Common use of Establishment of Collection Account Clause in Contracts

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust Holder, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 1998-1". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust Holder, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 1998-12". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust HolderSecurityholders, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection AccountCOLLECTION ACCOUNT"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank LaSalle National AssociationBank, as Indenture Trustee, in trust for the Empire Funding Home FFCA Franchise Loan Asset Backed Notes, Series 1998-1". The Collection Account may be maintained with -77- the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture TrusteeMajority Noteholders. A copy of such letter agreement shall be furnished to the Majority Noteholders and the Indenture Trustee and, upon request of any Grantor Trust HolderSecurityholder, to such Grantor Trust HolderSecurityholder. Funds in the Collection Account shall be invested in accordance with Section SECTION 5.03 hereof. The Collection Account shall be established, as of the Closing Datedate hereof, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee Issuer and the Indenture Trustee, be transferred by the Servicer to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunderMajority Noteholders.

Establishment of Collection Account. The Servicer(a) Servicer shall cause to be established: (i) For the benefit of the Noteholders and the Certificateholders, in the name of Indenture Trustee, an Eligible Deposit Account (the "COLLECTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Grantor Trust HolderNoteholders and the Certificateholders, which Eligible Deposit Account shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 1998-1". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies its designee. (ii) For the requirements set forth benefit of the Noteholders, in the definition name of Indenture Trustee, an Eligible Account. The creation Deposit Account (the "NOTE DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of any Collection Account other than one the Noteholders, which shall be established and maintained with the Indenture Trustee or its designee. (iii) An administrative subaccount within the Note Distribution Account at the Eligible Institution then maintaining the Note Distribution Account, which subaccount shall be evidenced designated the "INTEREST DISTRIBUTION SUBACCOUNT." The Interest Distribution Subaccount is established and maintained solely for administrative purposes. (iv) An administrative subaccount within the Note Distribution Account at the Eligible Institution then maintaining the Note Distribution Account, which subaccount shall be designated the "PRINCIPAL DISTRIBUTION SUBACCOUNT." The Principal Distribution Subaccount is established and maintained solely for administrative purposes. (b) Funds on deposit in the Collection Account, the Note Distribution Account and the Reserve Account (collectively, the "TRUST ACCOUNTS") shall be invested by Indenture Trustee with respect to the Trust Accounts and by the Owner Trustee with respect to the Certificate Distribution Account (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the holder of a letter agreement between majority of the Certificates and of which the holder of a majority of the Certificates provides notification (pursuant to standing instructions or otherwise); provided that it is understood and agreed that neither the holder of a majority of the Certificates, Indenture Trustee nor Owner Trustee shall be liable for any loss arising from such investment in Eligible Investments. All such Eligible Investments shall be held by or on behalf of Indenture Trustee for the benefit of the Noteholders and the Certificateholders or by Owner Trustee for the benefit of Certificateholders, as applicable. Funds on deposit in the Trust Accounts shall be invested in Eligible Investments that, except for Qualified GICs, will mature so that such funds will be available at the close of business on the Deposit Date preceding the next Payment Date; PROVIDED, THAT upon satisfaction of the Rating Agency Condition and with the approval of the Indenture Trustee, funds on deposit in the Trust Accounts may be invested in Eligible Investments that mature on such Payment Date. No Eligible Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Eligible Investment and the holder of a majority of the Certificates directs Indenture Trustee in writing to dispose of such Eligible Investment. Funds deposited in the Trust Accounts or Certificate Distribution Account on a Deposit Date shall be invested overnight. (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (excluding investment income thereon as provided in SECTION 5.1(E)) and all such funds, investments and proceeds shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of Indenture Trustee for the benefit of the Noteholders and the Certificateholders; provided, however, the Indenture Trustee shall not be charged with any obligation for the benefit of the Certificateholders except as provided by the terms of this Agreement. If, at any time, any of the Trust Accounts or the Certificate Distribution Account ceases to be an Eligible Deposit Account, Indenture Trustee (or Servicer on its behalf) or Owner Trustee, as applicable, shall within 10 Business Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account or Certificate Distribution Account, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account or new Certificate Distribution Account, as applicable. In connection with the foregoing, Servicer agrees that, in the event that the Collection Account is not an account with Indenture Trustee or its designee, Servicer shall notify Indenture Trustee in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. (d) With respect to the Trust Account Property, Servicer and the depository institution acceptable Indenture Trustee agree that: (i) any Trust Account Property that is held in deposit accounts shall be held solely in Eligible Deposit Accounts and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of Indenture Trustee, and, except as otherwise provided in the Basic Documents, Indenture Trustee and its designee shall have sole signature authority with respect thereto; (ii) any Trust Account Property that constitutes Physical Property shall be delivered to Indenture Trustee or its designee, in accordance with paragraph (a) of the definition of "Delivery" and shall be held, pending maturity or disposition, solely by Indenture Trustee or such designee, or a financial intermediary (as such term is defined in Section 8-313(4) of the UCC) acting solely for Indenture Trustee or such designee; (iii) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of "Delivery" and shall be maintained by Indenture Trustee or its designee of a financial intermediary (as such term is defined in Section 8-313(4) of the UCC) acting solely for Indenture Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and (iv) any Trust Account Property that is an "uncertificated security" under Article 8 of the UCC and that is not governed by clause (iii) above shall be delivered to Indenture Trustee or its designee in accordance with paragraph (c) of the definition of "Delivery" and shall be maintained by Indenture Trustee or such designee, or a financial intermediary (as such term is defined in Section 8-313 (4) of the UCC) acting solely for Indenture Trustee or such designee, pending maturity or disposition, through continued registration of Indenture Trustee's (or its designee's) ownership of such security. (e) Investment earnings, net of losses, attributable to the Trust Accounts (other than the Reserve Account) shall be attributable to the Trust Account Property shall be available to pay the distributions provided for in Section 5.5, provided that investment earnings on funds on deposit in the Collection Account from the Business Day prior to each Payment Date to the Payment Date shall be paid to the Indenture Trustee. A copy Effective upon Delivery of such letter agreement any Trust Account Property, Servicer shall be furnished deemed to the Indenture Trustee andhave represented that it has purchased such Trust Account Property for value, upon request in good faith and without notice of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunderadverse claim thereto.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust Holder, shall cause to be established and maintained one or more Collection Accounts in the State of New York (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. The Bank National Associationof New York, as Indenture Trustee, in trust for the Empire Funding DiTech Home Loan Asset Backed Notes, Series 1998-1". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust HolderSecurityholders, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Norwest Bank Minnesota, National Association, as Indenture Trustee, in trust for the Empire Funding Life Financial Home Loan Asset Backed Notes, Series 19981997-13". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between certification, substantially in the Form of Exhibit D attached hereto, by the Servicer and acknowledged by the depository institution acceptable to the Indenture Trusteeinstitution. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust HolderSecurityholder, to such Grantor Trust HolderSecurityholder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee Issuer and the Indenture Trustee, and in accordance with the preceding paragraph, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust HolderNoteholders and the Note Insurer, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account")Accounts, which shall be separate Eligible Accounts and Accounts, which may be interest-bearing, entitled "Collection AccountCOLLECTION ACCOUNT, U.S. Bank National AssociationFIRST BANK NATIONAL ASSOCIATION, as Indenture TrusteeAS INDENTURE TRUSTEE, in trust for the Empire Funding Home Loan Asset Backed NotesIN TRUST FOR THE FIRSTPLUS FUNDING TRUST ASSET-BACKED NOTES, Series 1998-1SERIES 1997A". The Any Collection Account may be maintained with the Indenture Trustee or or, subject to the following paragraph, any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture TrusteeNote Insurer. A copy of such letter agreement shall be furnished to the Indenture Trustee Trustee, the Note Insurer and, upon request of any Grantor Trust HolderNoteholder, to such Grantor Trust HolderNoteholder. Funds in the each Collection Account shall be invested in accordance with Section 5.03 hereof5.08. The Collection Account shall be established, as As of the Closing Date, the Collection Account shall be established with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account mayTrustee, and thereafter upon written notice to the Grantor Trustee Issuer and the Indenture Trustee, and upon the prior written consent of the Note Insurer, the Collection Account may be transferred by the Servicer to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunderAccount.

