Common use of The Pre-Funding Account Clause in Contracts

The Pre-Funding Account. (a) The Indenture Trustee shall establish and maintain in the Issuer’s name, a trust account entitled “[Pre-Funding Account], in trust for the benefit of the Holders of “____________ Mortgage Loan Owner Trust 200__-__Mortgage Loan Asset Backed Notes Series _____” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans. The Pre-Funding Account shall be an Eligible Account and if the account ceases to be an Eligible Account, the Indenture Trustee shall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Depositor shall cause to be deposited the Pre-Funding Amount, into the Pre-Funding Account. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(a) have been fully satisfied, the Indenture Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to the Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer and to pay such Transfer Price to the Depositor. In no event shall the Indenture Trustee withdraw from the Pre-Funding Account an amount in excess of the Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Hsi Asset Securitization Corp)

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The Pre-Funding Account. (a) The Indenture Trustee shall establish and maintain in the Issuer’s name, a trust name of the Securities Intermediary an account entitled (the [Pre-Funding Account]”) entitled “Pre-Funding Account, JPMorgan Chase Bank, as Indenture Trustee, in trust for the benefit of the Holders of “____________ Structured Asset Securities Corporation Mortgage Loan Owner Trust 200__-__Mortgage Loan Asset 2002-9 Mortgage-Backed Notes Securities, Series _____” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans2002-9”. The Pre-Funding Account shall be an Eligible Account and if the account it ceases to be an Eligible Account, the Indenture Trustee shall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Depositor shall cause to be deposited into the Pre-Funding AmountAccount, into the Initial Pre-Funding Account. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(a2.01(b) have been fully satisfied, the Indenture Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to the Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer and to pay such Transfer Price to the Depositor. In no event shall the Indenture Trustee withdraw from the Pre-Funding Account an amount in excess of the Initial Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.

Appears in 1 contract

Samples: Custodial Agreement (Structured Asset Securities Corp Mort Back Notes Ser 2002 9)

The Pre-Funding Account. (a) The Indenture Trustee shall establish and maintain in the Issuer’s name, a trust name of the Securities Intermediary an account entitled (the [Pre-Funding Account]”) entitled “Pre-Funding Account, U.S. Bank National Association, as Indenture Trustee, in trust for the benefit of the Holders of “____________ SASCO Mortgage Loan Owner Trust 200__-__Mortgage Loan Asset 2003-GEL1 Mortgage Backed Notes Notes, Series _____” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans2003-GEL1”. The Pre-Funding Account shall be an Eligible Account and if the account it ceases to be an Eligible Account, the Indenture Trustee shall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Depositor shall cause to be deposited the Pre-Funding Amount, into the Pre-Funding Account, the Pre-Funding Amount. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(a2.01(b) have been fully satisfied, the Indenture Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to the Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer and to pay such Transfer Price to the Depositor. In no event shall the Indenture Trustee withdraw from the Pre-Funding Account an amount in excess of the Pre-Funding Amount or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.

Appears in 1 contract

Samples: Custodial Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)

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The Pre-Funding Account. (a) The Indenture Trustee shall establish and maintain in the Issuer’s its name, as trustee, a trust account entitled “[(the "Pre-Funding Account]") entitled "Pre-Funding Account, Bank One, National Association, as Trustee, in trust for the benefit of the Holders of “____________ Amortizing Residential Collateral Trust Mortgage Loan Owner Trust 200__-__Mortgage Loan Asset Backed Notes Pass-Through Certificates, Series _____” and the funds therein shall be used solely for the purchase of Subsequent Mortgage Loans2002-BC1". The Pre-Funding Account shall be an Eligible Account and if the account it ceases to be an Eligible Account, the Indenture Trustee shall establish a new Pre-Funding Account that is also an Eligible Account within five Business Days and transfer all funds and investment property on deposit in the Existing Pre-Funding Account into such new Pre-Funding Account. On the Closing Date, the Depositor shall cause to be deposited into the Pre-Funding AmountAccount, into the Initial Pre-Funding Account. On any subsequent Transfer Date, provided the conditions set forth in Section 2.01(a2.01(b) have been fully satisfied, the Indenture Trustee shall cause to be withdrawn from the Pre-Funding Account an amount equal to the Transfer Price of any Subsequent Mortgage Loans as of any applicable Transfer Date sold to the Issuer Trust Fund and to pay such Transfer Price to the Depositor. In no event shall the Indenture Trustee withdraw from the Pre-Funding Account an amount in excess of the Initial Pre-Funding Amount Account or withdraw funds from the Pre-Funding Account during the Pre-Funding Period for any other purpose.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)

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