Distribution Accounts Sample Clauses
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Distribution Accounts. (a) The Parent Borrower shall irrevocably instruct each Affiliated Investor that directly or indirectly owns an Investment Asset, to make any and all Distributions from such Affiliated Investor that are payable to any Loan Party into one or more deposit accounts or securities accounts, as applicable, that is subject to a Control Agreement (within the time period set forth in Schedule 6.16 with respect to the Control Agreements required pursuant to Schedule 6.16) and maintained by such Loan Party at JPMorgan Chase Bank, N.A., ▇▇▇▇▇ Fargo Bank, N.A. or Bank of America, N.A., or any Affiliates thereof, or any other depositary bank or securities intermediary, as applicable, reasonably acceptable to the Administrative Agent (each such deposit account and securities account, a “Distribution Account”). If, despite such instructions, any Distribution is received by a Loan Party in contravention of the prior sentences, such Loan Party shall receive such Distribution in trust for the benefit of the Administrative Agent, and the Parent Borrower shall cause such Loan Party to segregate such Distribution from all other funds of such Loan Party and shall within two (2) Business Days following receipt thereof cause such Distribution to be deposited into a Distribution Account.
(b) Each Borrower and each Subsidiary Guarantor that directly or indirectly owns and holds any Investment Asset shall promptly (and in any event within two (2) Business Days) deposit any and all payments and other amounts received by such Borrower or such Subsidiary Guarantor relating to such Investment Asset or received by any Affiliated Investor that, directly or indirectly, owns such Investment Asset (including, without limitation, all payments of principal, interest, fees, indemnities or premiums in respect of such Investment Asset, and all proceeds from the sale or other disposition of, or from any exercise of any rights or remedies with respect to, such Investment Asset) into a Distribution Account.
(c) Notwithstanding the foregoing, the Parent Borrower and each other Loan Party shall have the right (i) to access and make withdrawals from its Distribution Account at any time unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account and (ii) in the case that an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account, to ac...
Distribution Accounts. The Trustee, for the benefit of the Investor Certificateholders of each Series, shall cause to be established and maintained in the name of the Trust, with an office or branch of a Qualified Institution a non-interest-bearing segregated demand deposit account for each Series (a "Distribution Account") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Investor Certificateholders of such Series. Each Distribution Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders of the related Series. Pursuant to the authority granted to the Paying Agent herein, the Paying Agent shall have the power, revocable by the Trustee, to make withdrawals and payments from the Distribution Account for the purpose of carrying out the Paying Agent's duties hereunder. If, at any time, the institution holding a Distribution Account ceases to be a Qualified Institution, the Servicer shall direct the Trustee to establish within ten Business Days a new Distribution Account meeting the conditions specified above with a Qualified Institution, transfer any cash and/or any investments to such new Distribution Account and from the date such new Distribution Account is established, it shall be a "Distribution Account."
Distribution Accounts. (a) The Securities Administrator shall establish and maintain in the name of the Trustee, for the benefit of the Holders of the Group I-II Certificates and the Holders of the Group III Certificates, a Distribution Account as a segregated non-interest bearing trust account or accounts. The Securities Administrator will deposit in the related Distribution Account as identified by the Securities Administrator and as received by the Securities Administrator, the following amounts:
(i) All payments and recoveries in respect of principal on the related Mortgage Loans, including, without limitation, Principal Prepayments, Subsequent Recoveries, Liquidation Proceeds, Insurance Proceeds, condemnation proceeds and all payments and recoveries in respect of interest on the related Mortgage Loans withdrawn by the Servicer from the related Custodial Account and remitted by Servicer to the Securities Administrator;
(ii) Any Advance and any Compensating Interest Payments;
(iii) Any Prepayment Charges collected by the Servicer in connection with the Principal Prepayment of any of the related Mortgage Loans (including any Servicer Prepayment Charge Payment Amounts);
(iv) Any Insurance Proceeds or Liquidation Proceeds received by or on behalf of the Securities Administrator or which were not deposited in the related Custodial Account;
(v) The Purchase Price with respect to any related Mortgage Loans purchased by the Sponsor or Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section 2.04 of this Agreement as the payment of such a Purchase Price, the Purchase Price with respect to any related Mortgage Loans purchased by the Depositor pursuant to Section 3.24, and all proceeds of any related Mortgage Loans or property acquired with respect thereto repurchased by the Master Servicer pursuant to Section 10.01;
(vi) Any amounts required to be deposited with respect to losses on investments of deposits in an Account; and
(vii) Any other amounts received by or on behalf of the Securities Administrator and required to be deposited in the related Distribution Account pursuant to this Agreement.
(b) All amounts deposited to the Distribution Accounts shall be held by the Securities Administrator in the name of the Trustee in trust for the benefit of the related Certificateholders in accordance with the terms and provisions of this Agreement. The requirements for crediting the Distribution Accounts shall be exclusive, it being understood and agreed that, without lim...
Distribution Accounts. As of the Closing Date, such Grantor has neither opened nor maintains any Distribution Account other than those set forth in Schedule 5 hereto.
Distribution Accounts. 82 Section 3.24 Permitted Withdrawals and Transfers from the Distribution Accounts.........................83 Section 3.25
Distribution Accounts. Section 3.24 Permitted Withdrawals and Transfers from the Distribution Accounts.
Distribution Accounts. (a) The Trustee has heretofore established with itself in its trust capacity at its corporate trust department for the benefit of Certificateholders of each Certificate Group and the Certificate Insurer an account each referred to herein as a "Distribution Account" for the Trust. The Trustee shall at all times maintain the Distribution Accounts as an Eligible Accounts and shall cause such accounts to be designated, in the case of the Group I Certificates, "First Trust of New York, National Association, as Trustee of the Mego Mortgage Home Loan Trust Series 1996-3, Distribution Account--Group I Certificates" and in the case of the Group II Certificates, "First Trust of New York, National Association, as Trustee of the Mego Mortgage Home Loan Trust 1996-3--Group II Certificates." Eligible Investments of amounts on deposit in the Distribution Account shall mature no later than the Business Day immediately preceding the Distribution Date related to the Due Period to which such amounts relate.
Distribution Accounts. The Trustee, for the benefit of the Investor Securityholders of each Series, shall cause to be established and maintained in the name of the Trust, with an office or branch of a Qualified Institution a non-interest- bearing segregated demand deposit account for each Series (a "Distribution Account") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Investor Securityholders of such Series. Each Distribution Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Securityholders of the related Series. Pursuant to the authority granted to the Paying Agent herein, the Paying Agent shall have the power, revocable by the Trustee, to make withdrawals and payments from the Distribution Account for the purpose of carrying out the Paying Agent's duties hereunder. If, at any time, the institution holding a Distribution Account ceases to be a Qualified Institution, the Servicer shall direct the Trustee to establish within 10 Business Days a new Distribution Account meeting the conditions specified above with a Qualified Institution, transfer any cash and/or any investments to such new Distribution Account and from the date such new Distribution Account is established, it shall be a "Distribution Account."
Distribution Accounts. 75 6.15 Valuation........................................................................................................................ 7576
Distribution Accounts. (i) The Servicer, for the benefit of the Investor Certificateholders of each Series, shall cause to be established and maintained in the name of the Master Trust, an Eligible Deposit Account for each Series (a "Distribution Account") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Investor Certificateholders of such Series. The Master Trust Trustee shall possess all right, title and interest in all funds on deposit from time to time in each Distribution Account and in all proceeds thereof. Each Distribution Account shall be under the sole dominion and control of the Master Trust Trustee for the benefit of the Investor Certificateholders of the related Series.
(ii) Funds on deposit in each Distribution Account overnight or for a longer period shall at all times be invested in Eligible Investments selected by the Servicer at the direction of the Servicer or its agent, subject to the restrictions set forth below and in Section 4.06. Any Eligible Investment with a stated maturity shall mature on or prior to the date specified in the related Supplement. Net interest and earnings (less investment expenses) on funds on deposit in each Distribution Account, if any, shall be allocated and distributed as provided in the related Supplement.