Establishment of Collection Account. The Servicer, for the benefit of the Securityholders, the Indenture Trustee and the Grantor Trust Holder, shall cause to be established and maintained in the name of the Indenture Trustee one or more Collection Accounts (collectively, the "Collection AccountCOLLECTION ACCOUNT"), which shall be separate Eligible Accounts and may be interest-bearing, and which shall be entitled "Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 19981999-1". ." The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section SECTION 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust Holder, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 19981997-15". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust HolderSecurityholders, the Indenture Trustee and the Securities Insurer, shall cause to be established and maintained in the name of the Indenture Trustee one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, and which shall be entitled "Collection Account, Account of U.S. Bank National Association, as Indenture Trustee, in trust for the Empire Funding Home Loan Asset Backed Notes, Series 1998-13". The Collection Account may be maintained with the Indenture Trustee or any other depository institution institution, which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture TrusteeTrustee and the Securities Insurer. A copy of such letter agreement shall be furnished to the Securities Insurer, the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, and upon the written consent of the Securities Insurer, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust HolderSecurityholders, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection AccountCOLLECTION ACCOUNT"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. Bank LaSalle National AssociationBank, as Indenture Trustee, in trust for the Empire Funding Home FFCA Franchise Loan Asset Backed Notes, Series 1998-1". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture TrusteeMajority Noteholders. A copy of such letter agreement shall be furnished to the Majority Noteholders and the Indenture Trustee and, upon request of any Grantor Trust HolderSecurityholder, to such Grantor Trust HolderSecurityholder. Funds in the Collection Account shall be invested in accordance with Section SECTION 5.03 hereof. The Collection Account shall be established, as of the Closing Datedate hereof, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee Issuer and the Indenture Trustee, be transferred by the Servicer to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunderMajority Noteholders.

Establishment of Collection Account. The Servicer, for the benefit of the Grantor Trust Holder, shall cause to be established and maintained one or more Collection Accounts (collectively, the "Collection Account"), which shall be separate Eligible Accounts and may be interest-bearing, entitled "Collection Account, U.S. The Bank National Associationof New York, as Indenture Trustee, in trust for the Empire Funding Master Financial Home Loan Asset Backed Notes, Series 1998-12". The Collection Account may be maintained with the Indenture Trustee or any other depository institution which satisfies the requirements set forth in the definition of Eligible Account. The creation of any Collection Account other than one maintained with the Indenture Trustee shall be evidenced by a letter agreement between the Servicer and the depository institution acceptable to the Indenture Trustee. A copy of such letter agreement shall be furnished to the Indenture Trustee and, upon request of any Grantor Trust Holder, to such Grantor Trust Holder. Funds in the Collection Account shall be invested in accordance with Section 5.03 hereof. The Collection Account shall be established, as of the Closing Date, with the Indenture Trustee as an Eligible Account pursuant to the definition thereof. The Collection Account may, upon written notice to the Grantor Trustee and the Indenture Trustee, be transferred to a different depository institution so long as such transfer is to an Eligible Account acceptable to the Indenture Trustee. The Depositor hereby collaterally assigns the Collection Account to the Issuer in connection with the sale of the Grantor Trust Certificate to the Issuer hereunder.