will be limited to funds relating to Mortgage Loans included in that Trust or in any other Trust or Other Xxxxxx Xxx Mae Trust that are serviced by the related Direct Servicer; and provided further, that if such funds are insufficient, the Trustee will withdraw and deliver such funds as are then available on deposit subject to the limitation set forth in the preceding clause. The Trustee may consolidate funds in one or more Certificate Accounts (or through a clearing account at an Eligible Depository) prior to transfer to the Paying Agent. (b) At the direction of the Master Servicer, the Trustee will apply funds held in one or more Certificate Accounts that relate to Mortgage Loans serviced by a particular Direct Servicer in the same manner and subject to the same restrictions as permitted under Subsection 6.1(2)(b)(i) and (ii) and Section 6.2(i).

Transfer to Paying Agent. (a) No later than each Distribution Date, the Trustee will withdraw and deliver to the Paying Agent from funds on deposit in one or more Certificate Accounts an amount equal to the Certificate Distribution Amount for each Trust; provided, however, that such withdrawal and delivery from any Certificate Account in respect of the portion of the Certificate Distribution Amount attributable to Mortgage Loans serviced by a particular Direct Servicer will be limited to funds relating to Mortgage Loans included in that Trust or in any other Trust or Other Xxxxxx Xxx Mae Trust that are serviced by the related Direct Servicer; and provided further, that if such funds are insufficient, the Trustee will withdraw and deliver such funds as are then available on deposit subject to the limitation set forth in the preceding clause. The Trustee may consolidate funds in one or more Certificate Accounts (or through a clearing account at an Eligible Depository) prior to transfer to the Paying Agent. (b) At the direction of the Master Servicer, the Trustee will apply funds held in one or more Certificate Accounts that relate to Mortgage Loans serviced by a particular Direct Servicer in the same manner and subject to the same restrictions as permitted under Subsection 6.1(2)(b)(i) and (ii) and Section 6.2(i).