At no time will the Pre-Funding Account be an asset of any REMIC created hereunder.
For federal income tax purposes, the Depositor shall be the owner of the Pre-Funding Account and shall report all items of income, deduction, gain or loss arising therefrom.
All income and gain realized from investment of funds deposited in the Pre-Funding Account shall be transferred to the Depositor.
The Depositor shall deposit in the Pre-Funding Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.
Funds on deposit in the Collection Account, the Note Distribution Account, the Reserve Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, (collectively the “ Trust Accounts”) shall be invested by the Indenture Trustee in Eligible Investments selected by the Servicer.
More definitions of Pre-Funding Account
Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.
Pre-Funding Account means the account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Sale and Servicing Agreement (including, unless otherwise expressly stated, the Subsequent Pool Pre-Funding Subaccount and the Other Additional Pre-Funding Subaccount).