Common use of Class C Reserve Account Clause in Contracts

Class C Reserve Account. (a) The Servicer shall establish and maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Class C Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Class C Noteholders. The Class C Reserve Account shall be held by the Indenture Trustee in accordance with subsection 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 Class C Reserve Account and in all proceeds thereof. The Class C Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class C Noteholders. If at any time the Class C 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 on its behalf) shall within 30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied) establish a new Class C Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Class C Reserve Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Class C Reserve Account from time to time in an amount up to the Available Class C Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) make deposits to the Class C Reserve Account from time to time in the amount specified in, and otherwise in accordance with, subsection 4.05(h).

Class C Reserve Account. (a) The Servicer shall establish and maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “Class C Reserve Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Class C Noteholders. The Class C Reserve Account shall be held by the Indenture Trustee in accordance with subsection 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 Class C Reserve Account and in all proceeds thereof. The Class C Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class C Noteholders. If at any time the Class C 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 on its behalf) shall within 30 calendar days 10 Business Days (or such longer period, not to exceed 45 30 calendar days, so long as the to which each Note Rating Agency Condition is satisfiedshall consent) establish a new Class C Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Class C Reserve Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Class C Reserve Account from time to time in an amount up to the Available Class C Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) make deposits to the Class C Reserve Account from time to time in the amount specified in, and otherwise in accordance with, subsection 4.05(h).

Class C Reserve Account. (a) The Servicer shall establish and maintain, in the name of the Indenture Trustee an Eligible Deposit Account (the “"Class C Reserve Account”") bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Class C Noteholders. The Class C Reserve Account shall be held by the Indenture Trustee in accordance with subsection 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 Class C Reserve Account and in all proceeds thereof. The Class C Reserve Account shall be under the exclusive control of the Indenture Trustee for the benefit of the Class C Noteholders. If at any time the Class C 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 on its behalf) shall within 30 calendar days 10 Business Days (or such longer period, not to exceed 45 30 calendar days, so long as the to which each Note Rating Agency Condition is satisfiedshall consent) establish a new Class C Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any funds or other property to such new Class C Reserve Account. The Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals from the Class C Reserve Account from time to time in an amount up to the Available Class C Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement, and (ii) make deposits to the Class C Reserve Account from time to time in the amount specified in, and otherwise in accordance with, subsection 4.05(h).