Establishment of the Collection Account, Principal Collection Account and Reserve Account. The Servicer shall cause to be established, on or before the Closing Date, maintained in the name of the Borrower at Fifth Third Bank, National Association and subject to, in the case of the following clauses (i) and (iii), at all times following the Amendment No. 1 Effective Date, an Account Control Agreement (i) the Collection Account, (ii) the Principal Collection Account and (iii) the Reserve Account.
Establishment of the Collection Account, Principal Collection Account and Reserve Account. On or before the Closing Date, the Borrower shall establish in its own name with an Eligible Account Bank the following accounts: (i) an account entitled “CAF 2022-2 Collection Account” (the “Collection Account”), (ii) an account entitled “CAF 2022-2 Principal Collection Account” (the “Principal Collection Account”) and (iii) a segregated corporate trust account entitled “CAF 2022-2 Reserve Account” (the “Reserve Account”), in each case, subject to a Control Agreement; provided, however, that at all times the bank or other financial institution at which any such account is established and maintained shall be a bank or other financial institution organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of A or better by S&P and A2 or better by Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of A or better by S&P or A2 or better by Xxxxx’x, (B) the parent corporation which has either (1) a long-term unsecured debt rating of A or better by S&P and A2 or better by Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of A or better by S&P and A2 or better Xxxxx’x or (C) that is otherwise acceptable to the Deal Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (an “Eligible Account Bank”).
Establishment of the Collection Account, Principal Collection Account and Reserve Account. The Servicer shall cause to be established, on or before the Closing Date, and maintained in the name of the Collateral Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company (i) a segregated corporate trust account entitled “Collection Account for Xxxxx Fargo Bank, National Association, as agent for the Secured Parties” (the “Collection Account”); (ii) a segregated corporate trust account entitled “Principal Collection Account for Xxxxx Fargo Bank, National Association, as agent for the Secured Parties” (the “Principal Collection Account”) and (iii) a segregated corporate trust account entitled “Reserve Account for Xxxxx Fargo Bank, National Association” as agent for the Secured Parties (the “Reserve Account”), in each case, over which the Collateral Agent as agent for the Secured Parties shall have sole dominion and control and from which neither the Originator, the Servicer nor the Borrower shall have any right of withdrawal; provided, however, that at all times such depository institution or trust company shall be a depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of at least investment grade by S&P and Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of at least investment grade by S&P and Xxxxx’x, (B) the parent corporation which has either (1) a long-term unsecured debt rating of at least investment grade by S&P and Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of at least investment grade by S&P and Xxxxx’x or (C) that is 71 otherwise acceptable to the Deal Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (any such depository institution or trust company, a “Qualified Institution”).
