Common use of Deposit into the Payment Fund Clause in Contracts

Deposit into the Payment Fund. (a) Upon this Finance Contract taking effect the Issuer shall establish a Payment Fund, which shall be maintained by the Issuer as long as any Payments are unpaid. The Issuer hereby pledges the Payment Fund for the exclusive purpose of securing the Payments and shall apply the funds therein to the payment of Payments as such payments come due.

Deposit into the Payment Fund. (a) Upon this Finance Contract taking effect the Issuer shall establish a payment fund (the “Payment Fund”), which shall be maintained by the Issuer as long as any Payments are unpaid. The To the extent permitted by law, Issuer hereby grants and pledges the to GCC, and its successors and assigns, a first priority lien in and pledge of Payment Fund. Said Payment Fund shall be for the exclusive purpose of securing the Payments and shall apply the funds therein to the payment of Payments as such payments come due.