Common use of Accumulation Period Reserve Account Clause in Contracts

Accumulation Period Reserve Account. (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the "ACCUMULATION PERIOD RESERVE ACCOUNT"). The Accumulation Period Reserve Account will consist of two segregated subaccounts: (i) the "ACCUMULATION PERIOD RESERVE ACCOUNT SECURITIES SUBACCOUNT" to which financial assets (other than cash and money) credited to the Accumulation Period Reserve Account will be credited and (ii) the "ACCUMULATION PERIOD RESERVE ACCOUNT CASH DEPOSIT SUBACCOUNT" to which cash and money deposited in the Accumulation Period Reserve Account will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer and Servicing Agreements, the Servicer agrees that it has no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten Business Days (or such longer period as to which each Rating Agency may consent), the Indenture Trustee (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Accumulation Period Reserve Account and from the date such new Accumulation Period Reserve Account is established, it will be the "Accumulation Period Reserve Account." Any Eligible Institution at which the successor Accumulation Period Reserve Account is established shall deliver a written acceptance of its appointment and shall agree to be bound by the provisions in the Indenture relating to the Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date as applied in accordance with Section 4.04(a)(viii) and (2) Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).

Accumulation Period Reserve Account. (a) The Indenture Trustee, for the benefit of the Noteholders, will establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the "ACCUMULATION PERIOD RESERVE ACCOUNT"). The Accumulation Period Reserve Account will consist of two segregated subaccounts: (i) the "ACCUMULATION PERIOD RESERVE ACCOUNT SECURITIES SUBACCOUNT" to which financial assets (other than cash and money) credited to the Accumulation Period Reserve Account will be credited and (ii) the "ACCUMULATION PERIOD RESERVE ACCOUNT CASH DEPOSIT SUBACCOUNT" to which cash and money deposited in the Accumulation Period Reserve Account will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer and Servicing Agreements, the Servicer agrees that it has no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancer. If, at any time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten Business Days (or such longer period as to which each Rating Agency may consent), the Indenture Trustee (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Accumulation Period Reserve Account and from the date such new Accumulation Period Reserve Account is established, it will be the "Accumulation Period Reserve Account." Any Eligible Institution at which the successor Accumulation Period Reserve Account is established shall deliver a written acceptance of its appointment and shall agree to be bound by the provisions in the Indenture relating to the Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date as applied in accordance with Section 4.04(a)(viii4.04(a)(vii) and (2) Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).

Accumulation Period Reserve Account. (a) The Indenture Trustee, for the benefit of the Series 2009-2 Noteholders, will establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2009-2 Noteholders (the "ACCUMULATION PERIOD RESERVE ACCOUNTAccumulation Period Reserve Account"). The Accumulation Period Reserve Account will consist of two segregated subaccounts: (i) the "ACCUMULATION PERIOD RESERVE ACCOUNT SECURITIES SUBACCOUNTAccumulation Period Reserve Account Securities Subaccount" to which financial assets (other than cash and money) credited to the Accumulation Period Reserve Account will be credited and (ii) the "ACCUMULATION PERIOD RESERVE ACCOUNT CASH DEPOSIT SUBACCOUNTAccumulation Period Reserve Account Cash Deposit Subaccount" to which cash and money deposited in the Accumulation Period Reserve Account will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2009-2 Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer and Servicing Agreements, the Servicer agrees that it has no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder Issuer or any Series EnhancerNoteholder. If, at any time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten Business Days (or such longer period as to which each satisfies the Rating Agency may consentCondition), the Indenture Trustee Issuer (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Accumulation Period Reserve Account and from the date such new Accumulation Period Reserve Account is established, it will be the "Accumulation Period Reserve Account." Any Eligible Institution at which the successor Accumulation Period Reserve Account is established shall will deliver a written acceptance of its appointment and shall will agree to be bound by the provisions in the Indenture relating to the Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date as applied in accordance with Section 4.04(a)(viii4.04(a)(vii) and (2) Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).

