Accounts and Distributions Sample Clauses

Accounts and Distributions. For a given Series of Trust, the Depositor on behalf of the Trust shall establish such accounts with the Custodian as it deems necessary for the debit and credit of the Series of Trust’s assets, the distribution and/or reserve thereof, in kind or in cash to the related Unitholders, Trust Agents/Independent Contractors and other relevant parties. For a given Series of Trust, the Depositor on behalf of the Trust is authorized to borrow monies therefor.

Accounts and Distributions. The partnership agreement contains customary provisions regarding the partners' capital accounts, the allocation of profits and losses and distributions to the partners. The Partnership will make distributions to the partners so they may pay any taxes they incur in connection with their proportionate share of the results of operations of the Partnership. As the partner responsible for tax matters, Travelocity Holdings, Inc. makes tax elections for the Partnership and causes the Partnership to prepare tax returns. The partnership agreement provides that Travelocity must contribute to the Partnership the tax benefit that Travelocity realizes from the utilization of net operating loss carryforwards acquired from Preview Travel in the Preview Merger. As a result, the partners share the benefit associated with Preview Travel's losses in proportion to their ownership of the Partnership. In addition, the partnership agreement provides that Travelocity must make contributions to the Partnership if Travelocity receives tax benefits attributable to its share of the Partnership's losses. CERTAIN RELATED PARTY TRANSACTIONS In connection with the Preview Merger, Travelocity, the Partnership, Sabre and certain of Sabre's affiliates entered into various agreements governing the operations of the Partnership, the management of the day-to-day affairs of the Partnership by employees of Travelocity Holdings, Inc., the contributions of the assets and liabilities of the Travelocity business unit and Preview Travel to the Partnership and other agreements related to the separation of the Travelocity business unit from Sabre. These agreements are, from time to time, amended, supplemented or modified by the parties thereto and approved by the governance committee of Travelocity's Board of Directors, which committee oversees and advises on the policies, practices and procedures relating to the business and financial relationship between Sabre and Travelocity (the "Governance Committee"). These agreements are described below. NONCOMPETITION AGREEMENT. Sabre, Sabre Inc., Travelocity and the Partnership entered into a noncompetition agreement which generally prohibits Sabre and Sabre Inc., subject to certain exceptions, from competing with Travelocity in the consumer-direct real-time travel reservations, service and content business through the internet until March 7, 2002. In addition, Sabre and Sabre Inc. are prohibited during this period of time from owning 20% or more of the stock...

Accounts and Distributions. The Certificate Account; Collections on the Asset Certificates..................... 40 Section 4.2 Distributions...................................................................... 41 Section 4.3 Calculation of One-Month LIBOR..................................................... 46 Section 4.4

Accounts and Distributions. Section 4.1 The Certificate Account; Collections on the Asset ------------------------------------------------- Certificates. ------------- (a) The Trustee shall establish and maintain in its corporate trust department a separate trust account in its own name and designated "Certificate Account/CMC Securities Corporation II REMIC Pass-Through Certificates, Series 1996-C", which account shall be maintained at all times as an Eligible Account. All amounts received in respect of the Mortgage Assets by the Trustee shall be deposited in the Certificate Account immediately upon receipt, together with any Permitted Instruments in which such amounts shall be invested during the term of this Agreement (as the Company shall direct in writing from time to time), and any income or other gain realized from any such investment. Except as provided below, all fixed term investments in Permitted Instruments must mature before the Distribution Date next following the date of investment in such instruments, provided that Permitted Instruments issued by and constituting the direct and -------- ---- unconditional fixed-term payment obligations of the Trustee (including, but not limited to, pooled or common trust funds of the Trustee) may mature on the Distribution Date next following the date of investment in the same. No Permitted Instrument shall be sold before the maturity thereof if the sale thereof would result in the realization of gain prior to maturity unless the Company has obtained an Opinion of Counsel that such sale or disposition will not cause the Trust Fund to be subject to the tax on prohibited transactions under section 860F of the Code, or otherwise subject the Trust Fund to tax or cause the Series 1996-C REMIC to fail to qualify as a REMIC. If at any time the Company shall have failed to direct the investment of such monies, the Trustee shall invest such monies in Permitted Instruments. The Certificate Account shall be held by the Trustee for the benefit of the Certificateholders and the Certificate Insurer as part of the Trust Fund. Amounts in the Certificate Account on any Distribution Date in respect of the Mortgage Assets shall be disbursed as provided in Section 4.2. Subject to Section 7.1, the Trustee shall not be held liable by reason of its inability to make any required disbursements from the Certificate Account because of any insufficiency in the Certificate Account, including, but not limited to, any insufficiency resulting from any loss of invest...

Accounts and Distributions