Yield Supplement Account. On the Closing Date, the Seller will deposit the Yield Supplement Account Deposit to the Yield Supplement Account from the net proceeds of the sale of the Notes. The Yield Supplement Account shall be the property of the Issuer subject to the rights of the Indenture Trustee for the benefit of the Securityholders.
Yield Supplement Account. (a) In order to assure that sufficient amounts to make required distributions of interest to Noteholders will be available, the Owner Trustee will, pursuant to the Securities Account Control Agreement and the Yield Supplement Agreement, establish and maintain with the Securities Intermediary a segregated trust account (the "Yield Supplement Account") in the name of the Indenture Trustee which will include the money and other property deposited and held therein pursuant to the Yield Supplement Agreement and this Section 5.08.
Yield Supplement Account. 45 SECTION 5.09 Statements to Certificateholders and Noteholders..................................... 47 SECTION 5.10 Net Deposits......................................................................... 48 SECTION 5.11 Swap Agreement....................................................................... 48 ARTICLE VI THE SELLER
Yield Supplement Account. (a) On or prior to the Closing Date, the Issuer, the Yield Supplement Account Securities Intermediary and the Indenture Trustee shall have entered into the Yield Supplement Account Control Agreement pursuant to which the Yield Supplement Account shall be established and maintained for the benefit of the Noteholders and the Certificateholders. Pursuant to Section 2.5 of the Trust Agreement, on the Closing Date, the Owner Trustee shall deposit the Yield Supplement Account Initial Deposit into the Yield Supplement Account. No additional deposits will be made to the Yield Supplement Account after the Closing Date.
Yield Supplement Account. On each Distribution Date prior to the beginning of the Accumulation Period and prior to the occurrence of an Early Amortization Event, the Trustee shall deposit Non-Principal Collections and Investment Proceeds, if any--to the extent available pursuant to Section 4.6(a)(x)--into the Yield Supplement Account in an amount equal to the Yield Supplement Account Deposit Amount, if any, for that Distribution Date. If the Class A Monthly Interest, Class B Monthly Interest or Class C Monthly Interest for any Distribution Date, determined as if the interest rate were based on LIBOR plus the applicable margin, exceeds the applicable monthly interest determined on the basis of the related Net Receivables Rate, the Servicer shall direct the Trustee to withdraw (and the Trustee shall withdraw) funds from the Yield Supplement Account, to the extent available, and apply those funds to deposit the amount of such excess into the Interest Funding Account first, for the benefit of the Class A Certificates, second, for the benefit of the Class B Certificates, and third, for the benefit of the Class C Certificates. Any funds on deposit in the Yield Supplement Account at the beginning of the Accumulation Period or upon the occurrence of an Early Amortization Event shall be deposited in the Principal Funding Account.
Yield Supplement Account. (a) The Depositor shall establish and maintain in the name of the Collateral Agent a segregated trust account to secure the Depositor's obligations under the Yield Supplement Agreement (the "Yield Supplement Account"). The Yield Supplement Account and any amounts therein shall not be property of the Trust, but shall be pledged to the Collateral Agent for the benefit of Certificateholders.
Yield Supplement Account. (a) On or prior to the Closing Date, the Company shall establish an Eligible Deposit Account (the "Yield Supplement-Account"), bearing a designation clearly indicating that the funds deposited therein are for the benefit of the Certificateholders. On or prior to the Closing Date, the Company, the Servicer and the Trustee shall enter into the Yield Supplement Account Agreement and the Sellers shall deposit an amount equal to the Yield Supplement Initial Deposit into the Yield Supplement Account. The Yield Supplement Account shall not be part of the Trust, but instead will be held for the benefit of the Certificateholders. The Company hereby acknowledges that the Yield Supplement Initial Deposit and any investment earnings thereon are owned directly by it, and the Company hereby agrees to treat the same as its assets (and earnings) for federal income tax and all other purposes.
Yield Supplement Account. (a) The Seller shall establish and maintain in the name of the Collateral Agent an Eligible Deposit Account to secure the Seller's obligations under the Yield Supplement Agreement (the "YIELD SUPPLEMENT ACCOUNT"). The Yield Supplement Account and any amounts therein shall not be property of the Trust, but shall be pledged to the Collateral Agent for the benefit of Certificateholders. The Yield Supplement Account shall initially be maintained at Bankers Trust Company.
Yield Supplement Account. (a) (i) The Servicer shall, prior to the Closing Date, cause to be established and maintained an Eligible Deposit Account in the name "JPMorgan Chase Bank, as Indenture Trustee, as secured party from USAA Auto Owner Trust 2004-2", initially at the corporate trust department of the Indenture Trustee, which shall be designated as the "Yield Supplement Account." The Yield Supplement Account shall be under the sole dominion and control of the Indenture Trustee. The Yield Supplement Account will be established and maintained pursuant to an account agreement which specifies New York law as the governing law. In addition, the Yield Supplement Account shall be established and maintained at an institution which agrees in writing that for so long as the Notes are Outstanding it will comply with entitlement orders (as defined in Article 8 of the UCC) originated by the Indenture Trustee without further consent of the Issuer. On the Closing Date, the Depositor shall deposit the Yield Supplement Account Initial Deposit into the Yield Supplement Account. No additional deposits to the Yield Supplement Account shall be made. The Yield Supplement Account and all amounts, securities, investments, financial assets and other property deposited in or credited to the Yield Supplement Account (such amounts, the "Yield Supplement Account Property") shall be held by the Indenture Trustee as secured party for the benefit of the Noteholders and, after payment in full of the Notes, as agent of the Owner Trustee and as part of the Trust Property, and all withdrawals from there from shall be made only upon the terms and conditions of the Basic Documents. The Yield Supplement Account Property shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by the Depositor, by the bank or trust company then maintaining the Yield Supplement Account in Permitted Investments that mature not later than the next Payment Date or such later date that satisfies the Rating Agency Condition, and such Permitted Investments shall be held to maturity. If JPMorgan Chase Bank is the Indenture Trustee, in the absence of written direction, all funds shall be retained uninvested. All interest and other income (net of losses and investment expenses) on funds on deposit in the Yield Supplement Account shall be deposited therein. The Indenture Trustee shall not be liable for investment losses in Permitted Investments made in accordance with directions from the Depo...
Yield Supplement Account. The Series 1999-2 Yield Supplement Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 1999-2 Investor Noteholders. The Indenture Trustee and the Series 1999-2 Investor Noteholders shall have no interest in any amounts withdrawn from the Series 1999-2 Yield Supplement Account and deposited in the Series 1999-2 Preferred Member Distribution Account.