Accumulation Period Reserve Account. (a) The Indenture TrusteeIf the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the Noteholders, will shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the IssuerIssuing Entity, a Qualified an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the "ACCUMULATION PERIOD RESERVE ACCOUNT"). The “Accumulation Period Reserve Account will consist of two segregated subaccounts: (i) the "ACCUMULATION PERIOD RESERVE ACCOUNT SECURITIES SUBACCOUNT" to which financial assets (other than cash and money) credited to the Accumulation Period Reserve Account will be credited and (ii) the "ACCUMULATION PERIOD RESERVE ACCOUNT CASH DEPOSIT SUBACCOUNT" to which cash and money deposited in the Accumulation Period Reserve Account will be creditedAccount”). The Indenture Trustee will shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof Investment Proceeds with respect thereto (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer Trust Sale and Servicing AgreementsAgreement, the Servicer agrees that it has no right of setoff or banker's ’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the IssuerIssuing Entity, any Noteholder or any Series Enhancer. If, at any time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten Business Days (or such longer period as to which each Rating Agency may consent), the Indenture Trustee (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Accumulation Period Reserve Account and from the date such new Accumulation Period Reserve Account is established, it will be the "Accumulation Period Reserve Account." Any Eligible Institution at which the successor Accumulation Period Reserve Account is established shall deliver a written acceptance of its appointment and shall agree to be bound by the provisions in the Indenture relating to the Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The Indenture Trustee, at the direction of the Servicer, will (i) shall make deposits and withdrawals from the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date as applied in accordance with Section 4.04(a)(viii) and (2) Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).

Accumulation Period Reserve Account. (a) The Indenture Trustee, for the benefit of the Series 2010-5 Noteholders, will establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuer, a Qualified Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2010-5 Noteholders (the "ACCUMULATION PERIOD RESERVE ACCOUNTAccumulation Period Reserve Account"). The Accumulation Period Reserve Account will consist of two segregated subaccounts: (i) the "ACCUMULATION PERIOD RESERVE ACCOUNT SECURITIES SUBACCOUNTAccumulation Period Reserve Account Securities Subaccount" to which financial assets (other than cash and money) credited to the Accumulation Period Reserve Account will be credited and (ii) the "ACCUMULATION PERIOD RESERVE ACCOUNT CASH DEPOSIT SUBACCOUNTAccumulation Period Reserve Account Cash Deposit Subaccount" to which cash and money deposited in the Accumulation Period Reserve Account will be credited. The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2010-5 Noteholders. Except as expressly provided in this Indenture Supplement and the Transfer and Servicing Agreements, the Servicer agrees that it has no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder Issuer or any Series EnhancerNoteholder. If, at any time, (x) the Accumulation Period Reserve Account ceases to be a Qualified Account or (y) the Indenture Trustee no longer maintains the Accumulation Period Reserve Account, then within ten Business Days (or such longer period as to which each satisfies the Rating Agency may consentCondition), the Indenture Trustee Issuer (or the Servicer on its behalf) will establish a new Accumulation Period Reserve Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Accumulation Period Reserve Account and from the date such new Accumulation Period Reserve Account is established, it will be the "Accumulation Period Reserve Account." Any Eligible Institution at which the successor Accumulation Period Reserve Account is established shall will deliver a written acceptance of its appointment and shall will agree to be bound by the provisions in the Indenture relating to the Securities Intermediary and the Bank as they relate to the Accumulation Period Reserve Account. The Indenture Trustee, at the direction of the Servicer, will (i) make withdrawals from the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and before the termination of the Accumulation Period Reserve Account as provided below, make deposits into the Accumulation Period Reserve Account in the amount of the Accumulation Period Reserve Account Deposit Amount for such Distribution Date from: (1) Available Investor Interest Collections for such Distribution Date as applied in accordance with Section 4.04(a)(viii4.04(a)(xi) and (2) Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date as applied in accordance with Section 4.04(b)(i).