Common use of Cash Trap Reserve Clause in Contracts

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 7.02(a)(iv)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Reserve Sub-Account (such Reserve Sub-Account, the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). Prior to the commencement of an Amortization Period or an ARD Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer. On (i) the first Payment Date to occur on or after the commencement of an Amortization Period or an ARD Period, (ii) the first Payment Date after the occurrence of an Event of Default that is continuing or (iii) on any Payment Date at the direction of the Issuer, the Indenture Trustee will at the written direction of the Servicer apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Reserve Sub-Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b).

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 7.02(a)(iv)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Reserve Sub-Account of the Collection Account (such Reserve Sub-Account, the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). Prior to the commencement of an Amortization Period or an ARD Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer. On (i) the first Payment Date to occur on or after the commencement of an Amortization Period or an ARD Period, (ii) the first Payment Date after the occurrence of an Event of Default that is continuing or (iii) on any Payment Date at the direction of the Issuer, the Indenture Trustee will at the written direction of the Servicer apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Reserve Sub-Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b).

Cash Trap Reserve. If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting Monthly Report required to be delivered pursuant to Section 7.02(a)(iv7.02(a)(iii)) and for so long as such Cash Trap Condition continues to exist, all Collections available for such purpose under Article V (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Reserve Sub-Account of the Collection Account (such Reserve Sub-Account, the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the “Cash Trap Reserve”). Prior to the commencement of an Amortization Period or an ARD Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer. On (i) the first Payment Date to occur on or after the commencement of an Amortization Period or an ARD Period, (ii) the first Payment Date after the occurrence of an Event of Default that is continuing or (iii) on any Payment Date at the direction of the Issuer, the Indenture Trustee will at the written direction of the Servicer apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding unreimbursed Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Reserve Sub-Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b). On the first Payment Date after the expiration of a Cash Trap Condition, the Indenture Trustee shall pay any funds remaining in the Cash Trap Reserve Sub-Account to the Obligors provided that no Event of Default then exists.

Cash Trap Reserve. If a Cash Trap Condition shall occuroccur when neither an Amortization Period nor a Post-ARD Period is then in effect and no Event of Default has occurred and is continuing, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon as set forth in the financial reporting required to be delivered pursuant to Section 7.02(a)(iv)Servicing Report) and for so long as such Cash Trap Condition continues to existexist (and no Amortization Period is in effect or Post-ARD Period has commenced and no Event of Default has occurred or is continuing), all Collections available for such purpose under Article V the Available Funds remaining after the distribution pursuant to Section 5.01(a)(vii) (except as otherwise expressly provided below) shall be deposited with the Indenture Trustee and held in a Reserve Sub-Account (such Reserve Sub-Account, the “Cash Trap Reserve Sub-Account”) in accordance with the terms of the Cash Management Agreement and this Indenture (said such funds, together with any interest thereon, the “Cash Trap Reserve”). Prior to the commencement of an Amortization Period or an a Post-ARD Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer. On (i) the first Payment Date to occur on or after the commencement of an Amortization Period or an a Post-ARD Period, (ii) the first Payment Date Period or after the occurrence of an Event of Default that is then continuing or (iii) on any other Payment Date at the direction election of the Issuer, the Indenture Trustee will at the written direction of the Servicer apply all funds on deposit in the Cash Trap Reserve Sub-Account to reimbursement of the Indenture Trustee and the Servicer in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due shall be transferred to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Reserve Sub-Collection Account and applied to payment of the Notes on such Payment Date (including any required Yield Maintenance) in accordance with Section 5.01(b).Article V.