Common use of The Certificate Distribution Account Clause in Contracts

The Certificate Distribution Account. The Securities Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an account (the “Certificate Distribution Account”) entitled “Certificate Distribution Account, Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the holders of the PHH Mortgage Trust 2008-CIM1 Owner Trust Certificates. The Certificate Distribution Account shall be an Eligible Account. If an existing Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Certificate Distribution Account into such new Certificate Distribution Account. On each Payment Date, the Securities Administrator shall withdraw from the applicable Distribution Account all amounts required to be deposited in the Certificate Distribution Account pursuant to Section 5.01(a)(viii) and deposit such amounts into the Certificate Distribution Account. On each Payment Date, the Securities Administrator, on behalf of the Issuer, shall distribute all amounts on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement. On the Payment Date on which the aggregate Class Principal Balance of the Notes is reduced to zero, the Securities Administrator shall distribute all amounts remaining on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement in order to clear and terminate the Certificate Distribution Account in connection with the termination of this Agreement.

The Certificate Distribution Account. The Securities Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an account (the “Certificate Distribution Account”) entitled “Certificate Distribution Account, Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the holders of the PHH Txxxxxxxx Mortgage Securities Trust 20082007-CIM1 Owner Trust 2 Ownership Certificates. The Certificate Distribution Account shall be an Eligible Account. If an existing Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Certificate Distribution Account into such new Certificate Distribution Account. On each Payment Date, the Securities Administrator shall withdraw from the applicable Distribution Note Payment Account all amounts required to be deposited in the Certificate Distribution Account pursuant to Section 5.01(a)(viii5.01(a)(iv)(P) and deposit such amounts into the Certificate Distribution Account. On each Payment Date, the Securities Administrator, on behalf of the Issuer, shall distribute all amounts on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement. On the Payment Date on which the aggregate Class Principal Balance Amount of the Notes is reduced to zero, the Securities Administrator shall distribute all amounts remaining on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement in order to clear and terminate the Certificate Distribution Account in connection with the termination of this Agreement.

The Certificate Distribution Account. The Securities Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an account (the “"Certificate Distribution Account”") entitled “"Certificate Distribution Account, Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the holders of the PHH Xxxxxxxxx Mortgage Securities Trust 20082007-CIM1 Owner Trust 3 Ownership Certificates. The Certificate Distribution Account shall be an Eligible Account. If an existing Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Certificate Distribution Account into such new Certificate Distribution Account. On each Payment Date, the Securities Administrator shall withdraw from the applicable Distribution Note Payment Account all amounts required to be deposited in the Certificate Distribution Account pursuant to Section 5.01(a)(viii5.01(a)(iv)(P) and deposit such amounts into the Certificate Distribution Account. On each Payment Date, the Securities Administrator, on behalf of the Issuer, shall distribute all amounts on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement. On the Payment Date on which the aggregate Class Principal Balance Amount of the Notes is reduced to zero, the Securities Administrator shall distribute all amounts remaining on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement in order to clear and terminate the Certificate Distribution Account in connection with the termination of this Agreement.

The Certificate Distribution Account. The Securities Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an account (the “"Certificate Distribution Account”") entitled “"Certificate Distribution Account, Xxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the holders of the PHH Mortgage Trust 2008-CIM1 CIM2 Owner Trust Certificates. The Certificate Distribution Account shall be an Eligible Account. If an existing Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Certificate Distribution Account into such new Certificate Distribution Account. On each Payment Date, the Securities Administrator shall withdraw from the applicable Distribution Account all amounts required to be deposited in the Certificate Distribution Account pursuant to Section 5.01(a)(viii5.01(a)(xi) and deposit such amounts into the Certificate Distribution Account. On each Payment Date, the Securities Administrator, on behalf of the Issuer, shall distribute all amounts on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement. On the Payment Date on which the aggregate Class Principal Balance of the Notes is reduced to zero, the Securities Administrator shall distribute all amounts remaining on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement in order to clear and terminate the Certificate Distribution Account in connection with the termination of this Agreement.

The Certificate Distribution Account. The Securities Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an account (the “Certificate Distribution Account”) entitled “Certificate Distribution Account, Xxxxx Wxxxx Fargo Bank, N.A., as Securities Administrator, in trust for the holders of the PHH Txxxxxxxx Mortgage Securities Trust 20082007-CIM1 Owner Trust 1 Ownership Certificates. The Certificate Distribution Account shall be an Eligible Account. If an existing Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such existing Certificate Distribution Account into such new Certificate Distribution Account. On each Payment Date, the Securities Administrator shall withdraw from the applicable Distribution Note Payment Account all amounts required to be deposited in the Certificate Distribution Account pursuant to Section 5.01(a)(viii5.01(a)(iv)(P) and deposit such amounts into the Certificate Distribution Account. On each Payment Date, the Securities Administrator, on behalf of the Issuer, shall distribute all amounts on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement. On the Payment Date on which the aggregate Class Principal Balance Amount of the Notes is reduced to zero, the Securities Administrator shall distribute all amounts remaining on deposit in the Certificate Distribution Account in accordance with the provisions of the Trust Agreement in order to clear and terminate the Certificate Distribution Account in connection with the termination of this Agreement.