Common use of Withdrawals from Note Distribution Account Clause in Contracts

Withdrawals from Note Distribution Account. To the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (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 5.1(b)(1)) 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 Distribution Dates, (c) to the Depositor, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates and (d) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests calculated pursuant to Section 5.1(d) and Section 5.1(e) below on such Distribution Date; Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zero.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (Residential Asset Funding Corp), Sale and Servicing Agreement (Home Equity Securitization Corp)

Withdrawals from Note Distribution Account. To On each Distribution Date, the Indenture Trustee shall liquidate the Permitted Investments in which amounts on deposit in the Note Distribution Account are invested and distribute all net investment earnings to the Servicer and, to the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report Master Servicer Certificate for such Distribution Date) shall make the following withdrawals therefrom from the Note Distribution Account by 11:00 10:00 a.m. (New York City time) on each such Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture Indenture, from the Collected Amount, in the following order: : (a) concurrently, to (x) the Master Servicer, the Master Servicer Fee, (y) the Servicer, the Servicer Fee, and (z) to the Indenture Trustee, the Indenture Trustee Fee, in each case for such Distribution Date; (b) to the Master Servicer or Servicer, any amount in respect of reimbursement of Interest Advances or Foreclosure Advances, to which the Master Servicer or any Servicer is entitled pursuant to Section 4.09 with respect to such Distribution Date; (c) to the Servicer, the Owner Trustee Fee Reserve, for such Distribution Date; (ii) to distribute on such Distribution Date the Regular Distribution Amount pursuant to the Indenture, from the Collected Amount remaining after the application of clause (i), in the following order: (a) to the Servicerholders of each Class of Senior Notes, an amount equal to the Servicing Compensation applicable Noteholders' Interest Distributable Amount for such Distribution Date (net any shortfall to be allocated, pro rata, based on the amount each such Class would be entitled to receive in the absence of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1such shortfall)) and all unpaid Servicing Compensation from prior due periods, ; (b) first, to the Indenture Trusteeholders of Class M-1 Notes and then to the holders of the Class M-2 Notes, in that order, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior applicable Noteholders' Interest Distributable Amount for such Distribution Dates, Date; (c) to the Depositor, in trust Certificate Distribution Account for distribution pursuant to Section 5.03(b) to holders of the Owner TrusteeCertificates, an amount equal to the Owner Certificateholders' Interest Distributable Amount for such Distribution Date; (d) sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in that order, until the respective Class Principal Balances thereof are reduced to zero, the amount necessary to reduce the aggregate Class Principal Balance of the Senior Notes to the Senior Optimal Principal Balance for such Distribution Date; (e) first, to the holders of the Class M-1 Notes and then to the holders of the Class M-2 Notes, the amount necessary to reduce the Class Principal Balances thereof to the Class M-1 Optimal Principal Balance and the Class M-2 Optimal Principal Balance, respectively, for such Distribution Date; (f) to the Certificate Distribution Account for distribution pursuant to Section 5.03(b) to holders of the Certificates, the amount necessary to reduce the Class Principal Balance thereof to the Certificate Optimal Principal Balance for such Distribution Date; and (g) sequentially, to the Class M-1 Notes, Class M-2 Notes and the Certificates, in that order, until their respective Loss Reimbursement Entitlements have been paid in full (in the case of the Class M-1 and Class M-2 Notes, first to the reimbursement of Allocable Loss Amounts, until completely reimbursed, and then to any accrued interest thereon) (such amounts to be distributed to the holders of the Certificates pursuant to this clause (g) shall be deposited in the Certificate Distribution Account). (iii) On each Distribution Date, the Indenture Trustee Fee shall distribute the Excess Spread, if any, in the following order of priority: (a) in an amount equal to the Overcollateralization Deficiency Amount, if any, as follows: (i) sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and all unpaid Owner Trustee Fees from prior Class A-4 Notes, in that order, until the respective Class Principal Balances thereof are reduced to zero, the amount necessary to reduce the aggregate of their Class Principal Balances to the Senior Optimal Principal Balance for such Distribution Dates Date; (ii) first, to the holders of the Class M-1 Notes and then to the holders of the Class M-2 Notes, as principal, until the respective Class Principal Balances thereof have been reduced to the Class M-1 Optimal Principal Balance and Class M-2 Optimal Principal Balance, respectively, for such Distribution Date; and (iii) to the Certificate Distribution Account for distribution pursuant to Section 5.03(b) to the holders of the Certificates, until the Class Principal Balance thereof has been reduced to the Certificate Optimal Principal Balance for such Distribution Date; and (b) sequentially, to the Class M-1 Notes, the Class M-2 Notes and the Certificates, in that order, until their respective Loss Reimbursement Entitlements, if any, have been paid in full (in the case of the Class M-1 and Class M-2 Notes, first to the reimbursement of Allocable Loss Amounts, until completely reimbursed, and then to any accrued interest thereon) (such amounts to be distributed to the holders of the Certificates pursuant to this clause (g) shall be deposited in the Certificate Distribution Account); and (c) to any successor Master Servicer, if any, for such Distribution Date, amounts payable in accordance with Section 10.03(c) in addition to the Master Servicer Fee; (d) to the CustodianPerson entitled thereof, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Datespayments in respect of Other Fees; and (iie) to for deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests calculated Account, for distribution pursuant to Section 5.1(d5.03(b) and Section 5.1(e) below on such Distribution Date; Notwithstanding that , to the Notes have been paid in fullholders of the Residual Instruments, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zeroany remaining amount.

