Trust Accounts; Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or on behalf of the Owner Trustee for the benefit of the Securityholders, the Trust Accounts as provided in the Sale and Servicing Agreement. The Servicer shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Payment Statements.
Trust Accounts; Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or the Co-Owner Trustee for the benefit of the Residual Interestholders, the Trust Accounts as provided in Article V of the Sale and Servicing Agreement. The Indenture Trustee or Co-Owner Trustee shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Servicer's Monthly Remittance Report.
(b) On the Remittance Date of each month the Servicer shall instruct the Indenture Trustee to withdraw from the Collection Account the Available Collection Amount pursuant to Section 5.1(b)(2) of the Sale and Servicing Agreement and deposit such amount into the Note Distribution Account. Prior to each Distribution Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall either retain funds in the Note Distribution Account or make the withdrawals from the Note Distribution Account and deposits into the other Trust Accounts for distribution on such Distribution Date as required pursuant to Section 5.1(c) of the Sale and Servicing Agreement.
(c) On each Distribution Date and Redemption Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall make the following distributions from the amounts on deposit in the Note Distribution Account in the following order of priority (except as otherwise provided in Section 5.04(b)):
(i) (A) to the Servicer, an amount equal to the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1) of the Sale and Servicing Agreement) and all unpaid Servicing Compensation from prior due periods, (B) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Due Periods, (C) to the Company, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Due Periods, and (D) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Due Periods; and
(ii) to the Noteholders, the amounts set forth in Section 5.1(d) and Section 5.1(e) of the Sale and Servicing Agreement.
(d) On each Distribution Date and each Redemption Date, to the extent of the interest of the Indenture Trustee in the Certificate Distribution Account (as described in Se...
Trust Accounts; Distributions. Statements to Noteholders -------------------------
Trust Accounts; Distributions. Statements to Certificateholders and Noteholders
Trust Accounts; Distributions. Section 8.03. General Provisions Regarding Accounts Section 8.04. Servicer's Monthly Statements Section 8.05. Release of Collateral Section 8.06.
Trust Accounts; Distributions. On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or the Co-Owner Trustee for the benefit of the Residual Interestholders, the Trust Accounts as provided in Article V of the Sale and Servicing Agreement. The Indenture Trustee or Co-Owner Trustee shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Servicer's Monthly Remittance Report.
Trust Accounts; Distributions. 24 SECTION 5.1. Establishment of Trust Accounts................................................24 SECTION 5.2. Certain Reimbursements to the Servicer.........................................26 Table of Contents (continued) ARTICLE VI The Receivables Seller..............................................................27
Trust Accounts; Distributions. (a) On or before the issuance of the Certificates, Xxxxxx Mae shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of Upper Tier REMIC I that shall collectively be “Trust Account I,” (ii) in lieu of maintaining any such account or accounts, maintain Trust Account I by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Lower Tier Regular Classes and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Upper Tier REMIC I Certificates or (iii) maintain Trust Account I in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which Trust Account I is maintained may at any time be changed without notice to, or the approval of, Holders of the Upper Tier REMIC I Certificates so long as funds held in Upper Tier REMIC I by, or for the account of, the Trustee shall at all times be identified. To the extent that Trust Account I is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from Trust Account I shall be deemed to refer to credits and debits to the related books of the Trustee. Xxxxxx Xxx shall deposit in Trust Account I all distributions on the Lower Tier Regular Classes received by it as Trustee of Upper Tier REMIC I hereunder. All distributions on the Lower Tier Regular Classes deposited from time to time in Trust Account I, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in Trust Account I as part of Upper Tier REMIC I as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.05.
(b) On or before the issuance of the Certificates, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of REMIC II that shall collectively be “Trust Account II ,” (ii) in lieu of maintaining any such account or accounts, maintain Trust Account II by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Group 3 SMBS and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the REMIC II Certificates or (iii) maintain Trust Account II in the form of any combination of accou...
Trust Accounts; Distributions. On or before the issuance of the Certificates, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Trust Account,” (ii) in lieu of maintaining any such account or accounts, maintain the Trust Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Lower Tier Regular Classes and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or
Trust Accounts; Distributions. Statements to Noteholders SECTION 5.1. Establishment of Trust Accounts.............. 51 SECTION 5.2. Capitalized Interest Account................. 54 SECTION 5.3. Certain Reimbursements to the Servicer..................................... 55 SECTION 5.4. Application of Collections................... 55 SECTION 5.5. Withdrawals from Spread Account.............. 55 SECTION 5.6. Additional Deposits.......................... 56 SECTION 5.7. Distributions................................ 56 SECTION 5.8. Note Distribution Account.................... 58 SECTION 5.9. Pre-Funding Account.......................... 60 SECTION 5.10. Statements to Noteholders.................... 61 SECTION 5.11. Optional Deposits by the Insurer............. 62
