Common use of Deposits During the Controlled Accumulation Period or Controlled Amortization Period, if applicable Clause in Contracts

Deposits During the Controlled Accumulation Period or Controlled Amortization Period, if applicable. On any date during the Controlled Accumulation Period, if applicable, on which the Seller receives proceeds from the sale of a new Series of Investor Certificates, if the Seller has agreed to deposit all or a portion of the proceeds from such sale into the Series Principal Funding Account, the Seller shall cause the Trustee to so deposit such proceeds. On or before each Distribution Date during the Controlled Accumulation Period or Controlled Amortization Period, as applicable, the Servicer shall direct the Trustee that funds be paid or deposited, and the Trustee shall apply such funds in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

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Deposits During the Controlled Accumulation Period or Controlled Amortization Period, if applicable. On any date during the Controlled Accumulation Period, if applicable, on which the Seller receives proceeds from the sale of a new Series series of Investor Certificates, if the Seller has agreed to deposit all or a portion of the proceeds from such sale into the Series Principal Funding Account, the Seller shall cause the Trustee to so deposit such proceeds. On or before each Distribution Date during the Controlled Accumulation Period or Controlled Amortization Period, as applicable, the Servicer shall direct the Trustee that funds be paid or deposited, and the Trustee shall apply such funds in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

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Deposits During the Controlled Accumulation Period or Controlled Amortization Period, if applicable. On any date during the Controlled Accumulation Period, if applicable, on which the Seller receives proceeds from the sale of a new Series series of Investor Certificates, if the Seller has agreed to deposit all or a portion of the proceeds from such sale into the Series Principal Funding Account, the Seller shall cause the Trustee to so deposit such proceeds. On or before each Distribution Date during the Controlled Accumulation Period or Controlled Amortization Period, as applicable, the Servicer shall direct the Trustee that funds be paid or deposited, and the Trustee shall apply such funds in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below.. (1)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

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