Principal and Interest Account Sample Clauses
The Principal and Interest Account clause establishes a dedicated account where both the principal amount and accrued interest related to a financial transaction are deposited and managed. Typically, this account is used in loan or investment agreements to ensure that payments made by the borrower or received from an investment are properly allocated between repaying the original sum and covering interest charges. By clearly segregating these funds, the clause helps maintain transparency in financial dealings and ensures that all parties can accurately track the status of payments, thereby reducing the risk of disputes over payment allocation.
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Principal and Interest Account. (a) The Servicer shall establish and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 20__-__ Home Equity Loan Asset-
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with a...
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish, at the corporate trust office of the Trustee or at an office of an affiliate designated by the Trustee so long as the Trustee or such affiliate qualifies as a Designated Depository Institution and if the Trustee does not qualify, then at any Designated Depository Institution, the Principal and Interest Account, to be held in the name of the Trustee for the benefit of the Owners of the Certificates.
(b) The Servicer shall deposit (with respect to any such amounts it receives directly), or cause to be deposited, to the Principal and Interest Account, on a daily basis in accordance with Section 8.8(b) hereof, the following payments and collections received or made by it, without duplication, together with all Delinquency Advances and Compensating Interest required to be paid by the Servicer pursuant to Section 8.11 hereof (such amounts set forth below together with such Delinquency Advances and Compensating Interest, "Collections"):
(i) all payments on the Mortgage Loans;
(ii) all payments received as a result of the enforcement of the Trustee's rights under the Unaffiliated Seller's Agreement or the Unaffiliated Seller's rights under the Unaffiliated Seller's Agreement;
(iii) all Net Liquidation Proceeds or Net Insurance Proceeds with respect to the Mortgage Loans;
(iv) all amounts required to be deposited by the Servicer pursuant to Section 8.12(c) hereof;
(v) any amount required to be deposited by the Servicer in connection with losses with respect to funds invested pursuant to Section 7.6 hereof; and
(vi) any other amounts required to be deposited in the Principal and Interest Account pursuant to the terms hereof.
Principal and Interest Account. (a) The Servicer shall establish and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: ________________, as Trustee on behalf of [MBIA Insurance Corporation] and the Owners of the Centex Home Equity Loan Trust 2000-__ Home Equity Loan Asset-
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish in the name of the Trust for the benefit of the Noteholders and the Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which may be separate accounts or a single account with sub-accounts. Subject to Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). Such receipts shall include Net Liquidation Proceeds, including net recoveries from the disposition or other turning to account of Charged-Off Mortgage Loans. On the Closing Date, the Sponsor shall cause the Master Servicer to deposit within five Business Days after the Closing Date to the Principal and Interest Account all principal and interest collected on and after the Cut-Off Date. The Master Servicer shall hold in escrow on behalf of the related Mortgagor all Prepaid Installments received by it, and shall apply such Prepaid Installments as directed by such Mortgagor and as set forth in the related Credit Line Agreement.
(b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC, or (ii) invested in Eligible Investments (as defined in the Indenture). The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Noteholders and the Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The Master Servicer shall deposit the amount of any investment losses immediately into the Principal and Interest Account as realized.
(c) Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collected on the Mortgage Loans received on or after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Reacquisition Prices and Substitution Amounts received or paid by the Master Servicer with respect ...
Principal and Interest Account. Section 1.01
Principal and Interest Account. (a) The Servicer shall establish and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: _______________, as Indenture Trustee in trust for the benefit of the Owners of the IMC Adjustable Rate Home Equity Loan Asset
Principal and Interest Account. The principal and interest account ------------------------------ established by the Servicer pursuant to Section 5.03 hereof.
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Group I Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the Principal and Interest Account.
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish in the name of the Trust for the benefit of the Class A Noteholders and the Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which may be separate accounts with respect to each Pool, or a single account with sub-accounts. Subject to Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and