Indirect Depository Participant definition

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Indirect Depository Participant. An institution that is not a Depository Participant but clears through or maintains a custodial relationship with Participants and has access to the Depository's clearing system. Initial Monthly Payment Fund: $0.00 representing scheduled principal amortization and interest at the Net Mortgage Rate during the month of October 2006, for those Mortgage Loans for which the Trustee will not be entitled to receive such payment in accordance with the definition of "Trust Fund." The Initial Monthly Payment Fund will not be part of any REMIC.

Indirect Depository Participant. An institution that is not a Depository Participant but clears through or maintains a custodial relationship with a Depository Participant and has access to the Depository's clearing system.

Examples of Indirect Depository Participant in a sentence

Any Certificate Owner of a Special Retail Certificate that has requested a principal distribution may withdraw its request by so notifying in writing the Depository Participant or Indirect Depository Participant that maintains such Certificate Owner's account.
In the event that such account is maintained by an Indirect Depository Participant, such Indirect Depository Participant must notify the related Depository Participant which in turn must forward the withdrawal of such request on the Depository's participant terminal system.
The Depository Participant should in turn make the request of the Depository (or, in the case of an Indirect Depository Participant, such Indirect Depository Participant must notify the related Depository Participant of such request, which Depository Participant should make the request of the Depository) on the Depository's participant terminal system.
The Depository Participant should in turn make the request of the Depository (or, in the case of an Indirect Depository Participant, such Indirect Depository Participant must notify the related Depository Participant of such request, which Depository Participant should make the request of the Depository) in the manner required under the rules and regulations of the Depository's APUT System.
If such account is maintained by an Indirect Depository Participant, such Indirect Depository Participant must notify the related Depository Participant which in turn must forward the withdrawal of such request, in the manner required under the rules and regulations of the Depository's APUT System, to the Depository to be forwarded to the Trustee.
None of the Depositor, the Servicer or the Trustee shall be liable for any delay in delivery of requests for distributions or withdrawals of such requests by the Depository, a Depository Participant or any Indirect Depository Participant.
Any Certificate Owner of an Insured Certificate that has requested a distribution may withdraw its request by so notifying in writing the Depository Participant or Indirect Depository Participant that maintains such Certificate Owner's account.
None of the Depositor, the Master Servicer or the Trustee shall be liable for any delay in delivery of requests for distributions or withdrawals of such requests by the Depository, a Depository Participant or any Indirect Depository Participant.
If such account is maintained by an Indirect Depository Participant, such Indirect Depository Participant must notify the related Depository Participant which in turn must make the request of the Depository or on the Depository's participant terminal system.
None of the Company, the Master Servicer or the Trustee shall be liable for any delay in delivery of requests for distributions or withdrawals of such requests by the Depository, a Depository Participant or any Indirect Depository Participant.

More Definitions of Indirect Depository Participant

Indirect Depository Participant. A broker, dealer, bank or other financial institution or other Person maintaining a custodial relationship with a Depository Participant. Initial Bankruptcy Loss Amount: $187,950.00.

Indirect Depository Participant. An institution that is not a Depository Participant but clears through or maintains a custodial relationship with Participants and has access to the Depository's clearing system. INITIAL MONTHLY PAYMENT FUND: $172,107, representing scheduled principal amortization and interest at the Net Mortgage Rate during the Due Period ending in October 2001, for those Mortgage Loans for which the Trustee will not be entitled to receive such payment in accordance with the definition of "Trust Fund".

Indirect Depository Participant. A Person for whom from time to time a Depositor Participant effects book-entry transfers and pledges of securities deposited with the Depository.