Note Distribution Account Sample Clauses
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Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) The Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal Distributable Amount shall be distributed as follows:
(1) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-1 Notes has been reduced to zero;
(2) to the Holders of the Class A-2 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero;
(3) to the Holders of the Class A-3 Notes, with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-3 Notes has been reduced to zero.
(b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date.
(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distribut...
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) and each Insured Distribution Date (based solely on the information in the Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) outstanding principal on the Notes, such amounts to be paid in accordance with the following priority:
(1) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-1 Notes has been reduced to zero;
(2) to the Holders of the Class A-2 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-2 Notes has been reduced to zero; and
(3) to the Holders of the Class A-3 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-3 Notes has been reduced to zero.
(b) On each Insured Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Insured Distribution Date.
(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of a...
Note Distribution Account. Section 1.1
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Servicer's Certificate) the Indenture Trustee will distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts: - From amounts transferred pursuant to Section 5.7(b)(iii), accrued and unpaid interest on the Class A Notes; provided that if such amount is insufficient to pay the entire amount of accrued and unpaid interest then due on each Class of Class A Notes, the amount in the Note Distribution Account will be applied to the payment of such interest on each Class of Class A Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Class A Notes. - From amounts transferred pursuant to Section 5.7(b)(iv), (v), (vii) and (xi), in the following order of priority:
(1) to the holders of the Class A-1 Notes, the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-1 Notes has been reduced to zero;
(2) to the holders of the Class A-2 Notes, the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-2 Notes and Class A-2 Notes has been reduced to zero;
(3) to the holders of the Class A-3 Notes, the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-3 Notes has been reduced to zero; and
(4) to the holders of the Class A-4 Notes, the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-4 Notes is reduced to zero. - From amounts transferred pursuant to section 5.7(b)(ix) and (xv), to the holders of the Class B Notes, until the outstanding principal balance of the Class B Notes is reduced to zero. provided, that after the acceleration of the Notes following the occurrence of an Event of Default under the Indenture, payments of principal on the Notes will be made, instead of as provided above after payment of all amounts owing to the Indenture Trustee pursuant to Section 6.7 of the Indenture, first to the Class A-1 Notes until the Class A-1 Notes have been paid in full, second to the other Classes of Class A Notes pro rata until they are paid in full, and third, to the Class B Notes.
(b) On each Distribution Date, the Indenture Trustee will post on its website at www.jpmorgan.com/absmbs, which posting will be ...
Note Distribution Account. Section 1.1 Noteholders' Distributable Amount...................
Note Distribution Account. Annex-26
(a) On each Settlement Date (based solely on the information contained in the Servicer's Certificate), the Trustee shall distribute all amounts on deposit in the Note Distribution Account to the Noteholder in respect of the Note to the extent of amounts due and unpaid on the Note for principal and interest in the following amounts and in the following order of priority:
(i) to the Noteholder, the Noteholder's Interest Distributable Amount; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount then due on the Note, the amount in the Note Distribution Account shall be applied to the payment of such interest pro rata among the Holders of the Note;
(ii) to the Noteholder, in reduction of the Invested Amount, the Noteholder's Principal Distributable Amount to pay principal on the Note until the outstanding principal amount of the Note has been reduced to zero; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount then due on the Note, the amount in the Note Distribution Account shall be applied to the payment of such principal pro rata among the Holders of the Note;
(iii) to the Noteholder, any other amounts due the Noteholder pursuant to the Basic Documents.
(b) On each Settlement Date, the Trustee shall provide or make available electronically in accordance with Section 5.9(c) (or, upon written request, by first class mail or facsimile) to the Noteholder the statement or statements provided to the Trustee by the Servicer pursuant to Section 5.9 hereof on such Settlement Date; provided however, the Trustee shall have no obligation to provide such information described in this Section 5.8(b) until it has received the requisite information from the Servicer.
Note Distribution Account. (a) On each Payment Date, as applicable, the Indenture Trustee shall (based solely on the information contained in the Servicer's Certificate delivered on the related Determination Date) cause to be made the following distribution of all amounts on deposit in the Note Distribution Account to each Noteholder of record on the preceding Record Date in the following order of priority:
(i) first, the Interest Payment Amount for such Payment Date and the Interest Carryover Shortfall, if any;
(ii) second, the Principal Payment Amount for such Payment Date and the Principal Carryover Shortfall, if any; and
(iii) third, on or prior to the OC Stabilization Date, as principal, until the Target Overcollateralization Amount is reached.
(b) On each Payment Date, the Indenture Trustee shall send to each Noteholder the statement provided to the Indenture Trustee by the Servicer pursuant to Section 4.10 hereof.
(c) In the event that any withholding tax is imposed on the Trust's payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred.
(d) Subject to Section
10.1 respecting the final payment upon retirement of each Note, and provided that the Indenture Trustee has received the applicable Servicer...
Note Distribution Account. (a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "TMS Residential Trust Note Distribution Account 1997-II," (the "Note Distribution Account"). The Trustee shall, promptly upon receipt, deposit in the Note Distribution Account and retain therein:
(i) the Available Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below), remitted by the Servicer;
(ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Loan Remittance Rates remitted to the Trustee by the Servicer;
(iii) [Reserved]; and
(iv) amounts required to be paid by the Servicer pursuant to Section 7.08(e) in connection with losses on investments of amounts in the Note Distribution Account.
(b) Amounts on deposit in the Note Distribution Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority:
(i) [Reserved];
(ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 7.03(a)(i);
(iii) by the Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 7.05(d); and also, in no particular order of priority:
(iv) by the Trustee, to invest amounts on deposit in the Note Distribution Account in Permitted Instruments pursuant to Section 7.08;
(v) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments;
(vi) by the Trustee, to withdraw any amount not required to be deposited in the Note Distribution Account or deposited therein in error; and
(vii) by the Trustee, to clear and terminate the Note Distribution Account upon the termination of the Trust in accordance with the terms of Section 11.01 hereof.
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer's Certificate) and each Insured Distribution Date (based solely on the information in the Servicer's Certificate), as applicable, the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if -------- there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) any amounts deposited in the Note Distribution Account with respect to the Note Prepayment Amount, shall be distributed to the Holders of the Class A-1 Notes, the Class
Note Distribution Account. 13 Noteholder .................................................................................... 13 Noteholders' Distributable Amount ............................................................. 13 Noteholders' Interest Carry-Forward Amount .................................................... 13 Noteholders' Interest Distributable Amount .................................................... 13 Noteholders' Monthly Interest Distributable Amount ............................................ 13 Noteholders' Monthly Principal Distributable Amount ........................................... 13 Noteholders' Principal Distributable Amount ................................................... 13 Noteholders' Principal Carry-Forward Amount ................................................... 14