Common use of Defeasance Reserve Account Clause in Contracts

Defeasance Reserve Account. At the option of the Transferor, on each Business Day on and after the Defeasance Reserve Account Funding Date, but prior to the date on which a Defeasance occurs pursuant to subsection 4.18 of the Agreement, the Trustee, acting in accordance with instructions from the Servicer, shall deposit in the Defeasance Reserve Account, to the extent of any Available Series 1998-2 Finance Charge Collections remaining after giving effect to the applications pursuant to subsections 4.9(a)(i) through (xiv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1998-2 Finance Charge Collections and (y) the excess, if any, of the Required Defeasance Reserve Account Amount over the Available Defeasance Reserve Account Amount.

Defeasance Reserve Account. At the option of the Transferor, on each Business Day on and after the Defeasance Reserve Account Funding Date, but prior to the date on which a Defeasance occurs pursuant to subsection 4.18 of the Agreement, the Trustee, acting in accordance with instructions from the Servicer, shall deposit in the Defeasance Reserve Account, to the extent of any Available Series 1998-2 1 Finance Charge Collections remaining after giving effect to the applications pursuant to subsections 4.9(a)(i) through (xiv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1998-2 1 Finance Charge Collections and (y) the excess, if any, of the Required Defeasance Reserve Account Amount over the Available Defeasance Reserve Account Amount.