Common use of Distribution of Payments Clause in Contracts

Distribution of Payments. (a) Until the Trust shall have received written notice from the Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Trustee or any other person shall ever be deemed to constitute the Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Trustee, or received on account of any amounts referred to in clause FIRST of subsection (b) of this Section or in Article VII hereof.

Appears in 8 contracts

Samples: Trust Agreement (Goal Capital Funding, LLC), Trust Agreement (Nelnet Student Loan Trust 2006-1), Trust Agreement (Nelnet Student Loan Trust 2005-3)

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Distribution of Payments. (a) Until the Trust shall have received written notice from the Indenture Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee Indenture Trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Indenture Trustee or any other person shall ever be deemed to constitute the Indenture Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Indenture Trustee, or received on account of any amounts referred to in clause FIRST of subsection (b) of this Section or in Article VII hereof.

Appears in 7 contracts

Samples: Trust Agreement (Nelnet Student Loan Trust 2008-4), Trust Agreement (Nelnet Student Loan Trust 2008-2), Trust Agreement (Nelnet Student Loan Trust 2007-1)

Distribution of Payments. (a) Until the Trust shall have received written notice from the Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Trustee or any other person shall ever be deemed to constitute the Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Trustee, or received on account of any amounts referred to in clause FIRST of subsection (bSection 4.01(b) of this Section hereof or in Article VII hereofVII.

Appears in 4 contracts

Samples: Trust Agreement (Nelnet Student Loan Funding LLC), Trust Agreement (Nelnet Student Loan Funding LLC), Trust Agreement (Nelnet Student Loan Funding LLC)

Distribution of Payments. (a) Until the Trust shall have received written notice from the Indenture Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee Indenture Trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Indenture Trustee or any other person shall ever be deemed to constitute the Indenture Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Indenture Trustee, or received on account of any amounts referred to in clause FIRST first of subsection (b) of this Section or in Article VII hereof.

Appears in 1 contract

Samples: Trust Agreement (Nelnet Student Loan Trust 2009-2)

Distribution of Payments. (a) Until the Trust shall have received written notice from the Indenture Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee Indenture Trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Indenture Trustee or any other person shall ever be deemed to constitute the Indenture Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Trustee, or received on account of any amounts referred to in clause FIRST first of subsection (bSection 4.01(b) of this Section hereof or in Article VII hereofVII.

Appears in 1 contract

Samples: Trust Agreement (Gmac Elf LLC)

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Distribution of Payments. (a) Until the Trust shall have received written notice from the Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee Trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Trustee or any other person shall ever be deemed to constitute the Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Trustee, or received on account of any amounts referred to in clause FIRST of subsection (bSection 4.01(b) of this Section hereof or in Article VII hereofVII.

Appears in 1 contract

Samples: Trust Agreement (Nelnet Student Loan Funding LLC)

Distribution of Payments. (a) Until the Trust shall have received written notice from the Indenture Trustee that the Indenture shall have been discharged pursuant to its terms, all revenues and receipts of any kind whatsoever generated by, remitted in respect of or relating to the Trust Estate and other payments and receipts of any kind with respect to the Trust Estate or otherwise included in the Trust Estate shall, if received directly by the Delaware Trustee, forthwith after receipt, be paid over by the Delaware Trustee to the indenture trustee Indenture Trustee without deduction, set-off or adjustment of any kind for distribution in accordance with the provisions of the Indenture; provided, that neither the making of such payments to, nor the receipt of such payments by, the Indenture Trustee or any other person shall ever be deemed to constitute the Indenture Trustee or any such person as an income beneficiary hereunder, it being understood that all such payments will be made pursuant to contractual obligations under the Indenture; and provided, further, that the Delaware Trustee shall not be required to turn over any such amounts received from the Trustee, or received on account of any amounts referred to in clause FIRST of subsection (bSection 4.01(b) of this Section hereof or in Article VII hereofVII.

Appears in 1 contract

Samples: Trust Agreement (Gmac Elf LLC)

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