Payahead Account. The Servicer shall establish the Payahead Account in the name of the Trustee on behalf of the Obligors and the Certificateholders as their interests may appear. The Payahead Account shall be a segregated interest bearing trust account established with the Trustee or an Eligible Bank. Amounts in the Payahead Account shall be invested in Eligible Investments that mature not later than the Business Day prior to the next succeeding Distribution Date. The Payahead Account is not property of the Trust. Investment income or interest earned on the Payahead Account shall be remitted to the Servicer at least monthly, or as frequently as the Servicer may reasonably request. On or prior to each Distribution Date, the Servicer shall transfer or the Trustee (as instructed in the Servicer's Certificate) shall transfer (a) from the Certificate Account to the Payahead Account, in immediately available funds, all Payaheads received by the Servicer and previously deposited to the Certificate Account during the Collection Period as described in Section 8.02(b); and (b) from the Payahead Account to the Certificate Account, in immediately available funds, the aggregate amount of previously deposited Payaheads to be applied to Scheduled Payments on Precomputed Receivables for the related Collection Period or prepayments for the related Collection Period, pursuant to Section 8.02(b), each in the amounts set forth in the Servicer's Certificate delivered on the related Determination Date. A single, net transfer between the Payahead Account and the Certificate Account may be made. Any amount deposited in the Payahead Account shall not constitute Available Funds under Section 9.02. Any amount deposited to the Certificate Account from the Payahead Account pursuant to Section 9.09(b) shall be included in Available Funds under Section 9.02.
Payahead Account. The Servicer shall establish the Payahead Account in the name of the Trust on behalf of the Obligors and the Noteholder as their interests may appear. The Servicer shall maintain the Payahead Account pursuant to Section 9.09 of the Indenture.
Payahead Account. The Servicer will, prior to the Closing Date, establish and maintain a segregated trust account in the name of "The Bank of New York as Indenture Trustee" at a Qualified Institution or Qualified Trust Institution (initially the corporate trust department of The Bank of New York), that will be designated as the "Payahead Account". The Payahead Account will be held in trust for the benefit of the Obligors. The Payahead Account will be under the sole dominion and control of the Indenture Trustee; provided that the Servicer may make deposits to and direct the Indenture Trustee in writing to make withdrawals from the Payahead Account subject to the terms hereof. The Payahead Account will not be a part of the Trust Property.
Payahead Account. 57 SECTION 8.08 Release of Pledged Assets......................................................... 57 SECTION 8.09
Payahead Account. (a) The aggregate Payahead Balance $________
Payahead Account. (a) The Trustee shall withdraw and transfer amounts in the Collection Account that represent the Payahead Amounts from the Collection Account into the Payahead Account on each Monthly Payment Date.
Payahead Account. 33 ARTICLE X The Certificates.......................................................... 33 SECTION 10.01 The Certificates.................................................. 33 SECTION 10.02 Authentication of Certificates.................................... 33 SECTION 10.03 Registration of Transfer and Exchange of Certificates............. 33 SECTION 10.04 Mutilated, Destroyed, Lost, or Stolen Certificates................ 34 SECTION 10.05 Agreement Regarding Tax Matters................................... 34 SECTION 10.06 Signature on Returns; Tax Matters Partner......................... 35
Payahead Account. The Series 1996-1 Payahead Account is the "Series Payahead Account" for Series 1996-1. The Series 1996-1 Payahead Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter under the sole dominion and control of the Lease Trustee; provided, that the Administrative Agent may make deposits to and withdrawals from the Series 1996-1 Payahead Account in accordance with Section 6.1(a) of the Administrative Agency Agreement and Section 5.2(b) hereof. All deposits to and withdrawals from the Series 1996-1 Payahead Account shall be made only upon the terms and conditions of the Basic Documents. Any amounts on deposit in the Series 1996-1 Payahead Account shall be invested by the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter on behalf of the Lease Trustee, and at the direction of Ford Credit and Ford Credit Leasing, in Permitted Investments which mature no later than the Business Day preceding the next succeeding Distribution Date. No such investment shall be sold prior to maturity. All investment earnings on amounts deposited to the Series 1996-1 Payahead Account, including any proceeds thereof, shall be credited to the RCL Account, and losses, if any, resulting from Permitted Investments in the Series 1996-1 Payahead Account shall be charged to the RCL Account. All such investment income shall be reported for federal income tax purposes as earned (i) 99% by RCL Trust 1996-1 and (ii) 1% by Ford Credit Leasing; the 99% accruing to RCL Trust 1996-1 shall be reported in accordance with the Percentage Interests of Ford Credit and Ford Credit Leasing in RCL
Payahead Account. 35 SECTION 9.10. Calculation of Notional Principal Amount............. 35 ARTICLE X Credit Enhancement......................................... 36 SECTION 10.01. Subordination....................................... 36 SECTION 10.02. Spread Account...................................... 36 ARTICLE XI The Certificates.................................... 37 SECTION 11.01. The Certificates.................................... 37 SECTION 11.02. Authentication of Certificates...................... 38 SECTION 11.03. Registration of Transfer and Exchange of Certificates.................................. 38 SECTION 11.04. Mutilated, Destroyed, Lost, or Stolen Certificates............................ 39 SECTION 11.05. Persons Deemed Owners............................... 39 SECTION 11.06. Access to Agreement and List of Certificateholders' Names and Addresses........ 39 SECTION 11.07. Maintenance of Office or Agency..................... 40 SECTION 11.08. Book-Entry Certificates............................. 40 SECTION 11.09. Notices to Clearing Agency.......................... 40 SECTION 11.10. Definitive Certificates............................. 41 SECTION 11.11. The Tax Partnership Agreement....................... 41
Payahead Account. The Series 1996-1 Payahead Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter under the sole dominion and control of the Lease Trustee; provided, that the Administrative Agent may make deposits to and withdrawals from or request the Indenture Trustee to make withdrawals from the Series 1996-1 Payahead Account in accordance with Section 6.1(a) of the Administrative Agency Agreement and Section 5.2(b) of the Series 1996-1 Supplement. All deposits to and withdrawals from the
