Accounts Subject to Sale Documents. In connection with the execution and delivery of the Sale Agreement and the Sale Documents, the Authority has agreed to deposit PSL Revenues (or to cause the Servicer under the Sale Agreement to make such deposits) into the Clearing Account, as provided further in Article III hereof. On each Purchase Date and on such other dates as may be provided herein, a portion of the amounts in the Authority PSL-Sourced Proceeds Account and, to the extent not previously transferred to the Authority PSL-Sourced Proceeds Account, the Holding Account shall be transferred to specified accounts under the Deposit and Disbursement Agreement. A portion of the PSL Revenues purchased by the Trust shall remain in the Clearing Account in accordance with and so long as required by the Sale Agreement, shall remain the property of the Trust and, upon release of such moneys from the Clearing Account, shall be applied in accordance with the terms hereof.
Accounts Subject to Sale Documents. In connection with the execution and delivery of the Sale Agreement and the Sale Documents, the Authority has agreed to deposit PSL Revenues (or to cause the Servicer under the Sale Agreement to make such deposits) into the Clearing Account or, in the case of the Initial PSL Revenues, to an account designated by the Trust in writing prior to the Initial Purchase Date (it being understood that such account shall be an account of the administrative agent under the Credit Agreement and that the Initial PSL Revenues deposited therein shall be applied to repay loans obtained by the Trust under the Credit Agreement), as provided further in Article III hereof. On each Purchase Date (other than the Initial Purchase Date) and on such other dates as may be provided herein, a portion of the amounts in the Authority PSL-Sourced Proceeds Account and, to the extent not previously transferred to the Authority PSL-Sourced Proceeds Account, the Holding Account shall be transferred to specified accounts under the Deposit and Disbursement Agreement. A portion of the PSL Revenues purchased by the Trust (but excluding any Initial PSL Revenues) shall remain in the Clearing Account in accordance with and so long as required by the Sale Agreement, shall remain the property of the Trust, and, upon release of such moneys from the Clearing Account, shall be applied in accordance with the terms hereof.
