Accounts; Investment; Collection of Moneys Clause Samples

The "Accounts; Investment; Collection of Moneys" clause establishes the procedures and responsibilities for managing, investing, and collecting funds related to the agreement. It typically outlines how accounts are to be set up and maintained, specifies who is authorized to invest or withdraw funds, and details the process for collecting payments or other receivables. For example, it may require that all payments be deposited into a designated account and that investments be made only in approved instruments. The core function of this clause is to ensure proper handling and oversight of financial assets, reducing the risk of mismanagement and providing transparency in the flow of funds.
Accounts; Investment; Collection of Moneys. (a) The Trust hereby directs the Indenture Trustee to establish, on or before the Closing Date, at its Corporate Trust Office, one or more Eligible Accounts that shall collectively be the "Payment Account". The Indenture Trustee shall promptly deposit in the Payment Account (i) the Servicer Remittance Amount received by it from the Servicer on the Servicer Payment Date pursuant to the Sale and Servicing Agreement, (ii) any other funds from any deposits to be made by the Servicer pursuant to the Sale and Servicing Agreement, (iii) any amount required to be deposited in the Payment Account pursuant to this Section 8.01, (iv) all amounts received pursuant to Section 8.03 hereof, (v) any amount required to be deposited pursuant to Section 8.05 hereof, (vi) the Termination Price received by it from either the Majority Certificateholder or the Servicer on the Clean-up Call Date pursuant to Section 10.01, and (vii) all other amounts for the Mortgage Loan Pool received for deposit in the Payment Account, including the payment of any Loan Repurchase Price for a Mortgage Loan received by the Indenture Trustee. All amounts that are deposited from time to time in the Payment Account are subject to withdrawal by the Indenture Trustee for the purposes set forth in Sections 8.02 hereof. All funds withdrawn from the Payment Account pursuant to Section 8.02 hereof for the purpose of making payments to the Holders of Notes shall be applied in accordance with Sections 3.03 and 8.02 hereof. (b) [Reserved] (c) [Reserved] (d) So long as no Default or Event of Default shall have occurred and be continuing, amounts held in the Accounts, other than the Note Insurance Payment Account, shall at the written direction of the Servicer be invested in Permitted Investments, which Permitted Investments shall mature no later than the Business Day preceding the immediately following Payment Date. All income or other gains, if any, from investment of moneys deposited in the Payment Account and Collection Account shall be for the benefit of the Servicer and on each Payment Date, any such amounts may be released from the Accounts and paid to the Servicer as part of its compensation for acting as Servicer. Any loss resulting from such investment of moneys deposited in an Account shall be reimbursed immediately as incurred to the related Account by the Servicer. Subject to Section 6.01 hereof and the preceding sentence, neither the Indenture Trustee nor the Servicer shall in any way be held liab...
View SourceView Similar (28)
Accounts; Investment; Collection of Moneys. (a) The Trust hereby directs the Indenture Trustee to establish, on or before the Closing Date, three Eligible Accounts that shall be the "Payment Accounts" for the Notes. Each Payment Account shall relate to one of each of the three Classes of Notes. The Indenture Trustee shall promptly deposit in the related Payment Account (i) the Servicer Remittance Amount for the related Group received by it from the Master Servicer on the Servicer Payment Date pursuant to the Sale and Servicing Agreement, (ii) any other funds from any deposits for such Group to be made by the Master Servicer pursuant to the Sale and Servicing Agreement, (iii) any amount for such Group required to be deposited in such Payment Account pursuant to this Section 8.01(c), (iv) all amounts for such Group received pursuant to Section 8.03 hereof, (v) the Termination Price received by it from the Sponsor on the related Clean-up Call Date pursuant to Section 10.01, (vi) on each Payment Date, in accordance with the Indenture Trustee's Remittance Report, (A) until the Shortfall Amount for the related Class, is paid in full, and (B) until the amount specified in clause (v) of Section 8.02 for such group is paid in full, in each case, first, pro rata from the Payment Account relating to each of the other Classes of Notes based on the amount of Net Monthly Excess Cashflow for such other Classes of Notes, to the extent of the Net Monthly Excess Cashflow from the related Groups of Mortgage Loans and second, from each Reserve Account, an amount equal to the product of (A) a fraction, the numerator of which is the amount on deposit in such Reserve Account and the denominator of which is the aggregate amounts on deposit in all three Reserve Accounts and (B) the Shortfall Amount after giving effect to this Section 8.01(a)(vi)(B) first, (vii) any amounts received from the related Pre-Funding Account, (viii) any amounts received from the Capitalized Interest Account allocable to such Payment Account, (ix) on each Payment Date, from each Reserve Account an amount equal to the product of (A) a fraction, the numerator of which is the amount on deposit in the such Reserve Account and the denominator of which is the aggregate amounts on deposit in all three Reserve Accounts and (B) the Reserve Account Release Amount, and (x) all other amounts for such Group received for deposit in such Payment Account, including the payment of any Loan Repurchase Price or Substitution Adjustment for a Mortgage Loan in such Grou...
View SourceView Similar (11)
Accounts; Investment; Collection of Moneys. (a) The Issuing Entity hereby directs the Indenture Trustee to establish, on or before the Closing Date, an Eligible Account that shall be the “Payment Account” for the Notes. The Indenture Trustee shall promptly upon receipt, deposit in the Payment Account and retain therein the Interest Remittance Amount and the Principal Remittance Amount remitted on each Servicer Remittance Date to the Indenture Trustee by the Servicer and any other funds from any deposits to be made by the Servicer pursuant to the Sale and Servicing Agreement. All amounts that are deposited from time to time in the Payment Account are subject to withdrawal by the Indenture Trustee for the purposes set forth in Section 8.01 hereof. All funds withdrawn from the Payment Account pursuant to this Section 8.01 for the purpose of making payments to the Holders of Notes shall be applied in accordance with this Section 8.01 and Section 3.03 hereof. (b) On each Payment Date, the Indenture Trustee will apply the Available Funds to pay the Custodian Fees, the Owner Trustee Fees and the Indenture Trustee Fees for such Payment Date. On each Payment Date, funds will be applied in the following order of priority: (i) Concurrently,
View SourceView Similar (2)

Related to Accounts; Investment; Collection of Moneys

  • Collection of Moneys Except as otherwise expressly provided in this Agreement, the Trustee and the Paying Agent may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the Trustee or the Paying Agent, as the case may be, pursuant to this Agreement. The Trustee or the Paying Agent, as the case may be, shall hold all such money and property received by it as part of the Trust and shall distribute it as provided in this Agreement. If the Trustee or the Paying Agent, as the case may be, shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer, the Trustee or the Paying Agent, as the case may be, shall request the Master Servicer to make such distribution as promptly as practicable or legally permitted. If the Trustee or the Paying Agent, as the case may be, shall subsequently receive any such amount, it may withdraw such request.

  • Collection of Monies Except as otherwise expressly provided in this Agreement, the Trustee may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the Trustee pursuant to this Agreement. The Trustee shall hold all such money and property received by it as part of the Trust Fund and shall distribute it as provided in this Agreement. If the Trustee shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer, the Trustee shall request the Master Servicer to make such distribution as promptly as practicable or legally permitted. If the Trustee shall subsequently receive any such amount, it may withdraw such request.

  • Payments on Receivables, Collection Accounts The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no less than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after receipt and (y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five (5) Business Days after receipt. The Servicer shall not permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box), or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box) with the prior written consent of the Administrative Agent.

  • Disbursement of Moneys from Fund Custody Account Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases: (a) For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Trust and a bank which is a member of the Federal Reserve System or between the Trust and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities; (b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund; (c) For the payment of any dividends or capital gain distributions declared by the Fund; (d) In payment of the redemption price of Shares as provided in Section 5.01 below; (e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses; (f) For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund; (g) For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund; (h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and (i) For any other proper purpose, but only upon receipt of Proper Instructions, specifying the amount and purpose of such payment, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

  • Application of Money Collected Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: