Common use of GRANTOR TRUST ACCOUNT Clause in Contracts

GRANTOR TRUST ACCOUNT. (a) The Grantor Trustee shall establish and maintain at one or more Designated Depository Institutions selected by the Servicer the Grantor Trust Account to be held as a trust account. The Grantor Trust Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Grantor Trustee under the Grantor Trust Agreement dated as of June 1, 1998". If the institution at any time holding the Grantor Trust Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder and notify the Grantor Trustee thereof. If the Servicer fails to name such a successor institution, then the Grantor Trust Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Grantor Trustee. The Grantor Trustee shall notify the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Grantor Trust Account. (b) All funds in the Grantor Trust Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Grantor Trust Account shall mature or be withdrawable at par on or prior to the immediately succeeding Payment Date. The Grantor Trust Account shall be held in trust in the name of the Grantor Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings net of investment losses (which losses have not previously been contributed by the Servicer) on funds held in the Grantor Trust Account shall be for the account of the Servicer and shall be disbursed by the Grantor Trustee from the Grantor Trust Account to the Servicer immediately prior to the distributions under Section 7.03 hereof on any Payment Date. Any investment losses on funds held in the Grantor Trust Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Grantor Trust Account. Any references herein to amounts on deposit in the Grantor Trust Account shall refer to amounts net of such investment earnings. (c) [RESERVED] (i) The Trustee may make withdrawals account from the amounts on deposit in the Grantor Trust Account, with respect to the Class A-2 Internal Certificates, for the following purposes: (A) to make a disbursement to the Servicer on each Payment Date immediately prior to the disbursements under Section 7.03 hereof of investment earnings (net of investment losses) on amounts on deposit in the Grantor Trust Account; (B) [RESERVED] (C) to withdraw amounts that have been deposited to the Grantor Trust Account in error; and (D) to clear and terminate the Grantor Trust Account following the termination of the Trust pursuant to Article IX. (ii) On the Business Day preceding each Payment Date, the Servicer shall deliver to the Grantor Trustee and the Certificate Insurer, a monthly servicing report with respect to the Class A-2 Internal Certificates, containing the following information: principal and interest to be received on the related Payment Date with respect to the Class A-2 Internal Certificates, any Swap Payments to be received by the Grantor Trustee or to be made by the Grantor Trustee under the Swap Agreement on the applicable Swap Payment Date, the Class A-2 Floating Pass-Through Rate, principal and interest to be paid on the related Payment Date to the Owners of the Class A-2 Floating Certificates, the amount of the Insured Payment, if any, to be received by the Grantor Trustee with respect to the related Payment Date and other similar information concerning the Trust Estate. (iii) The Servicer shall provide to the Grantor Trustee the information described in Section 8.08(d)(ii) and in Section 7.09(a) to enable the Grantor Trustee to perform its reporting requirements under Section 7.09 and the Grantor Trustee shall forward such information to the Underwriters within five Business Days of receipt thereof.

GRANTOR TRUST ACCOUNT. (a) The Grantor Trustee shall establish and maintain at one or more Designated Depository Institutions selected by the Servicer the Grantor Trust Account to be held as a trust account. The Grantor Trust Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Grantor Trustee under the Grantor Trust Agreement dated as of June December 1, 19981997". If the institution at any time holding the Grantor Trust Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder and notify the Grantor Trustee thereof. If the Servicer fails to name such a successor institution, then the Grantor Trust Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Grantor Trustee. The Grantor Trustee shall notify the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Grantor Trust Account. (b) All funds in the Grantor Trust Account shall be held (i) uninvested (up to the limits insured by the FDIC) or (ii) invested in Eligible Investments. Any investments of funds in the Grantor Trust Account shall mature or be withdrawable at par on or prior to the immediately succeeding Payment Date. The Grantor Trust Account shall be held in trust in the name of the Grantor Trustee for the benefit of the Owners and the Certificate Insurer. Any investment earnings net of investment losses (which losses have not previously been contributed by the Servicer) on funds held in the Grantor Trust Account shall be for the account of the Servicer and shall be disbursed by the Grantor Trustee from the Grantor Trust Account to by the Servicer immediately prior to the distributions under Section 7.03 hereof on any Payment Date. Any investment losses on funds held in the Grantor Trust Account shall be for the account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Grantor Trust Account. Any references herein to amounts on deposit in the Grantor Trust Account shall refer to amounts net of such investment earnings. (c) [RESERVED] (i) The Trustee may make withdrawals account from the amounts on deposit in the Grantor Trust Account, with respect to the Class A-2 Internal Certificates, for the following purposes: (A) to make a disbursement to the Servicer on each Payment Date immediately prior to the disbursements under Section 7.03 hereof of investment earnings (net of investment losses) on amounts on deposit in the Grantor Trust Account; (B) [RESERVED] (C) to withdraw amounts that have been deposited to the Grantor Trust Account in error; and (D) to clear and terminate the Grantor Trust Account following the termination of the Trust pursuant to Article IX. (ii) On the Business Day preceding each Payment Date, the Servicer shall deliver to the Grantor Trustee and the Certificate Insurer, a monthly servicing report with respect to the Class A-2 Internal Certificates, containing the following information: principal and interest to be received on the related Payment Date with respect to the Class A-2 Internal Certificates, any Swap Payments to be received by the Grantor Trustee or to be made by the Grantor Trustee under the Swap Agreement on the applicable Swap Payment Date, the Class A-2 Floating Pass-Through Rate, principal and interest to be paid on the related Payment Date to the Owners of the Class A-2 Floating Certificates, the amount of the Insured Payment, if any, to be received by the Grantor Trustee with respect to the related Payment Date and other similar information concerning the Trust Estate. (iii) The Servicer shall provide to the Grantor Trustee the information described in Section 8.08(d)(ii) and in Section 7.09(a) to enable the Grantor Trustee to perform its reporting requirements under Section 7.09 and the Grantor Trustee shall forward such information to the Underwriters within five Business Days of receipt thereof.