Pre-Funding Accounts and Capitalized Interest Accounts Sample Clauses

Pre-Funding Accounts and Capitalized Interest Accounts. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained two separate accounts denominated" Pre-Funding Accounts", which are and shall continue to be Eligible Accounts in the name of the Trustee and shall be designated "Bankers Trust Company, as Trustee of the United PanAm Mortgage Loan Trust 1999-1, Group I Pre-Funding Account" and "Bankers Trust Company, as Trustee of the United PanAm Mortgage Loan Trust 1999-1, Group II Pre-Funding Account". Each of the Pre-Funding Accounts shall be treated as an "outside reserve fund" under applicable Treasury regulations and shall not be part of the REMIC. Any investment earnings on the Pre-Funding Accounts shall be treated as owned by the Seller and will be taxable to the Seller. The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained two separate accounts denominated "Capitalized Interest Accounts", which are and shall continue to be Eligible Accounts in the name of the Trustee and shall be designated "Bankers Trust Company, as Trustee of the United PanAm Mortgage Loan Trust Series 1999-1, Group I Capitalized Interest Account" and "Bankers Trust Company, as Trustee of the United PanAm Mortgage Loan Trust Series 1999-1, Group II Capitalized Interest Account". Each of the Capitalized Interest Accounts shall be treated as an "outside reserve fund" under applicable Treasury regulations and shall not be part of the REMIC. Any investment earnings on the Capitalized Interest Accounts shall be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the Pre-Funding Accounts and the Capitalized Interest Accounts shall be invested in Permitted Investments in accordance with the provisions of Section 3.12 hereof.
Sample 1
AutoNDA by SimpleDocs
Pre-Funding Accounts and Capitalized Interest Accounts. (a) The Trustee has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained, for each Loan Group, a Pre-Funding Account, which is and shall continue to be an Eligible Account in the name of the Trustee and shall be designated "Norwest Bank Minnesota, National Association, as Trustee of the Provident Bank Home Equity Loan Trust, 2000-2, Pre-Funding Account-1" in respect of Loan Group 1 and "Norwest Bank Minnesota, National Association, as Trustee of the Provident Bank Home Equity Loan Trust, 2000-2 Pre-Funding Account-2" in respect of Loan Group 2. On the Closing Date, $[26,443,358.76] shall be deposited to the Pre-Funding Account in respect of Loan Group 1 and $[15,029,840.72] shall be deposited to the Pre-Funding Account in respect of Loan Group 2. Amounts on deposit in the Pre-Funding Accounts shall be used for the purchase of Subsequent Mortgage Loans in respect of Loan Group 1 and Loan Group 2 pursuant to Section 2.05. The Pre-Funding Accounts shall each be treated as an "outside reserve fund" under applicable Treasury regulations and will not be a part of the REMIC. The Pre-Funding Accounts will be treated for tax purposes as owned by the Seller and will be taxable to the Seller. The amount on deposit in the Pre-Funding Accounts shall be invested in Eligible Investments. The Seller shall direct any depository institution maintaining the Pre-Funding Accounts to invest the funds in such accounts in one or more Eligible Investments and otherwise in accordance with the provisions of Section 5.05. All income and gain realized from the investment of funds in the Pre-Funding Accounts shall be taxable to the Seller and paid in accordance with Section 5.05.
Sample 1
Pre-Funding Accounts and Capitalized Interest Accounts. (a) The Trust Administrator, on behalf of the Trust and as agent for the Trustee, has heretofore established or caused to be established and shall hereafter maintain or cause to be maintained two separate accounts each of which is denominated a "Pre-Funding Account", which are and shall continue to be Eligible Accounts in the name of the Trustee and shall be designated "U.S. Bank National Association, as Trust Administrator Firstar Bank Milwaukee, N.A., as Trustee of the New Century Home Equity Loan Trust, Series 1999-NCA Group I Pre-Funding Account" and "U.S. Bank National Association, as Trust Administrator for Firstar Bank Milwaukee, N.A., as Trustee of the New Century Home Equity Loan Trust, Series 1999-NCA Group II Pre-Funding Account." The Pre-Funding Accounts shall be treated as a "outside reserve fund" under applicable Treasury regulations and shall not be part of either REMIC. Any investment earnings on the Pre-Funding Accounts shall be treated as owned by the Seller and will be taxable to the Seller.
Sample 1

Related to Pre-Funding Accounts and Capitalized Interest Accounts

  • Capitalized Interest Account On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.

  • Pre-Funding Account On the Closing Date, the Depositor shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [RESERVED]% of the result of the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent Receivables. If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Excess Funding Account The amounts in the Excess Funding Account exceed 30% of the sum of the “Adjusted Invested Amounts” of all Series for three consecutive Collection Periods, after giving effect to any payments to be made on each related Payment Date; or

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Principal Funding Account (a) The Servicer shall establish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Trust, for the benefit of the Investor Certificateholders, a segregated trust account with the corporate trust department of such Qualified Institution (the "Principal Funding Account"), bearing a designation clearly indicating that ------------------------- the funds deposited therein are held for the benefit of the Investor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. If any time the institution holding the Principal Funding Account ceases to be a Qualified Institution the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Principal Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Principal Funding Account. The Trustee, at the written direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, and (ii) on each Transfer Date (from and after the commencement of the Accumulation Period) prior to termination of the Principal Funding Account make a deposit into the Principal Funding Account in the amount specified in, and otherwise in accordance with, subsection 4.09(e) of the Agreement.

  • Investment of Amounts in Special Payments Account Any amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.4(b) or (c) shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Section 2.4(b) or (c), as the case may be.

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

Time is Money Join Law Insider Premium to draft better contracts faster.