Trust Accounts; Distributions Sample Clauses
The "Trust Accounts; Distributions" clause establishes the rules for managing and distributing funds held in trust accounts. It typically outlines how trust accounts are to be maintained, who is authorized to make distributions, and under what conditions funds can be released to beneficiaries or other parties. For example, it may specify that distributions occur only after certain milestones are met or upon receipt of proper documentation. The core function of this clause is to ensure that trust funds are handled transparently and in accordance with agreed-upon terms, thereby protecting the interests of all parties involved and preventing misuse of the funds.
Trust Accounts; Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or on behalf of the Owner Trustee for the benefit of the Securityholders, the Trust Accounts as provided in the Sale and Servicing Agreement. The Servicer shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Payment Statements.
Trust Accounts; Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or the Co-Owner Trustee for the benefit of the Certificateholders, the Trust Accounts as provided in Article V of the Sale and Servicing Agreement. The Indenture Trustee or Co-Owner Trustee shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Servicer's Monthly Remittance Report.
(b) On the Business Day prior to each Distribution Date, the Indenture Trustee shall withdraw from the Collection Account, pursuant to Section 5.01(b)(2) of the Sale and Servicing Agreement, the Available Collection Amount and shall deposit such amount into the Note Distribution Account. No later than the second Business Day prior to each Distribution Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall either retain funds in the Note Distribution Account or make the withdrawals from the Note Distribution Account and deposits into the other Trust Accounts for distribution on such Distribution Date as required pursuant to Section 5.01(c) of the Sale and Servicing Agreement.
(c) On each Distribution Date and Redemption Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall make the following distributions from the amounts on deposit in the Note Distribution Account in the following order of priority (except as otherwise provided in Section 5.04(c) hereof): ---------------
(A) to the Servicer, an amount equal to the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.01(b)(1) of the Sale and Servicing Agreement) and all unpaid Servicing Compensation from prior due periods, (B) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Due Periods, (C) to the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Due Periods, and (D) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Due Periods; and
(ii) to the Noteholders, the amounts set forth in Sections 5.01(d) and (e) of the Sale and Servicing Agreement.
(d) On each Distribution Date and each Redemption Date, to the extent of the interest of the Indenture Trustee in the Ce...
Trust Accounts; Distributions. Statements to Noteholders -------------------------
Trust Accounts; Distributions. Statements to Certificateholders and Noteholders
Trust Accounts; Distributions. Section 8.03. General Provisions Regarding Accounts Section 8.04. Servicer's Monthly Statements Section 8.05. Release of Collateral Section 8.06.
Trust Accounts; Distributions. On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or the Co-Owner Trustee for the benefit of the Residual Interestholders, the Trust Accounts as provided in Article V of the Sale and Servicing Agreement. The Indenture Trustee or Co-Owner Trustee shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Servicer's Monthly Remittance Report.
Trust Accounts; Distributions. On or before the issuance of the Certificates, ▇▇▇▇▇▇ Mae shall either (i) open with an Eligible Depository one or more trust accounts with respect to each of Trust REMIC I and Trust REMIC II in the name of the Trustee of the Trust Fund that shall collectively be the “Trust Accounts”, (ii) in lieu of maintaining any such account or accounts, maintain the Trust Accounts by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the related Lower Tier Regular Classes and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the related Trust Fund Certificates or (iii) maintain the Trust Accounts in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Trust Accounts are maintained may at any time be changed without notice to, or the approval of, Holders of the related Trust Fund Certificates so long as funds held in the Trust Fund by, or for the account of, the Trustee shall at all times be identified. To the extent that the Trust Accounts are maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Trust Accounts shall be deemed to refer to credits and debits to the related books of the Trustee. ▇▇▇▇▇▇ ▇▇▇ shall deposit in the Trust Accounts all distributions on the related Lower Tier Regular Classes received by it as Trustee of the Trust Fund hereunder. All distributions on the related Lower Tier Regular Classes deposited from time to time in the Trust Accounts, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Trust Accounts as part of the Trust Fund as herein provided, subject to withdrawal by ▇▇▇▇▇▇ Mae for the purposes set forth in Section 4.05.
Trust Accounts; Distributions. 20 SECTION 5.1. Establishment of Trust Accounts........................................20 SECTION 5.2. Certain Reimbursements to the Servicer.................................22 SECTION 5.3. Application of Collections.............................................23 SECTION 5.4. Additional Deposits....................................................23 Table of Contents (continued)
Trust Accounts; Distributions. Statements to Certificateholders and Noteholders SECTION 5.1. Establishment of Trust Accounts 36 SECTION 5.2. Certain Reimbursements to the Master Servicer 38 SECTION 5.3. Application of Collections 38 SECTION 5.4. Additional Deposits 38 SECTION 5.5. Distributions 38 ARTICLE VI RESERVED ARTICLE VII RESERVED ARTICLE VIII The Seller SECTION 8.1. Representations of Seller 39 SECTION 8.2. Corporate Existence 41 SECTION 8.3. Liability of Seller; Indemnities 42 SECTION 8.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller 43 SECTION 8.5. Limitation on Liability of Seller and Others 43 SECTION 8.6. Seller May Own Certificates or Notes 43 ARTICLE IX The Master Servicer SECTION 9.1.
Trust Accounts; Distributions. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Noteholders, or on behalf of the Owner Trustee for the benefit of the Securityholders, the Trust Accounts as provided in Article V of the Sale and Servicing Agreement. The Indenture Trustee shall deposit amounts into each of the Trust Accounts in accordance with the terms hereof, the Sale and Servicing Agreement and the Servicer's Monthly Remittance Report.
(b) On the second Business Day prior to each Distribution Date, the Indenture Trustee shall withdraw from the Collection Account, pursuant to Section 5.01(b)(2) of the Sale and Servicing Agreement, the Available Collection Amount and shall deposit such amount into the Note Distribution Account. On each Distribution Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall either retain funds in the Note Distribution Account for distribution on such day or make the withdrawals from the Note Distribution Account and deposits into the Certificate Distribution Account for distribution on such Distribution Date as required pursuant to Section 5.01(c) of the Sale and Servicing Agreement.
(c) On each Distribution Date and Redemption Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee shall make the following distributions from the amounts on deposit in the Note Distribution Account in the following order of priority (except as otherwise provided in Section 5.04(c) hereof):