The Note Account Clause Samples
The Note Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary an account (the “Note Account”) entitled “Note Account, [________________], as Indenture Trustee, in trust for the benefit of the Holders of SASCO Mortgage Loan Trust 20[__]-[__] Mortgage Backed Notes, Series 20[__]-[__].” The Note Account shall be an Eligible Account. If the existing Note Account ceases to be an Eligible Account, the Indenture Trustee shall establish a new Note Account that is an Eligible Account within 10 Business Days and transfer all funds and investment property on deposit in such existing Note Account into such new Note Account. The Note Account shall relate solely to the Notes issued hereunder and funds in the Note Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Indenture Trustee held under this Agreement.
(b) On the Closing Date, the Indenture Trustee shall deposit or cause to be deposited into the Note Account on the Business Day immediately following the day on which the Total Payment Amount is remitted by the Master Servicer to the Indenture Trustee, all such amounts. The Indenture Trustee shall make withdrawals from the Note Account only for the following purposes:
(i) to make payment to itself pursuant to any provision of this Agreement or to reimburse itself for any fees or expenses reimbursable to it pursuant to Section 4.32; provided, however, that any amounts in excess of the annual cap described in clause (b) of the definition of “Interest Remittance Amount” and clause (b) of the definition of “Principal Remittance Amount” in any Anniversary Year, other than costs and expenses incurred by the Indenture Trustee pursuant to Section 4.13, in connection with any transfer of servicing, shall not be withdrawn from the Note Account and paid to the Indenture Trustee and the Indenture Trustee’s reimbursement for such excess amounts shall be made pursuant to Section 5.03(b)(viii) hereof;
(ii) to make payment to the Owner Trustee, the Owner Trustee Fee for such Payment Date, if any;
(iii) to withdraw amounts deposited in the Note Account in error;
(iv) to make payments pursuant to this Article V and the terms of the Indenture; and
(v) to clear and terminate the Note Account pursuant to Article VIII. The Indenture Trustee may invest, or cause to be invested, funds held in the Note Account in Eligible Investments (which may be obligations of...
The Note Account. (a) The Indenture Trustee shall establish and maintain, in the name of the Securities Intermediary, as a segregated account which shall be an Eligible Account (the "Note Account") for the benefit of the Securityholders and the Indenture Trustee. If the existing Note Account ceases to be an Eligible Account, the Indenture Trustee shall establish a new Note Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Note Account into such new Note Account. The Note Account shall relate solely to the Notes issued hereunder and funds in the Note Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Indenture Trustee held under this Agreement.
(b) On each Master Servicer Remittance Date, the Indenture Trustee shall deposit amounts received from the Master Servicer pursuant to Section 5.03
The Note Account. (a) The Indenture Trustee shall establish and maintain, in the name of the Securities Intermediary, as a segregated account which shall be an Eligible Account (the "Note Account") for the benefit of the Securityholders and the Indenture Trustee. If the existing Note Account ceases to be an Eligible Account, the Indenture Trustee shall establish a new Note Account that is an Eligible Account within 20 Business Days and transfer all funds and investment property on deposit in such existing Note Account into such new Note Account. The Note Account shall relate solely to the Notes issued hereunder and funds in the Note Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Indenture Trustee held under this Agreement.
(b) On each Master Servicer Remittance Date, the Indenture Trustee shall deposit amounts received from the Master Servicer pursuant to Section 5.03(d) or cause to be deposited into the Note Account on the Business Day immediately following the day on which amounts are remitted by the Master Servicer to the Indenture Trustee pursuant to Section 5.03(d) or otherwise. The Indenture Trustee shall make withdrawals from the Note Account only for the following purposes:
(i) to return to the Master Servicer or the applicable Servicer, any amounts which should have been withdrawn from the Collection Account pursuant to Section 5.02(a);
(ii) to pay the itself its monthly Indenture Trustee Fee;
(iii) to reimburse the Indenture Trustee, the Owner Trustee and the Master Servicer for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 4.23 or as otherwise provided in this Agreement; 83836 ▇▇▇▇▇▇▇▇▇ 2003-4[10203-023] Sale and Servicing Agreement
(iv) to make distributions of Retained Interest to the Retained Interest Holder on each Payment Date;
(v) to remove amounts deposited in error;
(vi) to make payments on the Notes and to the Certificate Account as contemplated by Section 5.06 and 5.08, respectively; and
(vii) to clear and terminate the Note Account pursuant to Section 7.01. The Indenture Trustee may invest, or cause to be invested, funds held in the Note Account at the direction of the ▇▇▇▇▇▇▇▇▇ (which may be standing instructions), in its capacity as a Servicer, which funds, if invested, shall be invested in Permitted Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand o...