Common use of Note Distribution Account Clause in Contracts

Note Distribution Account. (a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "TMS Residential Trust Note Distribution Account 1997-II," (the "Note Distribution Account"). The Trustee shall, promptly upon receipt, deposit in the Note Distribution Account and retain therein: (i) the Available Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below), remitted by the Servicer; (ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Loan Remittance Rates remitted to the Trustee by the Servicer; (iii) [Reserved]; and (iv) amounts required to be paid by the Servicer pursuant to Section 7.08(e) in connection with losses on investments of amounts in the Note Distribution Account. (b) Amounts on deposit in the Note Distribution Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority: (i) [Reserved]; (ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 7.03(a)(i); (iii) by the Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 7.05(d); and also, in no particular order of priority: (iv) by the Trustee, to invest amounts on deposit in the Note Distribution Account in Permitted Instruments pursuant to Section 7.08; (v) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (vi) by the Trustee, to withdraw any amount not required to be deposited in the Note Distribution Account or deposited therein in error; and (vii) by the Trustee, to clear and terminate the Note Distribution Account upon the termination of the Trust in accordance with the terms of Section 11.01 hereof.

Note Distribution Account. (a) No later than the Closing Date, the Trustee will establish and maintain with itself in its trust department a trust account, which shall not be interest-bearing, titled "TMS Residential Trust Note Distribution Account 1997-III," (the "Note Distribution Account"). The Trustee shall, promptly upon receipt, deposit in the Note Distribution Account and retain therein: (i) the Available Remittance Amount (net of the amount of Monthly Advances and Compensating Interest deposited pursuant to subclause (ii) below), remitted by the Servicer; (ii) the Compensating Interest and the portion of the Monthly Advance allocable to the Class Adjusted Loan Remittance Rates remitted to the Trustee by the Servicer; (iii) [Reserved]; and (iv) amounts required to be paid by the Servicer pursuant to Section 7.08(e) in connection with losses on investments of amounts in the Note Distribution Account. (b) Amounts on deposit in the Note Distribution Account shall be withdrawn on each Remittance Date by the following parties in the following order of priority: (i) [Reserved]; (ii) by the Trustee, to make deposits in the FHA Premium Account pursuant to Section 7.03(a)(i); (iii) by the Trustee, or the Paying Agent on its behalf, to effect the applicable distributions described in Section 7.05(d); and also, in no particular order of priority: (iv) by the Trustee, to invest amounts on deposit in the Note Distribution Account in Permitted Instruments pursuant to Section 7.08; (v) by the Trustee, to pay on a monthly basis to the Servicer as additional servicing compensation interest paid and earnings realized on Permitted Instruments; (vi) by the Trustee, to withdraw any amount not required to be deposited in the Note Distribution Account or deposited therein in error; and (vii) by the Trustee, to clear and terminate the Note Distribution Account upon the termination of the Trust in accordance with the terms of Section 11.01 hereof.