Establishment of the Excess Spread Account Sample Clauses

Establishment of the Excess Spread Account. The Seller or the Servicer on its behalf shall establish, on or before the Closing Date, with the Collateral Custodian, and cause to be maintained in the name of the Seller and assigned to the Administrative Agent, with a Qualified Institution an account into which all amounts paid by the Originator pursuant to Section 2.21 of this Agreement shall be deposited (the “Excess Spread Account”). Upon receipt of the Required Equity Contribution Notice the Seller shall deposit within the timeframe set forth in Section 2.21 an amount of cash into the Excess Spread Account equal to the Required Equity Shortfall. To the extent that, on any Payment Date during the Amortization Period, there are funds on deposit in the Excess Spread Account, such funds shall be applied on such Payment Date in accordance with Section 2.10.
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Establishment of the Excess Spread Account. The Seller, or the Servicer on its behalf, has established, on or before the Effective Date, with the Trustee, and maintained in the name of the Seller and assigned to the Trustee, an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the “Excess Spread Account”). Notwithstanding anything herein to the contrary, on and after the occurrence and continuation of any Termination Event or Unmatured Termination Event, each of the parties hereto (including the Trustee in its capacity as the bank at which the Excess Spread Account is maintained), hereby agrees that the Administrative Agent shall have the right and may provide the Trustee (or any successor institution at which the Excess Spread Account may be maintained) with notice that it is exercising its right to have exclusive dominion and control over such account. Following the delivery of any such notice of control, the Administrative Agent shall have the exclusive right to direct and provide instructions to the Trustee (or any successor institution at which such account is maintained) as to the disposition of all amounts then or thereafter deposited in the Excess Spread Account, without further notice to or consent of the Servicer or the Seller, and the Trustee (or any successor institution at which such account is maintained) shall thereafter only comply with instruction from the Administrative Agent in connection with such account.
Sample 1
Establishment of the Excess Spread Account. The Seller or the Servicer on its behalf shall establish, on or before the Closing Date, with the Collateral Custodian, and maintained in the name of the Seller and assigned to the Administrative Agent, with a Qualified Institution an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the "Excess Spread Account"). If the Seller fails at any time to maintain the Required Equity Contribution, Collections shall be deposited into the Excess Spread Account pursuant to Sections 2.7(a)(vii) and 2.8(viii), as applicable, until such time as the Required Equity Contribution on any day equals or exceeds $75,000,000. To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to fund the Required Equity Shortfall, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.7 and Section 2.8, as applicable.
Sample 1
Establishment of the Excess Spread Account. The Borrower or the Servicer on its behalf shall establish, on or before the Closing Date, and maintained in the name of the Borrower and assigned to the Deal Agent, with a Qualified Institution an account (the "Excess Spread Account") into which Collections shall be deposited pursuant to Section 2.8(a)(xiii) in a maximum amount such that the Overcollateralization Percentage on any day equals or exceeds the Minimum Overcollateralization Percentage on such day. To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to maintain the Minimum Overcollateralization Percentage, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.8.
Sample 1
Establishment of the Excess Spread Account. The Seller or the Servicer on its behalf shall establish (including by taking all steps necessary or reasonably requested by the Administrative Agent to transfer and assign to and rename in the name of, the Administrative Agent, the account defined as such and which was originally created in the name of or assigned to, Wachovia, as administrative agent, pursuant to the Original Loan Certificate and Servicing Agreement), on or before the Closing Date, with the Collateral Custodian, and maintained in the name of the Seller and assigned to the Administrative Agent, an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the “Excess Spread Account”). If the Seller fails at any time to maintain the Required Equity Contribution, Collections shall be deposited into the Excess Spread Account pursuant to Sections 2.7(a)(vii) and 2.8(viii), as applicable, until such time as the Required Equity Contribution on any day equals or exceeds $75,000,000. To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to fund the Required Equity Shortfall, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.7 and Section 2.8, as applicable. Notwithstanding anything herein to the contrary (including Section 2.7(b)), on and after the occurrence and continuation of any Termination Event or Unmatured Termination Event, each of the parties hereto (including the Collateral Custodian in its capacity as the bank at which the Excess Spread Account is maintained), hereby agrees that the Administrative Agent shall have the right and may provide the Collateral Custodian (or any successor institution at which the Excess Spread Account may be maintained) with notice that it is exercising its right to have exclusive dominion and control over such account. Following the delivery of any such notice of control, the Administrative Agent shall have the exclusive right to direct and provide instructions to the Collateral Custodian (or any successor institution at which such account is maintained) as to the disposition of all amounts then or thereafter deposited in the Excess Spread Account, without further notice to or consent of the Servicer or the Seller, and the Collateral Custodian (or any successor institution at which such account is maintained) shall thereafter only comply with instr...
Sample 1
Establishment of the Excess Spread Account. The Servicer shall cause ------------------------------------------ to be established, on or before the Closing Date, and maintained in the name of Deal Agent, with a Qualified Institution an account (the "Excess Spread ------------- Account") into which Collections shall be deposited pursuant to Section ------- 2.7(a)(ix) in a maximum amount such that the Overcollateralization Amount on any day equals or exceeds the Minimum Overcollateralization on such day. To the extent that, on any Payment Date, an Overcollateralization Excess exists and there are funds on deposit in the Excess Spread Account, an amount equal to the lesser of such Overcollateralization Excess and the amount on deposit in the Excess Spread Account shall be deposited, on such Payment Date, to the Interest Collection Account for application in accordance with Section 2.7.
Sample 1
Establishment of the Excess Spread Account. The Seller or the Servicer on its behalf shall establish, on or before the Closing Date, with the Collateral Custodian, and maintained in the name of the Seller and assigned to the Administrative Agent, with a Qualified Institution an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the “Excess Spread Account”). If the Seller fails to maintain the Required Equity Contribution at any time when it is obligated to do so, Collections shall be deposited into the Excess Spread Account pursuant to Sections 2.9(a)(vii) and 2.10(a)(viii), as applicable, until such time as the Required Equity Contribution on any day equals or exceeds the amount prescribed in the definition of “Required Equity Contribution.” To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to fund the Required Equity Shortfall, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.9 and Section 2.10, as applicable.
Sample 1
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Related to Establishment of the Excess Spread Account

