Accumulation Account. The Account Bank confirms that it has opened the Accumulation Account in the name of and for the benefit of the Issuer with IBAN: XX00XXXX00000000000000 which is subject to English law and denominated in Sterling. The Accumulation Account is a cash only account and may not go into overdraft.
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the Reset Rate Notes then bearing interest at a fixed rate (including, without limitation, the Reset Rate Notes that bears a fixed rate of interest during its respective initial Reset Period until and including the related Initial Reset Date), principal allocated to the Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the Accumulation Account.
(ii) If the Reset Rate Notes are denominated in U.S. Dollars and bear interest at a fixed rate during the then-current Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in clause 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and bear interest at a fixed rate during the then-current Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Cross-Currency Swap Counterparty or Cross-Currency Swap Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in clause 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the Accumulation Account may be used only to pay principal on the Reset Rate Notes (or to the related Swap Counterparty or Counterparties) and for no other purpose.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the Reset Rate N...
Accumulation Account. Series 2019-A [Insert columns for other Series]
Accumulation Account. The Issuer will on the date of this Agreement establish at the Account Bank the Accumulation Account to collect during the Revolving Period payments as set forth in the ninth item and tenth item of the Order of Priority according to clause 20.3(a). During the Revolving Period, amounts on deposit in the Accumulation Account shall be used by the Issuer for the purchase of Additional Receivables from VWFS according to the terms for the purchase of Additional Receivables as set forth in clause 4 (Sales of Additional Receivables) of the Receivables Purchase Agreement. Upon the occurrence of an Early Amortisation Event, an Enforcement Event or the end of the Revolving Period, the Accumulation Account shall be closed on the subsequent Payment Date and any amounts on deposit in the Accumulation Account (other than interest earned on the Accumulation Account) shall be transferred on the subsequent Payment Date to the Distribution Account.
Accumulation Account. On or before each Payment Date related to the Revolving Period and on the first Distribution Date during the Amortization Period, to the extent not used to purchase Receivables pursuant to Section 2.03, the Servicer will instruct the Indenture Trustee to transfer all amounts in the Accumulation Account to the Collection Account.]
Accumulation Account. An employee’s Accumulation Account, established as of July 1, 1986, includes the following:
(a) All Regular hours worked (excluding overtime), from July 1, 1986, as a Regular, Term, Casual/Part-time employee on the following basis:
(i) Operator Services – Thirty-five (35) hours worked will equal seven (7) days for accumulation purposes. A Part-time employee who works a six (6) hour evening shift will be credited with seven (7) hours work for the purpose of this formula.
(ii) Clerical – Thirty-six and one quarter (36.25) hours worked will equal seven (7) days for accumulation purposes.
(b) All Regular Full-time, Regular Part-time and Term service prior to July 1, 1986, provided there has been no break in service.
(c) Any previous Full-time service that qualifies under the bridging rules will be credited to the Accumulation Account when the conditions outlined under the bridging rules are met.
(d) The Accumulation Account will be used to establish a NCS date upon reclassification to Regular.
Accumulation Account. We authorize you as our agent and attorney in fact and as Depositor to purchase and accumulate Debt Obligations for deposit in the Trust. Debt Obligations so purchased shall be deposited in an "Accumulation Account" and shall hereafter be referred to as the "Underlying Debt Obligations". The Underlying Debt Obligations shall consist of obligations of the type and quality described in the Prospectus. We agree that you shall have no liability with respect to the issue, form, validity, legality, enforceability, value of, tax status or title to the Underlying Debt Obligations. We authorize you to execute on our behalf an appropriate "investment letter" with respect to any Underlying Debt Obligations purchased on a private placement basis. You are authorized to sell. exchange or otherwise dispose of Underlying Debt Obligations from the Accumulation Account, including those Underlying Debt Obligations purchased for the Account but not deposited in the Trust, for such consideration as you shall deem appropriate and in the best interests of the Accumulation Account. All profits and losses from such transactions shall be included in the final computation of profit and losses of the Accumulation Account. All profits and losses from the purchase, accumulation and deposit of the Underlying Debt Obligations in the Trust. adjusted to reflect expenses and carrying charges, shall be recorded in the Accumulation Account and shall be shared among the Underwriters in accord with their respective elections set forth on the signature page hereof. As Depositor. you shall be entitled to all remaining profit and correspondingly, shall be obligated for all losses of the Accumulation Account not expressly allocated among the Underwriters in accord with such elections. The principal amount of the Underlying Debt Obligations to be purchased shall not exceed $1,000 per Unit and their average cost to the Accumulation Account shall not exceed $1,025 per Unit. We authorize you to purchase Underlying Debt Obligations for the Accumulation Account from any seller, including you and any of the Underwriters. Such purchases may be at the current market price then in effect (as reasonably determined by you); provided, however, if any Underwriter is a member of a syndicate underwriting an original issue and is prohibited by price restrictions of the syndicate from reselling Debt Obligations at less than a certain price, then the purchase price of such Underlying Debt Obligations to the Accumulat...
Accumulation Account. A. On the Closing Date, with respect to the Class A-5A, Class A-5B and Class A-5D Notes, and, if, on any Reset Date thereafter, one or more classes of Reset Rate Notes are reset (or continue) to bear interest at a fixed rate during the upcoming related Reset Period, the Trust shall establish or maintain an Accumulation Account for such class of Reset Rate Notes.
B.1. If, on any Distribution Date, principal would be payable to a class of Reset Rate Notes then bearing interest at a fixed rate (including, without limitation, the Class A-5A, Class A-5B and Class A-5D Notes until and including the related Initial Reset Date), principal allocated to that class pursuant to Section 2.7C.6 will be deposited into the related Accumulation Account.
B.2. The Administrator shall instruct the Indenture Trustee, on the next Reset Date for each class of fixed rate Reset Rate Notes (including, without limitation, the related Initial Reset Date for the Class A-5A, Class A-5B and Class A-5D Notes), to distribute all sums then on deposit in the related Accumulation Account, including any allocation of principal made on such Reset Date, but less any Investment Earnings, to the holders of that class of Reset Rate Notes, as of the related Record Date, in reduction of principal of such class. Amounts on deposit in an Accumulation Account (exclusive of Investment Earnings) may be used only to pay principal on the related class of Reset Rate Notes and for no other purpose.
B.3. In the event that on any Distribution Date the amount on deposit for a class of Reset Rate Notes in the related Accumulation Account (excluding any Investment Earnings) would equal the Outstanding Amount of that class, then no additional amounts will be deposited into the related Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.8.4B.2 above, and the Outstanding Amount of that class of Reset Rate Notes will be reduced to zero.
B.4. The Administrator will instruct the Indenture Trustee to withdraw all Investment Earnings on deposit in each Accumulation Account on each Distribution Date, deposit such sums into the Collection Account, and include such sums as Available Funds for that Distribution Date.
Accumulation Account. An employee’s Accumulation Account, established as of July 1, 1986, includes the following:
(a) All Regular hours worked (excluding overtime), from July 1, 1986, as a Regular, Term, Casual/Part-time employee on the following basis:
(i) Operator Services - Thirty-five (35) hours worked will equal seven (7) days for accumulation purposes. A Part-time employee who works a six
Accumulation Account. If the Executive has a (i) Separation from Service, other than pursuant to Section 6 of this Agreement (ii) dies, or (iii) becomes Disabled prior to attaining the maximum Accumulation Account balance specified in Section 3 of this Agreement, she will be entitled to only the Accumulation Account as determined in Section 2 of this Agreement.
