Common use of No Segregation of Moneys; No Interest Clause in Contracts

No Segregation of Moneys; No Interest. Subject to Sections 5.01 and 5.02 hereof, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the Depositor. The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Residual Interest Owner.

Appears in 4 contracts

Samples: Trust Agreement (Bluegreen Vacations Holding Corp), Trust Agreement (BBX Capital Corp), Trust Agreement (BBX Capital Corp)

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No Segregation of Moneys; No Interest. Subject to Sections 5.01 and 5.02 hereofabove, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and shall be invested in Eligible Investments maturing no later than one 1 (one) Business Day prior to the related Payment Date at the direction of the Depositor. The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Residual Interest OwnerCertificateholder.

Appears in 2 contracts

Samples: Sale Agreement (Bluegreen Corp), Trust Agreement (Bluegreen Corp)

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No Segregation of Moneys; No Interest. Subject to Sections 5.01 and 5.02 hereof5.02, moneys received by the Trust Paying Agent hereunder and deposited into the Certificate Distribution Account will be segregated except to the extent required otherwise by law and shall be invested in Eligible Investments maturing no later than one Business Day prior to the related Payment Date at the direction of the DepositorDepositor (with the consent of the Seller). The Trust Paying Agent shall not be liable for payment of any interest or losses in respect of such moneys. Investment gains shall be for the account of and paid to the Residual Interest OwnerCertificateholder.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bluegreen Corp)

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