Common use of Spread Account Clause in Contracts

Spread Account. (a) On or prior to the Closing Date, the Owner Trustee, on behalf of the Seller, shall deposit the Spread Account Initial Deposit into the Spread Account from the net proceeds of the sale of the Notes and the Certificates. The Spread Account will be held for the benefit of the Securityholders and the Insurer in order to effectuate the subordination of the rights of the Securityholders to the extent described above.

Spread Account. (a) On or prior to the Closing Date, the Owner Trustee, on behalf of the Seller, shall deposit the Spread Account Initial Deposit into the Spread Account from the net proceeds of the sale of the Notes and the CertificatesNotes. The Spread Account will be held for the benefit of the Securityholders and the Insurer in order to effectuate the subordination of the rights of the Securityholders to the extent described above.

Spread Account. (a) On or prior to the Closing Date, the Owner Trustee, on behalf of the Seller, shall deposit the [Spread Account Initial Deposit Deposit] into the Spread Account from the net proceeds of the sale of the Notes and the Certificates. The Spread Account will be held for the benefit of the 55 57 Securityholders and the Insurer in order to effectuate the subordination of the rights of the Securityholders to the extent described above.