Common use of CTO Reserve Account Clause in Contracts

CTO Reserve Account. Establishment of the CTO Reserve Account. The Servicer, for the benefit of the CTO Securityholders, shall, upon the occurrence of a CTO Trigger Event, establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the CTO Securityholders, the "CTO Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the CTO Securityholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the CTO Reserve Account and in all proceeds thereof. The CTO Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the CTO Securityholders. If, at any time, the institution holding the CTO Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new CTO Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new CTO Reserve Account. From the date such new CTO Reserve Account is established, it shall be the "CTO Reserve Account."

CTO Reserve Account. Establishment of the (a) ESTABLISHMENT OF THE CTO Reserve AccountRESERVE ACCOUNT. The Servicer, for the benefit of the CTO Securityholders, shall, upon the occurrence of a CTO Trigger Event, establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the CTO Securityholders, the "CTO Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the CTO Securityholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the CTO Reserve Account and in all proceeds thereof. The CTO Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the CTO Securityholders. If, at any time, the institution holding the CTO Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new CTO Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new CTO Reserve Account. From the date such new CTO Reserve Account is established, it shall be the "CTO Reserve Account."

CTO Reserve Account. (a) Establishment of the CTO Reserve Account. The Servicer, for the benefit of the CTO Securityholders, shall, upon the occurrence of a CTO Trigger Event, establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the CTO Securityholders, the "CTO Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the CTO Securityholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the CTO Reserve Account and in all proceeds thereof. The CTO Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the CTO Securityholders. If, at any time, the institution holding the CTO Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new CTO Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new CTO Reserve Account. From the date such new CTO Reserve Account is established, it shall be the "CTO Reserve Account."