Common use of Principal and Interest Account Clause in Contracts

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on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer immediately following the remittance of the Monthly Remittance Amounts by the Master Servicer.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 to the Mortgage Loans and other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, together with any (i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes: (A) to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amount due on the Remittance Date; (B) to pay to itself from any funds in the Principal and Interest Account with respect to the Mortgage Loans any accrued and unpaid Servicing Fees with respect to Mortgage Loans and reimburse itself pursuant to Section 4.10 hereof for unreimbursed Servicing Advances and Servicing Advances which have been deemed Nonrecoverable Advances; (C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; (E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article X or XII of the Indenture; and (F) to invest in Eligible Investments. (ii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds, the Interest Remittance Amount and the Principal Remittance Amount. (e) To the extent that the ratings, if any, then assigned to the unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Insurer, Mood▇'▇ ▇▇▇ S&P, then the requirement to maintain the Principal and Interest Account at a Designated Depository Institution may be waived by an instrument signed by the Insurer, S&P and Mood▇'▇, ▇▇d the Master Servicer may be allowed to co-mingle with its general funds the amounts otherwise required to be deposited to the Principal and Interest Account and make monthly deposits to the Note Account on such terms and subject to such conditions as the Insurer, Mood▇'▇ ▇▇▇ S&P may permit.

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 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 Within one Business Day of Charged-Off Mortgage Loans. On the Closing Date, and on each Subsequent Transfer Date and each Transfer 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 receipts related to the related Mortgage Loans received after the Initial Cut-Off Date or related Replacement Cut-Off Date or related Subsequent Cut-Off Date. The Master Servicer shall hold in escrow on behalf of , as 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 Agreementcase may be. (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)Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Class A 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 collections on the Mortgage Loans received on or after the Initial Cut-Off Date or related Subsequent Cut-Off Date, 44 53 as the case may be, including any Prepayments and Net Liquidation Proceeds, all Loan Reacquisition Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans and other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, together with anyany amounts which are reimbursable from the Principal and Interest Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 4.15 hereof, (ii) principal (including Prepayments) collected on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) interest accruing on the related Mortgage Loans prior to the Initial Cut-Off Date or related Subsequent Cut-Off Date, as the case may be and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Principal Balance of the related Mortgage Loan. (i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes: (A) to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amount Amounts due on the Remittance Date; (B) to pay to itself from any funds in the Principal and Interest Account with respect to the Mortgage Loans any accrued and unpaid Servicing Fees with respect to Mortgage Loans and reimburse itself pursuant to Section 4.10 4.9(a) hereof for unreimbursed Servicing Advances and Servicing Advances which have been deemed Nonrecoverable Advances; (C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (D) to withdraw amounts that have been deposited to the Principal and Interest Account in error;; and (E) to clear and terminate the Principal and Interest Account InterestAccount following the termination of the Trust Estate pursuant to Article X or XII of the Indenture; and (F) to invest in Eligible Investments. (ii) On the tenth day of each month, the Master Servicer shall send to the Indenture Trustee a report, in the form of a computer tape, detailing the aggregate payments on the total Mortgage Loans during the prior Remittance Period. Such tape shall be in the form and have the specifications as may be agreed to between the Master Servicer and the Indenture Trustee from time to time. (iii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds, the Interest Remittance Amount and the Principal Remittance Amount. (e) To the extent that the ratings, if any, then assigned to the unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Insurer, Mood▇'▇ ▇▇▇ S&P, then the requirement to maintain the Principal and Interest Account at a Designated Depository Institution may be waived by an instrument signed by the Insurer, S&P and Mood▇'▇, ▇▇d the Master Servicer may be allowed to co-mingle with its general funds the amounts otherwise required to be deposited to the Principal and Interest Account and make monthly deposits to the Note Account on such terms and subject to such conditions as the Insurer, Mood▇'▇ ▇▇▇ S&P may permit.are

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 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 Within one Business Day of Charged-Off Mortgage Loans. On the Closing Date, and on each Subsequent Transfer Date and each Transfer 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 receipts related to the related Mortgage Loans received after the Initial Cut-Off Date or related Replacement Cut-Off Date or related Subsequent Cut-Off Date. The Master Servicer shall hold in escrow on behalf of , as 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 Agreementcase may be. (b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC, FDIC or (ii) invested in Eligible Investments (as defined in the Indenture)Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Class A 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 to the Mortgage Loans and other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, together with any (i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes: (A) to effect the timely remittance to the Indenture Trustee of the Monthly Remittance Amount due on the Remittance Date; (B) to pay to itself from any funds in the Principal and Interest Account with respect to the Mortgage Loans any accrued and unpaid Servicing Fees with respect to Mortgage Loans and reimburse itself pursuant to Section 4.10 hereof for unreimbursed Servicing Advances and Servicing Advances which have been deemed Nonrecoverable Advances; (C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; (E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article X or XII of the Indenture; and (F) to invest in Eligible Investments. (ii) On each Remittance Date the Master Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds, the Interest Remittance Amount and the Principal Remittance Amount. (e) To the extent that the ratings, if any, then assigned to the unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Insurer, Mood▇'▇ ▇▇▇ S&P, then the requirement to maintain the Principal and Interest Account at a Designated Depository Institution may be waived by an instrument signed by the Insurer, S&P and Mood▇'▇, ▇▇d the Master Servicer may be allowed to co-mingle with its general funds the amounts otherwise required to be deposited to the Principal and Interest Account and make monthly deposits to the Note Account on such terms and subject to such conditions as the Insurer, Mood▇'▇ ▇▇▇ S&P may permit.