Accounts Distributions Sample Clauses
The "Accounts; Distributions" clause defines how financial accounts are maintained and how distributions of funds or profits are handled among parties. Typically, it outlines the procedures for tracking contributions, allocating earnings, and making payments or distributions, such as specifying when and how partners or shareholders receive their share of profits. This clause ensures transparency and fairness in financial dealings, helping to prevent disputes by clearly setting out the rules for managing and distributing funds.
Accounts Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Owners and the Note Insurer, the Accounts as provided in the Sale and Servicing Agreement. The Indenture Trustee shall deposit amounts into the Accounts in accordance with the terms hereof and the Sale and Servicing Agreement.
(b) On or before the Monthly Remittance Date prior to each Payment Date, the Servicer shall withdraw from the Principal and Interest Account the amounts specified in Section 3.03(a) of the Sale and Servicing Agreement and will deliver such amount to the Indenture Trustee for deposit into the Pool I Note Account. No later than the Business Day prior to each Payment Date, to the extent funds are available in the Pool I Note Account, the Indenture Trustee shall either retain funds in the Pool I Note Account or make the withdrawals from the Pool I Note Account and deposits into the other Accounts for distribution on such Payment Date as required pursuant to Section 3.03(b) of the Sale and Servicing Agreement.
(c) On each Payment Date and the Redemption Date, to the extent funds are available in the Pool I Note Account, the Indenture Trustee shall make the following distributions from the amounts on deposit in the Pool I Note Account in the following order of priority (except as otherwise provided in Section 5.4(b)):
(i) to the Owners of the Notes, the Current Interest for such Payment Date; provided, that if there are not sufficient funds in the Pool I Note Account to pay the entire amount of accrued and unpaid interest then due on the Notes, the amount in the Pool I Note Account shall be applied to the payment of such interest on the Notes pro rata on the basis of the total such interest due on the Notes; and
(ii) to the Owners of the Notes, the Pool I Principal Payment Amount for such Payment Date until the Pool I Note Principal Balance is reduced to zero.
(d) The Indenture Trustee shall make claims in respect of the Home Equity Loans under the Note Insurance Policy pursuant to Section 7.02 of the Sale and Servicing Agreement and in accordance with the Note Insurance Policy. The Indenture Trustee shall deposit any Insured Payment received from the Note Insurer in respect of the Notes in the Pool I Note Account. All amounts received under the Note Insurance Policy in respect of the Notes shall be used solely for the payment to Owners of principal and interest on the Notes.
Accounts Distributions. 51 SECTION 8.3 [Reserved]..............................................................................52 SECTION 8.4 Servicer's Monthly Statements...........................................................52 SECTION 8.5 [Reserved]..............................................................................52 SECTION 8.6
Accounts Distributions. (a) On or prior to the Closing Date, the Indenture Trustee shall establish and maintain or cause to be established and maintained, in the name of the Indenture Trustee for the benefit of the Noteholders and the Transferor, the Collection Account as provided in Article V of the Sale and Servicing Agreement into which amounts shall be deposited in accordance with the terms of the Sale and Servicing Agreement.
(b) The Indenture Trustee shall deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received by it, if any, and any other amounts required by the terms of the Transaction Documents to be deposited, immediately following receipt thereof. Amounts on deposit in the Collection Account may be invested in Permitted Investments pursuant to Section 3.02(d) of the Sale and Servicing Agreement.
(c) On each Payment Date and the Redemption Date, to the extent funds are available in the Collection Account, the Indenture Trustee shall make the distributions and payments in the amounts and in the priority set forth in Section 5.01 of the Sale and Servicing Agreement (except as otherwise provided in Section 5.4(b) herein).
(d) On each Payment Date and the Redemption Date, to the extent of the interest of the Indenture Trustee in the Collection Account (as described in Section 5.01 of the Sale and Servicing Agreement), the Indenture Trustee hereby authorizes the Owner Trustee or the Paying Agent, as applicable, to make the distributions from the Collection Account as required pursuant to Section 5.01 of the Sale and Servicing Agreement.
Accounts Distributions. On or prior to the Closing Date, the Indenture Trustee shall establish and maintain or cause to be established and maintained, in the name of the Indenture Trustee for the benefit of the Noteholders, and the Insurer, the Principal and Interest Account as provided in Article III of the Sale and Servicing Agreement and the Distribution Account and the Cross-Collateralization Reserve Accounts as provided Article V of the Sale and Servicing Agreement, into which amounts shall be deposited in accordance with the terms of the Sale and Servicing Agreement.
Accounts Distributions. 37 SECTION 8.3
Accounts Distributions. Statements to Noteholders -------------------------
Accounts Distributions. 36 SECTION 8.3
Accounts Distributions. [Reserved] Section 8.4. Master Servicer’s Monthly Statements Section 8.5. [Reserved] Section 8.6. Opinion of Counsel
Accounts Distributions. STATEMENTS TO NOTEHOLDERS -------------------------
Accounts Distributions. Section 4.01. Certificate Account; Security Distributions 18 Section 4.02. REMIC Trust Accounts; Distributions 18 Section 4.03. Investments. 19 Section 4.05. Withdrawals from Accounts. 20 ARTICLE V RESIDUAL CERTIFICATES Section 5.01. Execution, Authentication, Availability and Dating of the Residual Certificates 21 Section 5.02. Registration and Registration of Transfer of Residual Certificates 21 Section 5.03. Mutilated, Destroyed, Lost or Stolen Residual Certificates 23 Section 5.04. Persons Deemed Owners of the Residual Certificates 23 Section 5.05. Maintenance of Office or Agency for the Residual Certificates 23 Section 5.06. Reference in the Residual Certificates to Supplemental Agreements 24 Section 5.07. Amendment Relating to Transfers to Disqualified Organizations 24 Section 5.08. Demands, Notices, Communications 24 ARTICLE VI LIMITATION OF LIABILITY Section 6.01. General Limitation 25 Section 6.02. Measure of Liability 25 Section 7.01. Resignation 26 Section 7.02. Merger or Consolidation 26 Section 7.03. Voting Under any SMBS Trust Agreement 26 Section 7.04. Succession Upon Default 27 Section 7.05. ▇▇▇▇▇▇ Mae as Holder 28