Base Trust Account definition
Examples of Base Trust Account in a sentence
To the extent that the Base Trust Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Base Trust Account shall be deemed to refer to credits and debits to the related books of the Trustee.
All amounts deposited from time to time in the Base Trust Account, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Base Trust Account as part of the Base Trust as herein provided, subject to withdrawal by ▇▇▇▇▇▇ Mae for the purposes set forth in Section 3.04.
All amounts deposited from time to time in the Base Trust Account, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Base Trust Account as part of the Base Trust as herein provided, subject to withdrawal by ▇▇▇▇▇▇ Mae for the purposes set forth in Section 4.05.
For federal income tax purposes, the portion of the Base Trust consisting of (i) the Group 1 Loans and all proceeds thereof and (ii) the Base Trust Account and all amounts held therein or credited thereto will be treated as a grantor trust under Subpart E, Part I of Subchapter J of the Code and not as an association taxable as a corporation.
Any manner or manners in which the Base Trust Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Group 6 Class so long as funds held in the Base Trust Account by, or for the account of, the Trustee shall at all times be identified.
In the event that the amount on deposit in the Base Trust Account on any Distribution Date shall be less than the Group 6 and Group 8 Distribution Amounts, ▇▇▇▇▇▇ Mae shall provide from its own funds the amount of any insufficiency.
For federal income tax purposes, the portion of the Base Trust consisting of (i) the Group 2, Group 3 and Group 4 Loans and all proceeds thereof and (ii) the Base Trust Account and all amounts held therein or credited thereto will be treated as a grantor trust under Subpart E, Part I of Subchapter J of the Code and not as an association taxable as a corporation.
On each Distribution Date, ▇▇▇▇▇▇ ▇▇▇ shall withdraw from the portion of the Base Trust Account relating to the Group 6 Mortgage Loans, the Group 6 Distribution Amount distributable on the Group 6 Class, and shall make the distributions to the Holders of the Group 6 Class in the amounts and in the manner determined as provided herein.
Any manner or manners in which the Base Trust Account is maintained may at any time be changed (but must comply with clauses (i), (i) or (iii) above) without notice to, or the approval of, Holders of the Group 2, Group 3 and Group 4 Classes so long as funds held in the Base Trust Account by, or for the account of, the Trustee shall at all times be identified.
In the event that the applicable amount on deposit in the Base Trust Account on any Distribution Date shall be less than the Group 6 Distribution Amount, ▇▇▇▇▇▇ Mae shall provide from its own funds the amount of any insufficiency.