Demand Note. (a) On or before the Closing Date the Issuer shall deliver the Demand Note to the Collateral Agent for the benefit of the Trust Collateral Agent and the Note Insurer, in an amount equal to the Demand Note Amount. The Demand Note shall be an Eligible Investment of the Spread Account. Such Demand Note shall remain in full force and effect for so long as (i) this Agreement and the Indenture remain in full force and effect or (ii) until the Demand Note Amount is reduced to zero and all amounts due and owing to the Demand Note Provider and/or Demand Note Guarantor, as applicable, have been paid in full. Upon termination of the Demand Note, the Trust Collateral Agent shall direct the Collateral Agent to surrender the Demand Note to the Demand Note Provider.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Long Beach Acceptance Receivables Corp.), Sale and Servicing Agreement (Long Beach Acceptance Corp. Auto Receivables Trust 2004-B), Sale and Servicing Agreement (Long Beach Acceptance Corp)
Demand Note. (a) On or before the Closing Date the Issuer shall deliver the Demand Note to the Collateral Agent for the benefit of the Trust Collateral Agent and the Note Insurer, in an amount equal to the Demand Note Amount. The Demand Note shall be an Eligible Investment of the Spread Account. Such Demand Note shall remain in full force and effect for so long as (i) this Agreement and the Indenture remain in full force and effect or (ii) until the Demand Note Amount is reduced to zero and all amounts due and owing to the Demand Note Provider and/or Demand Note Guarantor, as applicable, have been paid in full. Upon termination of the Demand Note, the Trust Collateral Agent shall direct the Collateral Agent to surrender the Demand Note to the Demand Note Provider.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Long Beach Acceptance Auto Receivables Trust 2005-A)
