The Distribution Account definition

The Distribution Account and the Reserve Account shall be Eligible Accounts. Funds in the Distribution Account and in the Reserve Account shall not be invested. The Distribution Account and Reserve Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Paying Agent held under this Agreement.
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The Distribution Account shall be maintained as a "deposit account" (as defined in Section 9-102(a)(29), bearing a designation clearly indicating that the account and all funds deposited in it are held for the exclusive benefit of the Certificateholders. All amounts on deposit in the Distribution Account shall remain uninvested. Deutsche Bank hereby confirms the following with respect to the Distribution Account: (A) the Distribution Account shall be established and maintained as a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), (B) Deutsche Bank is an organization engaged in the business of banking and is acting in such capacity (in such capacity, the "Bank") in maintaining the Distribution Account and (C) the Trustee is the Bank's sole "customer" (within the meaning of Section 9-104 of the UCC) with respect to the Distribution Account (other than the Securities Account). Notwithstanding anything to the contrary and for the avoidance of doubt, if at any time the Bank shall receive any instructions originated by the Trustee directing the disposition of funds in the Distribution Account, the Bank shall comply with such instructions without further consent by the Depositor, the Underlying Certificate Seller or any other Person. Notwithstanding anything to the contrary, the Bank's "jurisdiction" (within the meaning of Section 9-304 of the UCC) is the State of New York. The Distribution Account Property shall be Delivered to the Securities Intermediary in accordance with the definition of "Delivery."
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The Distribution Account shall be maintained with a depository institution and shall satisfy the requirements set forth in the definition of Eligible Account. Funds in the Distribution Account shall be invested in accordance with Section 5.03 hereof. The Servicer may, at its option, maintain one account to serve as both the Distribution Account and the Collection Account, in which case, the account shall be entitled "Option One Owner Trust 2005-7 Collection/Distribution Account, Wells Fargo Bank, N.A., as Indenture Trustee, for the benefit of the ▇▇▇▇▇n One Owner Trust 2005-7
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Examples of The Distribution Account in a sentence

  • The Distribution Account shall consist of two separate subaccounts, each of which shall relate to a particular Mortgage Pool.

  • The Distribution Account and the Reserve Accounts shall be Eligible Accounts.

  • The Distribution Account and Reserve Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Paying Agent held under this Agreement.

  • The Distribution Account shall be an Eligible Account maintained with an Eligible Institution.

  • The Distribution Account shall consist of three separate subaccounts, each of which shall relate to a particular Mortgage Pool.

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

  • The Distribution Account and the Reserve Accounts shall be held separate and apart from and shall not be commingled with any other monies of or held by the Certificate Administrator, it being understood, however, that each Reserve Account shall be a subaccount of the Distribution Account.

  • The Distribution Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class A Noteholders.

  • The Distribution Account and deposits into the Distribution Account shall be deemed to have been made.

  • The Distribution Account shall be under the sole dominion and control of the Trustee for the benefit of the Holders of the Up-MACRO Holding Shares.


More Definitions of The Distribution Account

The Distribution Account shall be maintained as a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), bearing a designation clearly indicating that the account and all funds deposited in it are held for the exclusive benefit of the Certificateholders. All amounts on deposit in the Distribution Account shall remain uninvested. The Bank of New York ("BNY") hereby confirms the following with respect to the Distribution Account: (A) the Distribution Account shall be established and maintained as a "deposit account" (as defined in Section 9-102(a)(29) of the UCC), (B) BNY is an organization engaged in the business of banking and is acting in such capacity (in such capacity, the "Bank") in maintaining the Distribution Account and (C) the Trustee is the Bank's sole "customer" (within the meaning of Section 9-104 of the UCC) with respect to the Distribution Account (other than the Securities Account). Notwithstanding anything to the contrary and for the avoidance of doubt, if at any time the Bank shall receive any instructions originated by the Trustee directing the disposition of funds in the Distribution Account, the Bank shall comply with such instructions without further consent by the Depositor, the Underlying Certificate Seller or any other Person. Notwithstanding anything to the contrary, the Bank's "jurisdiction" (within the meaning of Section 9-304 of the UCC) is the State of New York. The Distribution Account Property shall be Delivered to the Securities Intermediary in accordance with the definition of "Delivery."
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The Distribution Account and the Reserve Account shall be Eligible Accounts. Funds in the Reserve Account shall not be invested. The Distribution Account and Reserve Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Paying Agent held under this Agreement. Funds in the Distribution Account may be invested and, if invested, shall be invested by, and at the risk of, the Paying Agent in Eligible Investments selected by the Paying Agent which shall mature, unless payable on demand, not later than such time on the Distribution Date which will allow the Paying Agent to make withdrawals from the Distribution Account under Section 5.3(b), and any such Eligible Investment shall not be sold or disposed of prior to its maturity unless payable on demand. All such Eligible Investments shall be made in the name of "LaSalle Bank National Association, as Trustee for the Holders of the Bear ▇▇▇▇▇▇▇ Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-TOP6 and the holder of any related B Note as their interests may appear." None of the Depositor, the Mortgagors, the Special Servicer, the Master Servicer, the Primary Servicer or the Trustee shall be liable for any loss incurred on such Eligible Investments. An amount equal to all income and gain realized from any such investment shall be paid to the Paying Agent as additional compensation and shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect of any such investments shall be for the account of the Paying Agent which shall deposit the amount of such loss (to the extent not offset by income from other investments) in the Distribution Account, as the case may be, out of its own funds immediately as realized. If the Paying Agent deposits in or transfers to the Distribution Account, as the case may be, any amount not required to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer such amount from the Distribution Account, as the case may be, any provision herein to the contrary notwithstanding.
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Related to The Distribution Account

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

  • 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.

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

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

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).