Common use of Establishment of Gain on Sale Account Clause in Contracts

Establishment of Gain on Sale Account. The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee, for the benefit of the Noteholders, an Eligible Deposit Account bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Noteholders (the "Gain on Sale Account"). If at any time the Indenture Trustee obtains knowledge that the Gain on Sale Account is no longer an Eligible Deposit Account, the Indenture Trustee shall, within 30 days of obtaining such knowledge, establish a new Gain on Sale Account that is an Eligible Deposit Account and transfer into the new Gain on Sale Account all cash and investments from the non-qualifying Gain on Sale Account. Initially, the Gain on Sale Account will be established with Chase. The Indenture Trustee shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Gain on Sale Account and the proceeds thereof for the benefit of the Noteholders. The Gain on Sale Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders.

Establishment of Gain on Sale Account. The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee, for the benefit of the Noteholders, an Eligible Deposit Account bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Noteholders (the "“Gain on Sale Account"”). If at any time the Indenture Trustee obtains knowledge that the Gain on Sale Account is no longer an Eligible Deposit Account, the Indenture Trustee shall, within 30 days of obtaining such knowledge, establish a new Gain on Sale Account that is an Eligible Deposit Account and transfer into the new Gain on Sale Account all cash and investments from the non-qualifying Gain on Sale Account. Initially, the Gain on Sale Account will be established with Chase. The Indenture Trustee shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Gain on Sale Account and the proceeds thereof for the benefit of the Noteholders. The Gain on Sale Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders.