Lower Tier Account definition
Examples of Lower Tier Account in a sentence
On each Distribution Date, ▇▇▇▇▇▇ Mae shall withdraw funds from the Lower Tier Account and shall make the distributions on the Lower Tier Regular Interests in the respective amounts and in the applicable manner determined pursuant to Section 2.2 and shall deposit the same in the Middle Tier Account.
No Eligible Investment may be sold while in the Lower Tier Account, the Middle Tier Account or the Certificate Account except to the extent that the Trustee believes that a sale of an Eligible Investment is desirable because of the possibility of a default by the obligor thereon or because such sale will not otherwise give rise to a tax under Section 860F(a)(5) of the Code.
Any manner or manners in which the Lower Tier Account is maintained may at any time be changed (but must comply with clauses (i), (ii) or (iii)) without notice to, or the approval of, Holders of the Lower Tier Interests so long as funds held in the Lower Tier REMIC by, or for the account of, the Trustee shall at all times be identified.
All or a portion of amounts in the Lower Tier Account, the Middle Tier Account or the Certificate Account maintained with an Eligible Depository Institution pursuant to clause (i) of the first sentence of Sections 4.5(a), 4.6(a) and 4.7(a) respectively, shall be invested and reinvested at the discretion and direction of the Trustee in one or more Eligible Investments bearing interest or sold at a discount.
To the extent that the Lower Tier Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Lower Tier Account shall be deemed to refer to credits and debits to the related books of the Trustee.
On each Distribution Date, ▇▇▇▇▇▇ Mae shall withdraw funds from the Lower Tier Account and shall make the distributions on the related Lower Tier Regular Interests in the respective amounts and in the applicable manner determined pursuant to Section 2.2 and shall deposit the same in the Middle Tier Account.
All amounts deposited from time to time in the Lower Tier Account, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Lower Tier Account as part of the Lower Tier REMIC as herein provided, subject to withdrawal by ▇▇▇▇▇▇ Mae for the purposes set forth in Section 4.05 hereof.
Amounts credited to the Lower Tier Account, the Upper Tier Account and the Certificate Account on any Distribution Date shall be withdrawn by ▇▇▇▇▇▇ Mae for application towards the distributions required hereby.
Distributions on the Grantor Trust Classes shall be made to the Trustee of the Lower Tier REMIC by transfer of immediately available funds to the Lower Tier Account in the case of the 57A-1 Class and to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Upper Tier Account in the case of the 57A-2 Class.
In the event that amounts shall remain in the Lower Tier Account in any month following distribution of the Lower Tier Distribution Amount for such month, such amounts may be withdrawn by the applicable Trustee and distributed to ▇▇▇▇▇▇ ▇▇▇, in its corporate capacity, as compensation for ▇▇▇▇▇▇ Mae’s administrative and guaranty obligations or as reimbursement to ▇▇▇▇▇▇ ▇▇▇ for any advance by it pursuant to its guaranty obligations under Sections 2.04, 3.05 and 3.09 hereof.