Common use of Interest Coverage Account Clause in Contracts

Interest Coverage Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain on behalf of itself one or more segregated trust accounts, which shall be Eligible Accounts, titled "Interest Coverage Account, Bankers Trust Company of California, N.A., as indenture trustee for the registered holders of PacificAmerica Home Equity Loan Asset Trust Series 1997-1" (the "Interest Coverage Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Interest Coverage Account and retain therein the Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Issuer. In addition, the Indenture Trustee shall deposit into the Interest Coverage Account all income and gain on investments in the Pre-Funding Account pursuant to Section 2.4. Funds deposited in the Interest Coverage Account shall be held in trust by the Indenture Trustee for the Holders of the Notes and the Note Insurer for the uses and purposes set forth herein. If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Interest Coverage Account in Eligible Investments of the kind described in clause (vii) of the definition of Eligible Investments with a maturity date no later than the second Business Day preceding each Payment Date. The Seller shall deposit in the Interest Coverage Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. The Seller shall be the owner of the Interest Coverage Account and shall report all items of income, deduction, gain or loss arising therefrom.

Interest Coverage Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain on behalf of itself one or more segregated trust accounts, which shall be Eligible Accounts, titled "Interest Coverage Account, Bankers Trust Company of California, N.A., as indenture trustee for the registered holders of PacificAmerica Home Equity Loan Asset Trust Series 19971998-1" (the "Interest Coverage Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Interest Coverage Account and retain therein the Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Issuer. In addition, the Indenture Trustee shall deposit into the Interest Coverage Account all income and gain on investments in the Pre-Funding Account pursuant to Section 2.4. Funds deposited in the Interest Coverage Account shall be held in trust by the Indenture Trustee for the Holders of the Notes and the Note Insurer for the uses and purposes set forth herein. If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Interest Coverage Account in Eligible Investments of the kind described in clause (vii) of the definition of Eligible Investments with a maturity date no later than the second Business Day preceding each Payment Date. The Seller shall deposit in the Interest Coverage Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. The Seller shall be the owner of the Interest Coverage Account and shall report all items of income, deduction, gain or loss arising therefrom.

Interest Coverage Account. (a) No With respect to each Sub-Pool and no later than the Closing Date, the Indenture Trustee shall establish and maintain on behalf of with itself one or more a separate, segregated trust accountsaccount, which shall be an Eligible AccountsAccount, titled titled, with respect to Sub-Pool 1, "Sub-Pool 1 Interest Coverage Account, Bankers Trust Company of California, N.A.LaSalle National Bank, as indenture trustee for the registered holders of PacificAmerica Home Equity AFC Mortgage Loan Asset Trust Backed Certificates, Series 19971996-14" (the and with respect to Sub-Pool 2, "Sub-Pool 2 Interest Coverage Account"). , LaSalle National Bank, as trustee for the registered holders of AFC Mortgage Loan Asset Backed Certificates, Series 1996-4." The Indenture Trustee shall, promptly upon receipt, deposit in the related Interest Coverage Account and retain therein the related Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Issuer. In addition, the Indenture Trustee shall deposit into the Interest Coverage Account all income and gain on investments in the Pre-Funding Account pursuant to Section 2.4Depositor. Funds deposited in the related Interest Coverage Account shall be held in trust by the Indenture Trustee for the Holders of the Notes and the Note Insurer Certificateholders for the uses and purposes set forth herein. If the Indenture Trustee shall not have received an investment direction from the IssuerFor federal income tax purposes, the Indenture Trustee will invest funds deposited in the Interest Coverage Account in Eligible Investments of the kind described in clause (vii) of the definition of Eligible Investments with a maturity date no later than the second Business Day preceding each Payment Date. The Seller shall deposit in the Interest Coverage Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. The Seller Depositor shall be the owner of the related Interest Coverage Account and shall report all items of income, deduction, gain or loss arising therefrom. At no time will any Interest Coverage Account be an asset of the Trust Fund REMIC. All income and gain realized from investment of funds deposited in each Interest Coverage Account shall be for the sole and exclusive benefit of the Depositor and shall be remitted by the Trustee to the Depositor on the first Business Day following each Remittance Date. The Depositor shall deposit in the related Interest Coverage Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss.

Interest Coverage Account. (a) No later than the Closing Date, the Indenture Trustee shall establish and maintain on behalf of itself one or more segregated trust accounts, which shall be Eligible Accounts, titled "Interest Coverage Account, Bankers Trust Company of California, N.A., as indenture trustee for the registered holders of PacificAmerica Home Equity Loan Asset Trust Series 19971998-12F" (the "Interest Coverage Account"). The Indenture Trustee shall, promptly upon receipt, deposit in the Interest Coverage Account and retain therein the Interest Coverage Amount remitted on the Closing Date to the Indenture Trustee by the Issuer. In addition, the Indenture Trustee shall deposit into the Interest Coverage Account all income and gain on investments in the Pre-Funding Account pursuant to Section 2.4. Funds deposited in the Interest Coverage Account shall be held in trust by the Indenture Trustee for the Holders of the Notes and the Note Insurer for the uses and purposes set forth herein. If the Indenture Trustee shall not have received an investment direction from the Issuer, the Indenture Trustee will invest funds deposited in the Interest Coverage Account in Eligible Investments of the kind described in clause (vii) of the definition of Eligible Investments with a maturity date no later than the second Business Day preceding each Payment Date. The Seller shall deposit in the Interest Coverage Account the amount of any net loss incurred in respect of any such Eligible Investment immediately upon realization of such loss without any right of reimbursement therefor. The Seller shall be the owner of the Interest Coverage Account and shall report all items of income, deduction, gain or loss arising therefrom.