Common use of Principal Funding Account Clause in Contracts

Principal Funding Account. (a) The Servicer shall establish, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein, a "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder. If at any time the Principal Funding Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall, within ten (10) Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash or any investments to such new Principal Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust)

AutoNDA by SimpleDocs

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein2 Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2 Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2 Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Hrsi Funding Inc Ii

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby directs the name of the Trust, on behalf of the Trust------------------------- Trustee, for the benefit of the Series 20021997-1 Certificateholders U Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1997-U Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20021997-1 Certificateholders and the Collateral Interest HolderU Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20021997-1 Certificateholders and the Collateral Interest HolderU Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein2 Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest Holder2 Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest Holder2 Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Hrsi Funding Inc Ii

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby directs the name of the Trust, on behalf of the TrustTrustee, for the benefit of the Series 20021999-1 Certificateholders Y Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1999-Y Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20021999-1 Certificateholders and the Collateral Interest HolderY Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20021999-1 Certificateholders and the Collateral Interest HolderY Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Chicago Master Trust Ii)

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear hereinNoteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Principal Funding Account"), bearing a designation clearly indicating that ------------------------- the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest HolderNoteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest HolderNoteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days (or such longer periodDays, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Household Credit Card Master Note Trust I

Principal Funding Account. (a) The Servicer Trustee shall establishestablish and maintain with a Qualified Institution, which may be the Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear hereinInvestor Certificateholders, a segregated trust account (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest HolderInvestor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest HolderInvestor Certificateholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit Accounta Qualified Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days (or such longer periodDays, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as an Eligible Deposit Accountwith a Qualified Institution, and shall transfer any cash or any investments to such new Principal Funding Account. The Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Series Supplement, and (ii) on each Distribution Transfer Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account make deposits a deposit into the Principal Funding Account in the amounts amount specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.9(e). (b) Funds on deposit in the Principal Funding Account shall be invested at the direction of the Servicer by the Trustee in Permitted Investments. Funds on deposit in the Principal Funding Account on any Transfer Date, after giving effect to any withdrawals from the Principal Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The Trustee shall maintain for the benefit of the Investor Certificateholders possession of the negotiable instruments or securities, if any, evidencing such Permitted Investments. No Permitted Investment shall be disposed of prior to its maturity. On the Transfer Date occurring in the month following the commencement of the Controlled Accumulation Period and on each Transfer Date thereafter with respect to the Controlled Accumulation Period, the Trustee, acting at the Servicer's direction given on or before such Transfer Date, shall transfer from the Principal Funding Account to the Finance Charge Account the Principal Funding Investment Proceeds on deposit in the Principal Funding Account, but not in excess of the Covered Amount, for application as Class A Available Funds applied pursuant to subsection 4.9(a)(i). Any Excess Principal Funding Investment Proceeds shall be paid to the Transferor on each Transfer Date. An amount equal to any Principal Funding Investment Shortfall shall be deposited in the Finance Charge Account on each Transfer Date from the Reserve Account to the extent funds are available pursuant to subsection 4.16(d). Principal Funding Investment Proceeds (including reinvested interest) shall not be considered part of the amounts on deposit in the Principal Funding Account for purposes of this Series Supplement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Credit Card Master Trust)

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby ------------------------- directs the name of the Trust, on behalf of the TrustTrustee, for the benefit of the Series 20021999-1 Certificateholders X Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1999-X Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20021999-1 Certificateholders and the Collateral Interest HolderX Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20021999-1 Certificateholders and the Collateral Interest HolderX Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Chicago Master Trust Ii)

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby -------------------------- directs the name of the Trust, on behalf of the TrustTrustee, for the benefit of the Series 20021997-1 Certificateholders T Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1997-T Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20021997-1 Certificateholders and the Collateral Interest HolderT Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20021997-1 Certificateholders and the Collateral Interest HolderT Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby ------------------------- directs the name of the Trust, on behalf of the TrustTrustee, for the benefit of the Series 2002-1 Certificateholders 1998- Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1998- Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder1998- Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder1998- Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the TrustIndenture Trustee, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein2003-[*] Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2003-[*] Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2003-[*] Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Household Affinity Funding Corp Iii

AutoNDA by SimpleDocs

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein2003-[ ] Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2003-[ ] Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2003-[ ] Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Household Consumer Loan Corp Ii

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest Holder, as their interests appear hereinA Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest HolderA Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest HolderA Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferors shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Payment Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Conseco Finance Credit Card Funding Corp

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest Holder, as their interests appear hereinNoteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest HolderNoteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 20022001-1 Certificateholders and the Collateral Interest HolderNoteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Hrsi Funding Inc Ii

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein2000-_ Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2000-_ Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder2000-_ Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Servicer shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days (or such longer periodDays, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Associates Credit Card Receivables Corp)

Principal Funding Account. (a) The Servicer Indenture Trustee shall establishestablish and maintain with an Eligible Institution, which may be the Indenture Trustee, in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder, as their interests appear herein3 Noteholders, a segregated trust account with the corporate trust department of such Eligible Institution (the "PRINCIPAL FUNDING ACCOUNT" which shall be an Eligible Deposit Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder3 Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2002-1 Certificateholders and the Collateral Interest Holder3 Noteholders. If at any time the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) 10 Business Days Days, (or such longer period, not to exceed thirty calendar days, period as to which each the Rating Agency shall consenthas consented) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash or any investments to such new Principal Funding Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement, and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, make deposits into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.04(c)(i).

Appears in 1 contract

Samples: Household Private Label Credit Card Master Note Trust I

Principal Funding Account. (a) The Servicer shall establish, in Seller hereby ------------------------- directs the name of the Trust, on behalf of the TrustTrustee, for the benefit of the Series 20021998-1 Certificateholders V Certificateholders, to establish and maintain or cause to be established and maintained in the Collateral Interest Holdername of the Trustee, as their interests appear hereinon behalf of the Series 1998-V Certificateholders, a "PRINCIPAL FUNDING ACCOUNT" with an Eligible Institution (which initially shall be an Eligible Deposit FNBC) a segregated trust account (the "Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20021998-1 Certificateholders and the Collateral Interest HolderV Certificateholders. The Trustee shall possess all right, title and interest in all funds Eligible Investments or other amounts on deposit from time to time in the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 20021998-1 Certificateholders and the Collateral Interest HolderV Certificateholders. If If, at any time time, the institution holding the Principal Funding Account ceases to be an Eligible Deposit AccountInstitution, the Trustee (or the Servicer on its behalf) shall, shall within ten (10) 10 Business Days (or such longer period, not to exceed thirty calendar days, as to which each Rating Agency shall consent) establish a new Principal Funding Account meeting the conditions specified above as with an Eligible Deposit AccountInstitution, and shall transfer any cash and/or any Eligible Investments or any investments other amounts to such new Principal Funding Account. The Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, at the direction of the Servicer, shall (i) to make withdrawals withdrawals, or to instruct the Trustee to make withdrawals, from the Principal Funding Account from time to time, in the amounts and for the purposes set forth in this Supplement, herein and (ii) on each Distribution Date (from and after the commencement of the Controlled Accumulation Period) prior to the termination of the Principal Funding Account Account, to make deposits deposits, or to instruct the Trustee to make deposits, into the Principal Funding Account in the amounts specified in, and otherwise in accordance with, SECTION 4.05(esubsection 4.07(e).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

Time is Money Join Law Insider Premium to draft better contracts faster.