Common use of The Certificate Account Clause in Contracts

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, [______], as Owner Trustee, in trust for the holders of Structured Asset Securities Corporation Home Equity Loan Trust 20[__]-[__], Residual Certificates.” (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.

Appears in 2 contracts

Sources: Transfer and Servicing Agreement (Structured Asset Securities Corp), Transfer and Servicing Agreement (Structured Asset Securities Corp)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, [______]Deutsche Bank National Trust Company, as Owner TrusteeAdministrator, in trust for the holders of Structured Asset Securities Corporation IndyMac Home Equity Loan Mortgage Loan-Asset Backed Trust 20[__]-[__]Series 2006-H2, Residual Certificates.” (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Payment Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.01 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (Indymac MBS Inc), Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H2)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the "Certificate Account") entitled "Certificate Account, [______]Wilmington Trust Company, as Owner Trustee, in trust for the holders Holders of Structured Asset ▇▇▇▇▇▇▇▇▇ Mortgage Securities Corporation Home Equity Loan Trust 20[__]-[__]2003-4 Trust Certificates, Residual CertificatesSeries 2003-4." (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Note Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.06 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust AgreementCertificate. On the Payment Date on which the Note Class Principal Amount of the Notes is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates Trust Certificate in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates Trust Certificate shall be made by wire transfer of immediately available funds to the account of such CertificateholdersCertificateholder. The final distribution on the Residual Certificates Trust Certificate will be made in like manner, but only upon presentment and surrender of such Residual Certificates Trust Certificate at the location specified in the notice to the Certificateholders Certificateholder of such final distribution.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Thornburg Mortgage Inc)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the "Certificate Account") entitled "Certificate Account, [______]Deutsche Bank National Trust Company, as Owner TrusteeAdministrator, in trust for the holders of Structured Asset Securities Corporation IndyMac Home Equity Loan Mortgage Loan-Asset Backed Trust 20[__]-[__]Series 2006-H1, Residual Certificates." (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Payment Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.01 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.. 84

Appears in 1 contract

Sources: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H1)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, [______]Deutsche Bank National Trust Company, as Owner TrusteeAdministrator, in trust for the holders of Structured Asset Securities Corporation IndyMac Home Equity Loan Mortgage Loan-Asset Backed Trust 20[__]-[__]Series 2007-H1, Residual Certificates.” (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Payment Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.01 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.

Appears in 1 contract

Sources: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-H1)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the "Certificate Account") entitled "Certificate Account, [______]Deutsche Bank National Trust Company, as Owner TrusteeAdministrator, in trust for the holders of Structured Asset Securities Corporation IndyMac Home Equity Loan Mortgage Loan-Asset Backed Trust 20[__]-[__]Series 2006-H3, Residual Certificates." (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Payment Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.01 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Indymac MBS Inc)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, [______], as Owner Trustee, in trust for the holders of Structured Asset Securities ▇▇▇▇▇▇ ABS Corporation Home Equity Loan Trust 20[__]-[__], Residual Certificates.” (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution.

Appears in 1 contract

Sources: Transfer and Servicing Agreement (Lehman Abs Corp)

The Certificate Account. (a) The AdministratorIndenture Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the "Certificate Account") entitled "Certificate Account, [_____________], as Owner Trustee, in trust for the holders of Structured Asset Securities Corporation Home Equity Loan Trust 20[__]-[__], ___________] Residual Certificates." (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Payment Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 Sections 5.03(X)(iii) and (vi) and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Indenture Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust Agreement. On the Payment Date on which the Note Principal Amount Balance is reduced to zero, the Administrator Indenture Trustee shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates shall be made by wire transfer of immediately available funds to the account of such Certificateholders. The final distribution on the Residual Certificates will be made in like manner, but only upon presentment and surrender of such Residual Certificates at the location specified in the notice to the Certificateholders of such final distribution. (d) The Indenture Trustee may (but is under no obligation to) invest, or cause to be invested, funds held in the Certificate Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than one Business Day prior to the next Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Certificate Account out of its own funds, without any right of reimbursement therefore, immediately as realized. All income and gain realized from any such investment shall be compensation to the Indenture Trustee and shall be subject to its withdrawal on order from time to time.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Financial Asset Securities Corp)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the “Certificate Account”) entitled “Certificate Account, [______]Wilmington Trust Company, as Owner Trustee, in trust for the holders of Structured Asset Securities Corporation Home Equity Mortgage Loan Trust 20[__]-[__]2002-9 Residual Interest Certificates, Residual CertificatesSeries 2002-9.” (ba) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Note Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders Certificateholder in respect of the Residual Certificates as provided in the Trust AgreementInterest Certificate. On the Payment Date on which the Note Class Principal Amount of the Notes is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders Certificateholder in respect of the Residual Certificates Interest Certificate in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (cb) All distributions made on the Residual Certificates Interest Certificate shall be made by wire transfer of immediately available funds to the account of such CertificateholdersCertificateholder. The final distribution on the Residual Certificates Interest Certificate will be made in like manner, but only upon presentment and surrender of such Residual Certificates Interest Certificate at the location specified in the notice to the Certificateholders Certificateholder of such final distribution.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Structured Asset Securities Corp Mort Back Notes Ser 2002 9)

The Certificate Account. (a) The Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee on behalf of the Certificateholders an account (the "Certificate Account") entitled "Certificate Account, [______]Wilmington Trust Company, as Owner Trustee, in trust for the holders Holders of Structured Asset Thornburg Mortgage Securities Corporation Home Equity Loan Trust 20[__]-[__]2003-6 Trust Certificates, Residual CertificatesSerie▇ ▇▇▇▇-▇." (b) On each Payment Date, the Indenture Trustee shall withdraw from the Distribution Note Account all amounts required to be deposited in the Certificate Account pursuant to Section 5.03 5.06 and remit such amount to the Owner Trustee or the Administrator for deposit into the Certificate Account. On each Payment Date, the Owner Trustee or the Administrator shall distribute all amounts on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates as provided in the Trust AgreementCertificate. On the Payment Date on which the Note Class Principal Amount of the Notes is reduced to zero, the Administrator shall distribute all amounts remaining on deposit in the Certificate Account to the Certificateholders in respect of the Residual Certificates Trust Certificate in order to clear and terminate the Certificate Account in connection with the termination of this Agreement. (c) All distributions made on the Residual Certificates Trust Certificate shall be made by wire transfer of immediately available funds to the account of such CertificateholdersCertificateholder. The final distribution on the Residual Certificates Trust Certificate will be made in like manner, but only upon presentment and surrender of such Residual Certificates Trust Certificate at the location specified in the notice to the Certificateholders Certificateholder of such final distribution.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Thornburg Mortgage Inc)