Collection Account and Spread Account. (a) On or prior to the Closing Date, the Indenture Trustee shall establish and maintain the Collection Account as the account into which all amounts received by the Local Bank from or on behalf of Obligors under the terms of the Receivables, and all other amounts required to be deposited therein pursuant to the Transaction Documents, will be deposited within two (2) Business Days of receipt thereof. The Indenture Trustee shall provide or make available electronically (or upon written request, by first class mail or facsimile) monthly statements on all amounts received in the Collection Account to the Agent, the Issuer and the Servicer.
Collection Account and Spread Account. (a) On or prior to the Initial Closing Date, the Indenture Trustee established, and at all times thereafter it shall maintain, the Collection Account as the account into which all amounts received by the Local Bank from or on behalf of Obligors under the terms of the Receivables, and all other amounts required to be deposited therein pursuant to the Transaction Documents, will be deposited within two (2) Business Days of receipt thereof. The Indenture Trustee shall provide or make available electronically (or upon written request, by first class mail or facsimile) monthly statements on all amounts received in the Collection Account to the Agent, the Issuer and the Servicer.
Collection Account and Spread Account. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Trustee, for the benefit of the Noteholders and the Note Insurer, the Collection Account and the Spread Account as provided in Section 4.1 of the Pooling and Servicing Agreement.
Collection Account and Spread Account. (a) On or prior to the Closing Date, the Agent, on behalf of the Secured Parties, shall establish with Bank of America, N.A. (in its capacity as the financial institution maintaining the accounts hereafter referred to, the "Depository"), at the offices of the Depository, a segregated account (the "Collection Account"), bearing account number 000655013112. The Collection Account shall be established by the Depository in the name of the Agent. The Agent on behalf of the Secured Parties shall have a perfected first priority security interest in the Collection Account. Upon the occurrence and during the continuance of (i) a Servicer Default or (ii) a Termination Event (other than one arising under Section 6.1(n) or (o)), the Servicer shall remit as promptly as possible and in any event prior to the close of business on the tenth day following receipt to the Collection Account all Collections received with respect to any Receivables; if no such event has occurred and is continuing, the Servicer, to the extent it holds such funds, shall be permitted to retain such funds, or deliver such funds to the Debtor or the Guarantor, as applicable. Funds on deposit in the Collection Account (other than investment earnings) shall be invested by the Agent in Eligible Investments that will mature so that such funds will be available prior to the Remittance Date following such investment. On the date following the Termination Date on which the Net Investment and all other Aggregate Unpaids have been paid in full, any funds remaining on deposit in the Collection Account shall be released and paid to the Guarantor.