Appears in 2 contracts

Sources: Sale and Servicing Agreement (Mego Mortgage Corp), Sale and Servicing Agreement (Mego Financial Corp)

Withdrawals from Note Distribution Account. To On each Distribution Date, the Indenture Trustee shall liquidate the Permitted Investments in which amounts on deposit in the Note Distribution Account are invested and distribute all net investment earnings to the Servicer and, to the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report Master Servicer Certificate for such Distribution Date) shall make the following withdrawals therefrom from the Note Distribution Account by 11:00 10:00 a.m. (New York City time) on each such Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture Indenture, from the Collected Amount, in the following order: : (a) concurrently, to (x) the Master Servicer, the Master Servicer Fee, (y) the Servicer, the Servicer Fee, and (z) to the Indenture Trustee, the Indenture Trustee Fee, in each case for such Distribution Date; (b) to the Master Servicer or Servicer, any amount in respect of reimbursement of Interest Advances or Foreclosure Advances, to which the Master Servicer or any Servicer is entitled pursuant to Section 4.09 with respect to such Distribution Date; (c) to the Servicer, the Owner Trustee Fee Reserve, for such Distribution Date; (ii) to distribute on such Distribution Date the Regular Distribution Amount pursuant to the Indenture, from the Collected Amount remaining after the application of clause (i), in the following order: (a) to the Servicerholders of each Class of Senior Notes, an amount equal to the Servicing Compensation applicable Noteholders' Interest Distributable Amount for such Distribution Date (net any shortfall to be allocated, pro rata, based on the amount each such Class would be entitled to receive in the absence of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1such shortfall)) and all unpaid Servicing Compensation from prior due periods, ; (b) first, to the Indenture Trusteeholders of Class M-1 Notes and then to the holders of the Class M-2 Notes, in that order, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior applicable Noteholders' Interest Distributable Amount for such Distribution Dates, Date; (c) to the Depositor, in trust Certificate Distribution Account for distribution pursuant to Section 5.03(b) to holders of the Owner TrusteeCertificates, an amount equal to the Owner Certificateholders' Interest Distributable Amount for such Distribution Date; (d) sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in that order, until the respective Class Principal Balances thereof are reduced to zero, the amount necessary to reduce the aggregate Class Principal Balance of the Senior Notes to the Senior Optimal Principal Balance for such Distribution Date; (e) first, to the holders of the Class M-1 Notes and then to the holders of the Class M-2 Notes, the amount necessary to reduce the Class Principal Balances thereof to the Class M-1 Optimal Principal Balance and the Class M-2 Optimal Principal Balance, respectively, for such Distribution Date; (f) to the Certificate Distribution Account for distribution pursuant to Section 5.03(b) to holders of the Certificates, the amount necessary to reduce the Class Principal Balance thereof to the Certificate Optimal Principal Balance for such Distribution Date; and (g) sequentially, to the Class M-1 Notes, Class M-2 Notes and the Certificates, in that order, until their respective Loss Reimbursement Entitlements have been paid in full (in the case of the Class M-1 and Class M-2 Notes, first to the reimbursement of Allocable Loss