Common use of Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account Clause in Contracts

Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. (a) On or prior to the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, “Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent for MBIA Insurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 2007-A Class A Asset Backed Notes Series 2007-A” (the “Spread Account”). The Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the Issuer. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

Appears in 1 contract

Samples: Spread Account Agreement (UPFC Auto Receivables Trust 2007-A)

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Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. (a) On or prior to the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, "Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent for MBIA Insurance Ambac Assurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 20072005-A A, Class A Asset Asset-Backed Notes Series 20072005-A" (the "Spread Account"). The Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the Issuer. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

Appears in 1 contract

Samples: Spread Account Agreement (UPFC Auto Receivables Trust 2005-A)

Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. (a) On or prior to the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, “Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent for MBIA Insurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 20072006-A Class A Asset Backed Notes Series 20072006-A” (the “Spread Account”). The Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the Issuer. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

Appears in 1 contract

Samples: Spread Account Agreement (UPFC Auto Receivables Trust 2006-A)

Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. (a) On or prior to the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, “Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent for MBIA Insurance Ambac Assurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 20072006-A B, Class A Asset Asset-Backed Notes Series 20072006-AB” (the “Spread Account”). The Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the IssuerIssuing Entity. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

Appears in 1 contract

Samples: Spread Account Agreement (UPFC Auto Receivables Trust 2006-B)

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Establishment of Spread Account; Initial Deposit into Spread Account; Maintenance of Spread Account. (a) On or prior to the Closing Date, the Collateral Agent shall establish, at its office or at another depository institution or trust company an Eligible Deposit Account, designated, "Spread Account—Deutsche Bank Trust Company Americas, as Collateral Agent for MBIA Insurance Ambac Assurance Corporation and Deutsche Bank Trust Company Americas, as Trustee and Trust Collateral Agent Re: UPFC Auto Receivables Trust 2007-A B, Class A Asset Asset-Backed Notes Series 2007-A” B" (the "Spread Account"). The Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of UACC, the Seller, the Servicer or the IssuerIssuing Entity. If the Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within five Business Days of such determination, in accordance with Section 3.04(a), a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution acceptable to the Controlling Party.

Appears in 1 contract

Samples: Spread Account Agreement (UPFC Auto Receivables Trust 2007-B)

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