Common use of DEPOSITS TO AND WITHDRAWALS FROM THE CREDIT ENHANCEMENT ACCOUNT Clause in Contracts

DEPOSITS TO AND WITHDRAWALS FROM THE CREDIT ENHANCEMENT ACCOUNT. (a) The proceeds of the Loan made by the Credit Enhancement Provider to the Trust pursuant to Section 2 hereof, for the benefit of the Investor Certificateholders of the Series, on the Series Closing Date and the proceeds of any additional loan made by the Credit Enhancement Provider pursuant to Section 8 hereof, shall be deposited into the Credit Enhancement Account. In addition, any amounts paid to the Trustee as administrator of the Credit Enhancement on any Distribution Date with respect to the Total Available Credit Enhancement Amount or the Available Class B Credit Enhancement Amount pursuant to the terms of the Series Supplement also shall be deposited into the Credit Enhancement Account upon receipt of such funds by the Trustee.

Appears in 39 contracts

Samples: Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I)

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DEPOSITS TO AND WITHDRAWALS FROM THE CREDIT ENHANCEMENT ACCOUNT. (a) The proceeds of the Loan made by the Credit Enhancement Provider to the Trust pursuant to Section 2 hereofTrust, for the benefit of the Investor Certificateholders of the Series, on the Series Closing Date and the proceeds of any additional loan made by the Credit Enhancement Provider pursuant to Section 8 hereof, shall be deposited into the Credit Enhancement Account. In addition, any amounts paid to the Trustee as administrator of the Credit Enhancement on any Distribution Date with respect to the Total Available Credit Enhancement Amount or the Available Class B Credit Enhancement Amount pursuant to the terms of the Series Supplement also shall be deposited into the Credit Enhancement Account upon receipt of such funds by the Trustee.

Appears in 7 contracts

Samples: Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I), Credit Enhancement Agreement (Discover Card Master Trust I)

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DEPOSITS TO AND WITHDRAWALS FROM THE CREDIT ENHANCEMENT ACCOUNT. (am) The proceeds of the Loan made by the Credit Enhancement Provider to the Trust pursuant to Section 2 hereof, for the benefit of the Investor Certificateholders of the Series, on the Series Closing Date and the proceeds of any additional loan made by the Credit Enhancement Provider pursuant to Section 8 hereof, shall be deposited into the Credit Enhancement Account. In addition, any amounts paid to the Trustee as administrator of the Credit Enhancement on any Distribution Date with respect to the Total Available Credit Enhancement Amount or the Available Class B Credit Enhancement Amount pursuant to the terms of the Series Supplement also shall be deposited into the Credit Enhancement Account upon receipt of such funds by the Trustee.

Appears in 1 contract

Samples: Credit Enhancement Agreement (Discover Card Master Trust I)

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