Amounts, until completely reimbursed, and then to any accrued interest thereon) (such amounts to be distributed to the holders of the Certificates pursuant to this clause (g) shall be deposited in the Certificate Distribution Account). (iii) On each Distribution Date, the Indenture Trustee Fee shall distribute the Excess Spread, if any, in the following order of priority: (a) in an amount equal to the Overcollateralization Deficiency Amount, if any, as follows: (i) sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and all unpaid Owner Trustee Fees from prior Class A-4 Notes, in that order, until the respective Class Principal Balances thereof are reduced to zero, the amount necessary to reduce the aggregate of their Class Principal Balances to the Senior Optimal Principal Balance for such Distribution Dates Date; (ii) first, to the holders of the Class M-1 Notes and then to the holders of the Class M-2 Notes, as principal, until the respective Class Principal Balances thereof have been reduced to the Class M-1 Optimal Principal Balance and Class M-2 Optimal Principal Balance, respectively, for such Distribution Date; and (iii) to the Certificate Distribution Account for distribution pursuant to Section 5.03(b) to the holders of the Certificates, until the Class Principal Balance thereof has been reduced to the Certificate Optimal Principal Balance for such Distribution Date; and (b) sequentially, to the Class M-1 Notes, the Class M-2 Notes and the Certificates, in that order, until their respective Loss Reimbursement Entitlements, if any, have been paid in full (in the case of the Class M-1 and Class M-2 Notes, first to the reimbursement of Allocable Loss Amounts, until completely reimbursed, and then to any accrued interest thereon) (such amounts to be distributed to the holders of the Certificates pursuant to this clause (b) shall be deposited in the Certificate Distribution Account); and (c) to any successor Master Servicer, if any, for such Distribution Date, amounts payable in accordance with Section 8.03(c) in addition to the Master Servicer Fee; (d) to the CustodianPerson entitled thereof, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Datespayments in respect of Other Fees; and (iie) to for deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests calculated Account, for distribution pursuant to Section 5.1(d5.03(b) and Section 5.1(e) below on such Distribution Date; Notwithstanding that , to the Notes have been paid in fullholders of the Residual Instruments, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zeroany remaining amount.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Mego Mortgage Corp)

Withdrawals from Note Distribution Account. To the extent funds ------------------------------------------ are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 9:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (a) to the Servicer, an amount equal to (i) the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDistribution Dates and (ii) all Nonrecoverable Servicing Advances not previously reimbursed, (b) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Distribution Dates, (c) to the DepositorServicer, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates Due Periods, and (d) to the Custodian, an amount equal to the Custodian Fee Fee, if any, and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Class B Certificates and the Residual Interests Interest calculated pursuant to Section 5.1(dsubsections (d) and (e) of this Section 5.1(e) below 5.01 on such ------------ Distribution Date; . Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zero.

