Examples of Enhancement Account in a sentence
To the extent the unpaid portion of the principal of the Loan during such Interest Period equals or is less than the amount on deposit in the Credit Enhancement Account, the rate for such Interest Period on such principal portion shall be the LIBOR-Based Rate.
The Credit Enhancement Provider agrees that its interest in funds on deposit in the Credit Enhancement Account is subordinated to the interests of the Investor Certificateholders of the Series, as provided in this Agreement and in the Series Supplement.
In addition, any amounts paid to the Trustee as administrator of the Credit Enhancement on any Distribution Date with respect to the Total Available Credit Enhancement Amount or the Available Class B Credit Enhancement Amount pursuant to the terms of the Series Supplement also shall be deposited into the Credit Enhancement Account upon receipt of such funds by the Trustee.
The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Credit Enhancement Account and in all proceeds thereof.
The interest of the Credit Enhancement Provider in the Credit Enhancement Account shall be subordinated to the interests of the Certificateholders to the extent provided herein and in the Credit Enhancement Agreement.
The Credit Enhancement Account shall be under the sole dominion and control of the Trustee as the administrator of the Credit Enhancement for the benefit of the Certificateholders and the Credit Enhancement Provider; provided, however, the Master Servicer may make Credit Enhancement Drawings pursuant to, and for the purposes set forth in, Section 9.
The Credit Enhancement Provider shall not be entitled to reimbursement from the assets of the Trust for any withdrawals from the Credit Enhancement Account except as specifically provided in this Series Supplement.
The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Credit Enhancement Account.
Funds on deposit in the Credit Enhancement Account shall be invested in Permitted Investments by the Trustee as administrator of the Credit Enhancement at the direction of the Master Servicer, as set forth below.
On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date on funds on deposit in the Credit Enhancement Account shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement.