COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the "Payment Account") in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee shall make all payments of principal of and interest on the Bonds, subject to Section 3.03 as provided in Section 3.05 herein from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain with itself the Note Payment Account in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 as provided in Section 3.05 herein from monies on deposit in the Note Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. 6 3.02. MAINTENANCE OF OFFICE OR AGENCY............................................................6 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST; PAYING AGENT.......................................6 3.04. EXISTENCE..................................................................................7 3.05.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. 5 3.02. MAINTENANCE OF OFFICE OR AGENCY.......................................................... 5 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST; PAYING AGENT..................................... 5 3.04. EXISTENCE................................................................................ 6 3.05. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.................................... 6 3.06. PROTECTION OF TRUST ESTATE............................................................... 8 3.07. OPINIONS AS TO TRUST ESTATE.............................................................. 9 3.08. PERFORMANCE OF OBLIGATIONS; SERVICING AGREEMENT.......................................... 10 3.09.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain in the corporate trust department of itself or an affiliate depository institution, a trust account (the "Payment Account") in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Indenture Trustee shall make all payments of principal of and interest on the Bonds, subject to Section 3.03 as provided in Section 3.05 herein from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the "Payment Account"), held in trust for the benefit of the Noteholders and the Note Insurer. The Indenture Trustee shall, subject to the terms of this paragraph, deposit in the Payment Account, (i) on the date of receipt (if received prior to 3:00 p.m. Eastern Standard Time, and if not, then on the Business Day following receipt) from the Master Servicer or any Sub-Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans and (ii) amounts transferred from the Pre-Funding Account and the Interest Coverage Account. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03, as provided in Section 3.05 from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the “Payment Account”) in which the Indenture Trustee shall deposit, (i) on the same day as it is received from the Master Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans and (ii) any amounts required to be transferred from the Interest Reserve Account pursuant to Section 2.04. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03, and as provided in Section 3.05 herein, from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall maintain the Payment Account established pursuant to Section 3.05 of the Sale and Servicing Agreement in accordance with the requirements of such Section. The Indenture Trustee shall make all payments of principal of and interest on the Notes, subject to Section 3.03 herein, as provided in Section 3.05 of the Sale and Servicing Agreement from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Indenture Trustee shall establish and maintain an Eligible Account (the "Payment Account"), held in trust for the benefit of the Bondholders and the Bond Insurer. The Indenture Trustee shall, subject to the terms of this paragraph, deposit in the Payment Account, (i) on the date of receipt (if received prior to 3:00 p.m. Eastern Standard Time, and if not, then on the Business Day following receipt) from the Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans and (ii) amounts transferred from the Pre-Funding Account and the Interest Coverage Account pursuant to Section 8.08 and 8.09 hereof. The Indenture Trustee shall make all payments of principal of and interest on the Bonds, subject to Section 3.03, as provided in Section 3.05 from monies on deposit in the Payment Account.
COLLECTION OF PAYMENTS WITH RESPECT TO THE MORTGAGE LOANS. The Paying Agent shall establish and maintain with itself the Note Payment Account in which the Paying Agent shall, subject to the terms of this paragraph, deposit, on the same day as it is received from the Servicer, each remittance received by the Indenture Trustee with respect to the Mortgage Loans. The Paying Agent shall distribute all payments of principal of and interest on the Notes, subject to Section 3.03 as provided in Section 3.05 herein from monies on deposit in the Note Payment Account.
