Common use of Trustee Collection Account Clause in Contracts

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture Trustee. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s expense addressed to the Indenture Trustee that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the Depositor. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture Trustee. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s 's expense addressed to the Indenture Trustee that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the Depositor. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following On the Closing Date the Depositor shall remit to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, an amount equal to approximately $228,346 representing the excess of the aggregate principal balance of the Mortgage Loans as of the statistical calculation date of August 8, 2003 over the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date. The principal amount deposited shall be paid on the first Payment Date as principal to the Holders of the Offered Notes entitled to receive principal on such Payment Date. In addition, following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) and (b) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, not invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture TrusteeInvestments. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s expense addressed to the Indenture Trustee and, so long as any Group I Notes are outstanding, the Enhancer that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net Net income on funds on deposit for the period from and including two business days preceding the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the DepositorTrustee. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following On the Closing Date and prior to the first Payment Date, the Depositor may also Seller shall remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor an amount equal to $37,703.08. From this amount $37,355.66 shall be treated as Principal Collections for Group II and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be remainder as Interest Collections for the account of the DepositorGroup II.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture Trustee. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s 's expense addressed to the Indenture Trustee that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the Depositor. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following On the Closing Date the Depositor shall remit to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, an amount equal to approximately $[____] representing the excess of the aggregate principal balance of the Mortgage Loans as of the statistical calculation date of ________ __, 200__ over the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date. The principal amount deposited shall be paid on the first Payment Date as principal to the Holders of the Offered Notes entitled to receive principal on such Payment Date. In addition, following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture TrusteeInvestments. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s 's expense addressed to the Indenture Trustee and, so long as any Senior Notes are Outstanding, the Enhancer that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all All net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the Depositor, as mutually agreed by those parties. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following On the Closing Date and prior to the first Payment Date, the Depositor may also shall remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if an amount equal to $984,328.73, representing the Depositor and excess of the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment aggregate initial Note Balance of interest due on the Offered Notes over the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, together with $3,133.58, representing accrued interest thereon from the Cut-Off Date up to the Closing Date. The principal amount deposited shall be paid on the initial first Payment Date as principal to the Holders of the Offered Notes entitled to receive principal on such Payment Date. All net income on such deposits deposit from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section Sections 3.05(a) and (b) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, shall invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only Account in Permitted Investments selected as directed by the Indenture TrusteeMaster Servicer on behalf of the Master Servicer until the Business Day prior to each Payment Date. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s expense addressed to the Indenture Trustee and, so long as any Group I Notes are outstanding, the Enhancer that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net Net income on funds on deposit for the period from and including one Business Day preceding the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net Trustee. Net income on funds on deposit for the funds in the Trustee Collection Account other Business Days shall be for the account of the DepositorMaster Servicer. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or with respect to the Depositor one Business Day preceding the Payment Date and by the Master Servicer with respect to the other Business Days out of their such party’s own funds immediately as incurred. Following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) and (b) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture TrusteeInvestments. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s 's expense addressed to the Indenture Trustee and, so long as any Group I Notes are Outstanding, the Enhancer that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all All net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the Depositor, as mutually agreed by those parties. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their own funds immediately as incurred. Following On the Closing Date and prior to the first Payment Date, the Depositor may also shall remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if an amount equal to $1,586,040.41 representing the Depositor and excess of the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment aggregate initial Note Balance of interest due on the Offered Notes over the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date. The amount deposited shall be paid on the initial first Payment Date as principal to the Holders of the Offered Notes entitled to receive principal on such Payment Date. All net income on such deposits deposit from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor. In addition to such net income, the Depositor shall also be entitled to the payment of a fee equal to 0.03% per annum of the aggregate Principal Balance of the Mortgage Loans pursuant to Section 3.05(a)(i) and 3.05(b)(i) of the Indenture as compensation to it for providing administrative services to the Trust.

Trustee Collection Account. On each Master Servicer -------------------------- Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. On each Master Servicer Remittance Date the Master Servicer shall deposit into the Trustee Collection Account from its own funds an amount equal to the lesser of (i) the Prepayment Interest Shortfalls for the related collection period and (ii) its Servicing Fee for the related Collection Period prior to any reduction thereof on account of any Prepayment Interest Shortfall. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected by the Indenture TrusteeInvestments. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s 's expense addressed to the Indenture Trustee that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all All net income for the period from and including the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net income on the funds in the Trustee Collection Account shall be for the account of the DepositorTrustee. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or the Depositor out of their its own funds immediately as incurred. Following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.

Trustee Collection Account. On each Master Servicer Remittance Date, the Master Servicer shall transfer from the Collection Account to the Trustee Collection Account the amount necessary for the Indenture Trustee to make the required distributions pursuant to Section 3.05(a) 3.05 of the Indenture. Such requirement respecting deposits into the Trustee Collection Account is exclusive. In the event that any amount not required to be deposited into the Trustee Collection Account is so deposited, the Master Servicer may at any time direct the Indenture Trustee to withdraw such amount from the Trustee Collection Account and deliver it to or at the direction of Master Servicer, any provision herein to the contrary notwithstanding. The Indenture Trustee may, but need not, shall invest funds in the Trustee Collection Account, and if such funds are invested, they shall be invested only in Permitted Investments selected as directed by the Indenture TrusteeMaster Servicer on behalf of itself until the Business Day prior to each Payment Date. No Permitted Investment may be sold or disposed of at a gain prior to maturity, unless the Indenture Trustee shall have obtained an Opinion of Counsel at the Indenture Trustee’s expense addressed to the Indenture Trustee that such sale or disposition will not cause the Trust to be to be treated as an association (or a publicly-traded partnership) taxable as a corporation for federal income tax purposes. Except as otherwise agreed by the Indenture Trustee and the Depositor in writing, all net Net income on funds on deposit for the period from and including one Business Day preceding the Master Servicer Remittance Date up to and excluding the day prior to the related Payment Date shall be for the account of the Indenture Trustee and the remainder of the net Trustee. Net income on funds on deposit for the funds in the Trustee Collection Account other Business Days shall be for the account of the DepositorMaster Servicer. The amount of any losses incurred in respect therewith shall be deposited into the Trustee Collection Account by the Indenture Trustee and/or with respect to the Depositor one Business Day preceding the Payment Date and by the Master Servicer with respect to the other Business Days out of their such party’s own funds immediately as incurred. Following the Closing Date and prior to the first Payment Date, the Depositor may also remit funds to the Indenture Trustee for deposit in the Trustee Collection Account, or a subaccount of the Trustee Collection Account created by the Indenture Trustee, if the Depositor and the Indenture Trustee determine that without such remittance there would be a shortfall in the amount on deposit in the Trustee Collection Account available to be applied towards the payment of interest due on the Offered Notes on the initial Payment Date. All net income on such deposits from the Closing Date up to and not including the first Payment Date shall be for the account of the Depositor.