Common use of Accumulation Account Clause in Contracts

Accumulation Account. The Issuer will on the date of this Agreement establish at the Account Bank the Accumulation Account to collect during the Revolving Period payments as set forth in the ninth item and tenth item of the Order of Priority according to clause 20.3(a). During the Revolving Period, amounts on deposit in the Accumulation Account shall be used by the Issuer for the purchase of Additional Receivables from VWFS according to the terms for the purchase of Additional Receivables as set forth in clause 4 (Sales of Additional Receivables) of the Receivables Purchase Agreement. Upon the occurrence of an Early Amortisation Event, an Enforcement Event or the end of the Revolving Period, the Accumulation Account shall be closed on the subsequent Payment Date and any amounts on deposit in the Accumulation Account (other than interest earned on the Accumulation Account) shall be transferred on the subsequent Payment Date to the Distribution Account.

Accumulation Account. The Issuer will on the date of this Agreement establish at the Account Bank the Accumulation Account to collect during the Revolving Period payments as set forth in the ninth item and tenth item of the Order of Priority according to clause 20.3(a)) . During the Revolving Period, amounts on deposit in the Accumulation Account shall be used by the Issuer for the purchase of Additional Receivables from VWFS according to the terms for the purchase of Additional Receivables as set forth in clause 4 (Sales of Additional Receivables) of the Receivables Purchase Agreement. Upon the occurrence of an Early Amortisation Event, an Enforcement Event or the end of the Revolving Period, the Accumulation Account shall be closed on the subsequent Payment Date and any amounts on deposit in the Accumulation Account (other than interest earned on the Accumulation Account) shall be transferred on the subsequent Payment Date to the Distribution Account.

Accumulation Account. The Issuer will on the date of this Agreement establish at the Account Bank the Accumulation Account to collect during the Revolving Period payments as set forth in the ninth item and tenth item of the Order of Priority according to clause 20.3(a20.2(a). During the Revolving Period, amounts on deposit in the Accumulation Account shall be used by the Issuer for the purchase of Additional Receivables from VWFS according to the terms for the purchase of Additional Receivables as set forth in clause 4 (Sales of Additional Receivables) of the Receivables Purchase Agreement. Upon the occurrence of an Early Amortisation Event, an Enforcement Event or the end of the Revolving Period, the Accumulation Account shall be closed on the subsequent Payment Date and any amounts on deposit in the Accumulation Account (other than interest earned on the Accumulation Account) shall be transferred on the subsequent Payment Date to the Distribution Account.