Common use of Distributions from Collection Account Clause in Contracts

Distributions from Collection Account. (a) On the second Business Day prior to each Payment Date, so long as the Issuer or its assignee is the Grantor Trust Holder, the Indenture Trustee, in accordance with Section 5.01(b)(2) of the Sale and Servicing Agreement, shall withdraw from the Collection Account the Available Collection Amount for such Payment Date and deposit such amount into the Note Payment Account. Such deposits into the Note Payment Account from the Collection Account shall be deemed to constitute distributions to and on behalf of the Grantor Trust Holder. (b) The Indenture Trustee may also make withdrawals from the Collection Account pursuant to Section 5.01(b)(3) of the Sale and Servicing Agreement.

Distributions from Collection Account. (a) On the second seventh Business Day prior to each Payment Date, so long as the Issuer or its assignee is the Grantor Trust Holder, the Indenture Trustee, in accordance with Section 5.01(b)(2) of the Sale and Servicing Agreement, shall withdraw from the Collection Account the Available Collection Amount for such Payment Date and deposit such amount into the Note Payment Account. Such deposits into the Note Payment Account from the Collection Account shall be deemed to constitute distributions to and on behalf of the Grantor Trust Holder. (b) The Indenture Trustee may also make withdrawals from the Collection Account pursuant to Section 5.01(b)(3) of the Sale and Servicing Agreement.