Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance as necessary, cause the Collection Account to be moved to an Eligible Institution.
Appears in 6 contracts
Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2011-a Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2011-a Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2010-C Owner Trust)
