Pass-Through Trust Account definition

Pass-Through Trust Account means the segregated account established at an institution reasonably acceptable to the Buyer by and in the name of Pass-Through Trust Trustee for the benefit of the Pass-Through Trust, into which all collections, proceeds and Income received on account of or in respect of the Contributed Mortgage Loans shall be deposited.
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Pass-Through Trust Account means the “Beneficial Interest Account” held by the Pass-Through Trustee for the Pass-Through Trust pursuant to Article IV of the Pass-Through Trust Agreement.
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Examples of Pass-Through Trust Account in a sentence

  • If at any time the outstanding Purchase Price of the Purchased Certificate is greater than the sum of (i) the aggregate Asset Value of the Contributed Mortgage Loans subject to Transactions and (ii) amounts on deposit in the Servicer Account, Pass-Through Trust Account or Collection Account (a “Margin Deficit”), then Buyer may by notice to Seller require Seller to transfer to Buyer cash in an amount at least equal to the Margin Deficit (such requirement, a “Margin Call”).

  • With respect to the previous calendar month, on each Pass-Through Trust Distribution Date, Seller shall segregate all amounts collected on account of the Participation Interests, to be held in trust for the benefit of Buyer, and shall cause such collections to be remitted directly from the Pass-Through Trust Account to the Collection Account.

  • Except in accordance with the terms of the Pass-Through Trust Agreement or as required for deposit into the Collection Account in accordance with this paragraph, no amounts deposited into the Pass-Through Trust Account shall be removed without Buyer’s prior written consent.

  • The Buyer hereby covenants and agrees that it shall not deliver a Notice of Exclusive Control (as such term is defined in the Collection Account Control Agreement, the Pass-Through Trust Account Control Agreement or the Servicer Account Control Agreement) under the Collection Account Control Agreement, the Pass-Through Trust Account Control Agreement or the Servicer Account Control Agreement unless an Event of Default has occurred and is continuing and has not been waived in writing by Buyer.