Lower Tier Account definition

Lower Tier Account. The account created and maintained with respect to the Lower Tier REMIC Trust pursuant to Section 4.01 of the 2004-57 REMIC Trust Agreement and referred to therein as the “Certificate Amount.”
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Lower Tier Account. The account created and maintained pursuant to Section 4.03 hereof.
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Lower Tier Account. The Lower Tier REMIC 1 Account or the Lower Tier REMIC 2 Account, as applicable.
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Examples of Lower Tier Account in a sentence

  • On each Distribution Date, Xxxxxx Mae shall withdraw funds from the Lower Tier Account and shall make the distributions on the Lower Tier Regular Interests in the respective amounts and in the applicable manner determined pursuant to Section 2.2 and shall deposit the same in the Middle Tier Account.

  • No Eligible Investment may be sold while in the Lower Tier Account, the Middle Tier Account or the Certificate Account except to the extent that the Trustee believes that a sale of an Eligible Investment is desirable because of the possibility of a default by the obligor thereon or because such sale will not otherwise give rise to a tax under Section 860F(a)(5) of the Code.

  • To the extent that the Lower Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Lower Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee.

  • All or a portion of amounts in the Lower Tier Account, the Middle Tier Account or the Certificate Account maintained with an Eligible Depository Institution pursuant to clause (i) of the first sentence of Sections 4.5(a), 4.6(a) and 4.7(a) respectively, shall be invested and reinvested at the discretion and direction of the Trustee in one or more Eligible Investments bearing interest or sold at a discount.

  • Any manner or manners in which the Lower Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Lower Tier Interests so long as funds held in the Lower Tier REMIC by, or for the account of, the Trustee shall at all times be identified.

  • Amounts credited to the Lower Tier Account, the Upper Tier Account and the Certificate Account on any Distribution Date shall be withdrawn by Xxxxxx Mae for application towards the distributions required hereby.

  • All or a portion of amounts in the Lower Tier Account, Middle Tier Account, Upper Tier Account or Grantor Trust Account maintained with an Eligible Depository pursuant to clause (i) of Section 4.01, 4.01A, 4.02 or 4.03 shall be invested and reinvested at the discretion and direction of Xxxxxx Xxx in one or more Eligible Investments bearing interest or sold at a discount.

  • Withdrawals from the Lower Tier Account, the Upper Tier Account and the Certificate Account.

  • On each Distribution Date, the Trustee for the Lower Tier Trust Fund shall withdraw from the Lower Tier Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Interests in the respective amounts and in the applicable manner determined pursuant to Section 2.02 hereof.

  • All or a portion of amounts in the Lower Tier Account, the Upper Tier Account or the Base Trust Account maintained with an Eligible Depository pursuant to clause (i) of Section 4.01, 4.02 or 4.03, as applicable, shall be invested and reinvested at the discretion and direction of Xxxxxx Xxx in one or more Eligible Investments bearing interest or sold at a discount.

Related to Lower Tier Account

  • Lower Tier Interest As described in the Preliminary Statement.

  • Lower-Tier REMIC As described in the Preliminary Statement.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Lower Tier Participant refers any participant who has entered into a covered transaction with a First Tier Participant or other Lower Tier Participants (such as subcontractors and suppliers).

  • Certificate Distribution Account has the meaning assigned to such term in the Trust Agreement.

  • Lower Tier Principal Distribution Amount With respect to any calendar month, the sum of (i) the Cash Flow Distribution Amount and (ii) the Lower Tier Accrual Amount, if any.

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Class A Percentage Interest means, with respect to a Class A Member as of a given date, that percentage obtained by dividing the total number of Class A Units owned by such Member by the total number of Class A Units issued and outstanding.

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Lower-Tier Distribution Amount As defined in Section 5.02(a).

  • Upper-Tier REMIC As described in the Preliminary Statement.

  • Uncertificated Lower-Tier Interest A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-L Interest, Class 1-LS Interest, Class 2-L Interest, Class 2-LS Interest, Class 3-L Interest, Class 3-LS Interest, Class 4-L Interest and Class 4-LS Interest are Uncertificated Lower-Tier Interests.

  • Lower-Tier Regular Interest Each of the Class LT-A-1, Class LT-A-2, Class LT-M-1, Class LT-M-2, Class LT-B-1 and Class LT-Accrual Interests as described in the Preliminary Statement.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.