Appears in 1 contract

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

Withdrawals from Note Distribution Account. To the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Servicer Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (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 5.1(b)(1)) 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 Distribution Dates, and (cb) to the DepositorServicer, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates and (d) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests Interest calculated pursuant to Section 5.1(d5.01(d) and Section 5.1(e(e) below on such Distribution Date; Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zero.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Cityscape Corp)

Withdrawals from Note Distribution Account. To No later than 11:00 a.m. (New York City time) on the second Business Day prior to each Distribution Date, to the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall either (1) retain funds in the Note Distribution Account for distribution on such Distribution Date or (2) make the following withdrawals therefrom by 11:00 a.m. (New York City time) on each from the Note Distribution Date, for application Account and deposits into the other Trust Accounts as indicated in the following order of priority: : 67 (i) to distribute retain in the Note Distribution Account for distribution on such Distribution Date the following amounts pursuant to the Indenture in the following order: , (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 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDue Periods, (b) to the Securities Insurer, an amount equal to the Guaranty Insurance Premium and all unpaid Guaranty Insurance Premiums from prior Due Periods, (c) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Distribution Dates, Due Periods; and (cd) to the Depositor, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates and (d) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests calculated pursuant to Section 5.1(d) and Section 5.1(e) below on such Distribution Date; Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zero.Due Periods;

Appears in 1 contract

Sources: Sale and Servicing Agreement (Firstplus Investment Corp)

Withdrawals from Note Distribution Account. To the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 9:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (a) to the Servicer, an amount equal to (i) the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDistribution Dates and (ii) all Nonrecoverable Servicing Advances not previously reimbursed, (b) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Distribution Dates, (c) to the DepositorServicer, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates Due Periods, and (d) to the Custodian, an amount equal to the Custodian Fee Fee, if any, and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests Interest calculated pursuant to Section 5.1(dsubsections (d) and (e) of this Section 5.1(e) below 5.01 on such Distribution Date; . Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities Notes has been reduced to zero.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Empire Funding Home Loan Owner Trust 1997-4)

Withdrawals from Note Distribution Account. To 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 (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall either (1) retain funds in the Note Distribution Account for distribution on such Distribution Date or (2) make the following withdrawals therefrom from the Note Distribution Account and deposits into the other Trust Accounts as indicated by 11:00 a.m. (New York City time) on each Distribution Date), for application in the following order of priority: (i) to distribute retain in the Note Distribution Account for distribution on such Distribution Date the following amounts pursuant to the Indenture in the following order: , (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 5.1(b)(1)) 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 Distribution Dates, (c) to the Depositor, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates and (d) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Dates; and, (ii) to deposit into retain in the Note Distribution Account for distribution pursuant to the Indenture on such Distribution Date and to the Certificate Distribution Account for distribution pursuant to Section 5.06, pro rata, any amounts remaining from the applicable portions Pre-Funding Account Deposit at the end of the Funding Period, which will be distributed in reduction, on a pro rata basis, of the Class Principal Balances of each Class of Notes and the Certificate Principal Balance of the Certificates as provided in Section 8.2(c)(ii) of the Indenture and Section 5.06(c)(i) hereof; provided, however, that if such remaining amount is less than or equal to $50,000, such amount will be included in the Noteholders' Monthly Principal Distributable Amount and deposited only in the Note Distribution Account; (iii) to retain in the Note Distribution Account for distribution pursuant to the Indenture on such Distribution Date, from the Available Distribution Amount distributable remaining after the application of clause (i) through (ii), the Noteholders' Interest Distributable Amount; (iv) to retain in respect of the Residual Interests calculated Note Distribution Account for distribution pursuant to Section 5.1(d) and Section 5.1(e) below the Indenture on such Distribution Date; Notwithstanding that , from the Notes have been paid in fullAvailable Distribution Amount remaining after the application of clauses (i) through (iii) above the Noteholders' Principal Distributable Amount; (v) to the Certificate Distribution Account for distribution pursuant to Section 5.06 on such Distribution Date, from the Available Distribution Amount remaining after the application of clauses (i) through (iv) above, the Indenture Trustee and Certificateholders' Interest Distributable Amount; (vi) to the Servicer shall continue to maintain the Collection Account and the Note Certificate Distribution Account hereunder until for distribution pursuant to Section 5.06 on such Distribution Date, from the Class Available Distribution Amount remaining after the application of clauses (i) through (v) above, the Certificateholders' Principal Balance Distributable Amount; (vii) to the Certificate Distribution Account, for distribution pursuant to Section 5.06 on such Distribution Date to the Securities Insurer, from the Available Distribution Amount after application of each Class clauses (i) through (vi) above the Securities Insurer Reimbursement Amount; 66 (viii) on an Overcollateralization Stepdown Date, to the Certificate Distribution Account, for distribution pursuant to Section 5.06 on such Distribution Date to the holders of Securities has been reduced to zero.the Residual Interest from the Available Distribution Amount, after application of clauses (i) through (vii) above the Overcollateralization Reduction Amount;

