Common use of Accumulation Reserve Account Clause in Contracts

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve

Appears in 3 contracts

Samples: Servicing Agreement (Barclays Dryrock Issuance Trust), Servicing Agreement (Barclays Dryrock Funding LLC), Servicing Agreement (Barclays Bank Delaware)

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Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] 2014-1 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2014-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve

Appears in 1 contract

Samples: Servicing Agreement (Barclays Bank Delaware)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] Noteholders Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Dryrock Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Barclays Dryrock Funding LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2013-2 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2013-2 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) Business Days 30 calendar days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of 45 calendar days, so long as the Note Rating Agency ConditionCondition is satisfied) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Issuance Trust II)

Accumulation Reserve Account. (a) The On or before the Closing Date, the Servicer shall cause caused to be established and maintain maintained an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] 2015-2 Noteholders in accordance with Section 5.02(c) of the Indenture. On or before July 6, 2015, the Issuer shall cause a successor Accumulation Reserve Account to be established in the name of and held by the Indenture Trustee in accordance with Section 5.02(c) of the Indenture, and shall transfer any funds or other property from the current Accumulation Reserve Account to such successor Accumulation Reserve Account. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2015-2 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Indenture Supplements (Barclays Dryrock Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] 2015-2 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2015-2 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve

Appears in 1 contract

Samples: Servicing Agreement (Barclays Dryrock Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the "Accumulation Reserve Account") bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2005-[__] Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series 2005-[__] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) 10 Business Days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of the 30 calendar days, as to which each Note Rating Agency Conditionshall consent) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 201[_]-[_] Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series 201[_]-[_] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) Business Days 30 calendar days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of 45 calendar days, so long as the Note Rating Agency ConditionCondition is satisfied) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: American Express Receivables Financing Corp VIII LLC

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 201[ ]-[ ] Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•201[ ]-[ ] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) Business Days 30 calendar days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of 45 calendar days, so long as the Note Rating Agency ConditionCondition is satisfied) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Receivables Financing Corp VIII LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2013-1 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2013-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) Business Days 30 calendar days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of 45 calendar days, so long as the Note Rating Agency ConditionCondition is satisfied) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Receivables Financing Corp VIII LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating Back to Contents that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [__]-[__] Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [__]-[__] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Barclays Dryrock Funding LLC)

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Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2007-2 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2007-2 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) 10 Business Days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of the 30 calendar days, as to which each Note Rating Agency Conditionshall consent) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2007-1 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2007-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) 10 Business Days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of the 30 calendar days, as to which each Note Rating Agency Conditionshall consent) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: American Express Issuance Trust (American Express Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [•] 2013-1 Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2013-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Back to Contents Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Dryrock Issuance Trust)

Accumulation Reserve Account. (a) The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Series [__]-[__] Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [__]-[__] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Barclays Dryrock Funding LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2008-1 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2008-1 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) 10 Business Days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of the 30 calendar days, as to which each Note Rating Agency Conditionshall consent) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: American Express Issuance Trust (American Express Receivables Financing CORP v LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 20[_]-[_] Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(csubsection 5.03(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series 20[_]-[_] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issueron its behalf) shall within thirty (30) Business Days 30 calendar days (or such longer period period, not to exceed forty-five (45) Business Days upon satisfaction of 45 calendar days, so long as the Note Rating Agency ConditionCondition is satisfied) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or Account. The Indenture Trustee, at the direction of the Servicer, shall (iii) the Issuer determines for any reason that make withdrawals from the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice from time to time in an amount up to the Indenture Trustee, the Issuer shall establish or cause to be established a new Available Accumulation Reserve Account that is an Eligible Deposit Account Amount at such time, for the purposes set forth in this Indenture Supplement, and shall transfer any funds or other property (ii) on each Payment Date (from such and after the Accumulation Reserve Account Funding Date) prior to such new the termination of the Accumulation ReserveReserve Account make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, subsection 4.05(g).

Appears in 1 contract

Samples: Indenture (American Express Receivables Financing Corp VIII LLC)

Accumulation Reserve Account. (a) The Servicer shall cause to be established establish and maintain maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2012-2 Noteholders. The Accumulation Reserve Account shall be held by the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Series [•] 2012-2 Noteholders. If at any time (i) the Accumulation Reserve Account ceases to be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition) establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation ReserveReserve Account. From the date each such new Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

Appears in 1 contract

Samples: Servicing Agreement (Dryrock Issuance Trust)

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