Common use of Control of Trust Accounts Clause in Contracts

Control of Trust Accounts. Other than as set forth in any Trust Financing Agreement with respect to any Series Accounts, each of the Trust Accounts will be under the control of the Master Collateral Agent so long as the Trust Accounts remain subject to the Lien of the Master Collateral Agreement, except that the Servicer may make deposits into and direct the Master Collateral Agent to make deposits into or withdrawals from the Trust Accounts according to the Transaction Documents and the other Series Related Documents. The Servicer may direct the Master Collateral Agent to withdraw from the Collection Account and pay to the Servicer, or as directed by the Servicer, amounts that are not Group Available Funds for a Collection Period or that were deposited into the Collection Account in error. Following the release of the Trust Accounts from the Lien of the Master Collateral Agreement, the Trust Accounts will be under the control of the Trust.

Appears in 5 contracts

Samples: Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust)

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