Appears in 1 contract

Sources: Sale and Servicing Agreement (Firstplus Investment Corp)

Withdrawals from Note Distribution Account. To the extent funds ------------------------------------------ are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 9:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (a) for deposit in the FHA Premium Account, an amount equal to the FHA Premium Account Deposit for such Distribution Date, (b) to the Servicer, an amount equal to (i) the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDistribution Dates and (ii) all Nonrecoverable Servicing Advances not previously reimbursed, (bc) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Distribution Dates, (cd) to the DepositorServicer, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates Due Periods, and (de) to the Custodian, an amount equal to the Custodian Fee Fee, if any, and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Class B Certificates and the Residual Interests Interest calculated pursuant to Section 5.1(d5.01(d) and Section 5.1(e(e) below on such Distribution Date; Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities has been reduced to zero.

Appears in 1 contract

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

Withdrawals from Note Distribution Account. To 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 (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall either (1) retain funds in the Note Distribution Account for distribution on such Distribution Date or (2) make the following withdrawals therefrom from the Note Distribution Account and deposits into the other Trust Accounts as indicated by 11:00 a.m. (New York City time) on each Distribution Date), for application in the following order of priority: (i) to distribute retain in the Note Distribution Account for distribution on such Distribution Date the following amounts pursuant to the Indenture in the following order: , (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 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDue Periods, (b) to the Securities Insurer, an amount equal to the Guaranty Insurance Premium and all unpaid Guaranty Insurance Premiums from prior Due Periods, (c) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee fee and all unpaid Indenture Trustee Fees from prior Distribution DatesDue Periods, (cd) to the Depositor, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all unpaid Owner Trustee Fees from prior Distribution Dates Due Periods, and (de) to the Custodian, an amount equal to the Custodian Fee and all unpaid Custodian Fees from prior Distribution Dates; andDue Periods; (ii) to deposit into retain in the Note Distribution Account for distribution pursuant to the Indenture on such Distribution Date and to the Certificate Distribution Account for distribution pursuant to Section 5.06, pro rata, any amounts remaining from the applicable portions Pre-Funding Account Deposit at the end of the Funding Period, which will be distributed in reduction, on a pro rata basis, of the Class Principal Balances of each Class of Notes and the Certificate Principal Balance of the Certificates as provided in Section 8.2(c)(ii) of the Indenture and Section 5.06(c)(i) hereof; provided, however, that if such remaining amount is less than or equal to $50,000, such amount will be retained in the Note Distribution Account and be included in the Noteholders' Monthly Principal Distributable Amount and deposited only in the Note Distribution Account; provided, however, that in any event if an event of default has occurred under the Indenture, such remaining amount will be retained in the Note Distribution Account and be distributed in reduction on a pro rata basis, of the Class Principal Balances of each Class of Notes; (iii) to retain in the Note Distribution Account for distribution pursuant to the Indenture on such Distribution Date, from the Available Distribution Amount distributable remaining after the application of clause (i) through (ii), the Noteholders' Interest Distributable Amount; (iv) to retain in respect of the Residual Interests calculated Note Distribution Account for distribution pursuant to Section 5.1(d) and Section 5.1(e) below the Indenture on such Distribution Date, from the Available Distribution Amount remaining after the application of clauses (i) through (iii) above the Noteholders' Principal Distributable Amount; (v) to the Certificate Distribution Account for distribution pursuant to Section 5.06 on such Distribution Date, from the Available Distribution Amount remaining after the application of clauses (i) through (iv) above, the Certificateholders' Interest Distributable Amount; (vi) to the Certificate Distribution Account for distribution pursuant to Section 5.06 on such Distribution Date, from the Available Distribution Amount remaining after the application of clauses (i) through (v) above, the Certificateholders' Principal Distributable Amount; (vii) to the Certificate Distribution Account, for distribution pursuant to Section 5.06 on such Distribution Date to the Securities Insurer, from the Available Distribution Amount after application of clauses (i) through (vi) above the Securities Insurer Reimbursement Amount; (viii) on an Overcollateralization Stepdown Date, to the Certificate Distribution Account, for distribution pursuant to Section 5.06 on such Distribution Date to the holders of the Residual Interest from the Available Distribution Amount, after application of clauses (i) through (vii) above the Overcollateralization Reduction Amount; (ix) to the Certificate Distribution Account, for distribution pursuant to Section 5.06 on such Distribution Date to the Servicer, from the Available Distribution Amount, after application of clauses (i) through (viii) above an amount equal to any Servicing Advances previously made by the Servicer and not previously reimbursed (the "Servicing Advance Reimbursement Amount"); and (x) if the Excess Overcollateralization Amount equals or exceeds zero, to the Certificate Distribution Account, for distribution on such Distribution Date to the holders of the Residual Interest from any remaining Available Distribution Amount after application of clauses (i) through (ix) above, the Excess Spread, if any. Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Certificate Principal Balance of each Class of Securities has been is reduced to zero.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Firstplus Investment Corp)

Withdrawals from Note Distribution Account. To the extent funds are available in the Note Distribution Account, the Indenture Trustee (based on the information provided by the Servicer contained in the Servicer's Monthly Remittance Report for such Distribution Date) shall make withdrawals therefrom by 11:00 9:00 a.m. (New York City time) on each Distribution Date, for application in the following order of priority: (i) to distribute on such Distribution Date the following amounts pursuant to the Indenture in the following order: (a) to the Servicer, an amount equal to (i) the Servicing Compensation (net of any amounts retained prior to deposit into the Collection Account pursuant to Section 5.1(b)(1)subsection (b)(1) above) and all unpaid Servicing Compensation from prior due periodsDistribution Dates and (ii) all Nonrecoverable Servicing Advances not previously reimbursed, (b) to the Indenture Trustee, an amount equal to the Indenture Trustee Fee and all unpaid Indenture Trustee Fees from prior Distribution Dates, (c) to the Depositor, in trust for the Owner Trustee, an amount equal to the Owner Trustee Fee and all or any unpaid portion of the Owner Trustee Fees from prior Distribution Dates Fees, and (d) to the Custodian, an amount equal to the Custodian Fee Fee, if any, and all unpaid Custodian Fees from prior Distribution Dates; and (ii) to deposit into the Certificate Distribution Account the applicable portions of the Available Distribution Amount distributable in respect of the Residual Interests Interest calculated pursuant to Section 5.1(dsubsections (d) and (e) of this Section 5.1(e) below 5.01 on such Distribution Date; . Notwithstanding that the Notes have been paid in full, the Indenture Trustee and the Servicer shall continue to maintain the Collection Account and the Note Distribution Account hereunder until the Class Principal Balance of each Class of Securities Notes has been reduced to zero.

Appears in 1 contract

Sources: Sale and Servicing Agreement (Ditech Funding Corp Home Loan Owner Trust 1997-1)