Examples of Initial Deposit Account in a sentence
The terms and conditions of this Agreement prevail regardless of any conflicting or additional terms on any Purchase Order or other correspondence for any Initial Deposit Account or Auxiliary Deposit Account.
On the first Distribution Date, (i) the Initial Deposit relating to the Group I Mortgage Loans will be transferred from the Group I Initial Deposit Account to the Distribution Account and (ii) the Initial Deposit relating to the Group II Mortgage Loans will be transferred from the Group II Initial Deposit Account to the Distribution Account for inclusion in the Available Funds for such Distribution Date.
The Initial Deposit Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and shall not be part of any Trust REMIC.
All income in the nature of interest from the investment of funds in the Initial Deposit Account shall be for the benefit of the Depositor.
On the Closing Date, the Depositor shall remit or cause to be remitted to the Trust Administrator, for deposit in the Initial Deposit Account, the Initial Deposit and the Trust Administrator shall deposit the Initial Deposit, to the extent received by it, into the Initial Deposit Account and invest such funds as directed by the Depositor.