Default Interest Distribution Account definition

Default Interest Distribution Account. The trust account or accounts created and maintained as a separate trust account or accounts by the Trustee pursuant to Section 3.05(d), which shall be entitled "LaSalle National Bank, as Trustee, in trust for Holders of Asset Securitization Corporation, Commercial Mortgage Pass-Through Certificates, Series 1997-D4, Default Interest Distribution Account" and which must be an Eligible Account. The Default Interest Distribution Account shall not be an asset of the Lower-Tier REMIC or the Upper-Tier REMIC formed hereunder.
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Default Interest Distribution Account. The trust account or accounts created and maintained as a separate trust account or accounts by the Bond Administrator pursuant to Section 3.05(e), which shall be entitled "▇▇▇▇▇ Fargo Bank Minnesota, National Association, as Trustee, in trust for Holders of Deutsche Mortgage & Asset Receiving Corporation, COMM 2000-C1 Commercial Mortgage Pass-Through Certificates, Default Interest Distribution Account" and which must be an Eligible Account. The Default Interest Distribution Account shall not be an asset of either Loan REMIC, the Lower-Tier REMIC or the Upper-Tier REMIC.
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Default Interest Distribution Account. The trust account or accounts created and maintained as a separate trust account or accounts by the Trustee pursuant to Section 3.05(d), which shall be entitled LaSalle National Bank, as Trustee, in trust for Holders of AMRESCO Commercial Mortgage Funding I Corporation, Commercial Mortgage Pass-Through Certificates, Series 1997-1,
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Examples of Default Interest Distribution Account in a sentence

  • The Default Interest Distribution Account shall be established and maintained as an Eligible Account.

  • The parties intend that the portions of the Trust Fund consisting of (i) the Default Interest and the Default Interest Distribution Account and (ii) the Excess Interest and the Excess Interest Distribution Account shall constitute, and that the affairs of the Trust Fund (exclusive of the Trust REMICs) shall be conducted so as to qualify such portion as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention.

  • On or before the Servicer Remittance Date related to each Distribution Date, the Servicer shall remit to the Trustee for deposit in the Default Interest Distribution Account an amount equal to (i) the amount of the aggregate Default Interest received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the Collection Account pursuant to clause (iii) of Section 3.06 (such amount, if any, the "Net Default Interest" for such Distribution Date).

  • The Servicer shall also be entitled pursuant to, and to the extent provided in, Sections 3.06(iv) and 3.07(b) to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), the Distribution Account, Upper-Tier Distribution Account, Default Interest Distribution Account, and the Excess Interest Distribution Account, any interest or other income earned on deposits therein.

  • Tier Distribution Account; Default Interest Distribution Account; and Excess Interest Distribution Account SECTION 3.06.

  • The Servicer shall also be entitled pursuant to, and to the extent provided in, Sections 3.06(iv) and 3.07(b) to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), the Lower-Tier Distribution Account, Upper-Tier Distribution Account, Default Interest Distribution Account, and Excess Interest Distribution Account any interest or other income earned on deposits therein.

  • On or before the Servicer Remittance Date related to each Distribution Date, the Servicer and the Co-Servicer shall remit to the Trustee for deposit in the Default Interest Distribution Account an amount equal to (i) the amount of the aggregate Default Interest received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the Collection Account pursuant to clause (iii) of Section 3.06 (such amount, if any, the "Net Default Interest" for such Distribution Date).

  • The Master Servicer and Paying Agent, as the case may be, shall give notice to each other, the Trustee, the Special Servicer and the Rating Agencies of the location of the Distribution Account, the Additional and Default Interest Distribution Account and Certificate Account as of the Closing Date and of the new location of the Certificate Account, the Distribution Account or the Additional and Default Interest Distribution Account, prior to any change thereof.

  • Tier Distribution Account; Default Interest Distribution Account; and Excess Interest Distribution Account.....................67 SECTION 3.06.

  • On or before the Servicer Remittance Date related to each Distribution Date, the Servicer shall remit to the Trustee for its deposit in the Default Interest Distribution Account an amount equal to (i) the amount of the aggregate Default Interest received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the Collection Account pursuant to clause (iii) of Section 3.06 (such amount, if any, the "Net Default Interest" for such Distribution Date).


More Definitions of Default Interest Distribution Account

Default Interest Distribution Account. The trust account or accounts created and maintained as a separate trust account or accounts by the Trustee pursuant to Section 3.05(e), which shall be entitled "LaSalle National Bank, as Trustee, in trust for Holders of Deutsche Mortgage & Asset Receiving Corporation, COMM 1999-1 Commercial Mortgage Pass-Through Certificates, Default Interest Distribution Account" and which must be an Eligible Account. The Default Interest Distribution Account shall not be an asset of the Lower-Tier REMIC, the Middle-Tier REMIC or the Upper-Tier REMIC formed hereunder.
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