Examples of Eligible Account in a sentence
If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or, the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall cause a new account to be established as an Eligible Account and shall transfer any cash and/or investments to such new account.
If, at any time, any Account ceases to be an Eligible Account, the Servicer shall, with the assistance of the Indenture Trustee as necessary, within 30 days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of such fact, cause new accounts to be established as Eligible Accounts and shall redirect the Indenture Trustee in writing to transfer any cash and/or investments to such new Account.
The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause to be established and maintained) in the name of the Issuer an Eligible Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.