  • Establishment of the Collection Account The Borrower or the Manager on its behalf shall cause to be established, on or before the Closing Date, and maintained in the name of the Borrower but subject to the Lien of the Administrative Agent on behalf of the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States, which shall initially be U.S. Bank, or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account, which may be a securities account or a deposit account (the “Collection Account”) for the purpose of receiving Collections from the Collateral; provided, however, that such depository institution or trust company shall be a depository institution organized under the laws of the United States 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 A-3 or better by Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P or P-1 or better by Xxxxx’x, (B) the parent corporation of which has either (1) a long- term unsecured debt rating of A- or better by S&P and A-3 or better by Xxxxx’x or (2) a short- term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P and P-1 or better by Xxxxx’x or (C) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (any such depository institution or trust company, a “Qualified Institution”) which Qualified Institution has agreed with the Borrower, the Manager and the Administrative Agent to comply with any and all written orders, notices, requests and other instructions originated by the Administrative Agent directing disposition of the funds in the Collection Account and any and all entitlement orders originated by the Administrative Agent with respect to financial assets credited to the Collection Account, without any further consent from the Borrower or the Manager. In order to provide the Administrative Agent with control over the Collection Account within the meaning of Section 9-104(a) or Section 9-106(c) of the UCC and any other Applicable Law, the Borrower and the Manager hereby agree that the Administrative Agent may at any time provide U.S. Bank or any successor Person that maintains the Collection Account with written instructions as to the disposition of funds in the Collection Account, entitlement orders with respect to financial assets in the Collection Account or written instructions as to any other matters relating to the Collection Account without any further consent from the Borrower or the Manager; provided, further, that if such depository institution at any time fails to be a Qualified Institution, the Borrower, or the Manager on behalf of the Borrower, shall cause the Controlled Accounts to be established with an office or branch of another depository institution or trust company organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) meeting the requirements of a Qualified Institution within 30 days of the Borrower’s or the Manager’s acquiring knowledge of such failure.

  • 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, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Spread Account (a) On the Closing Date, the Seller shall deposit the applicable Spread Account Deposit into the Spread Account.

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Prefunding Account The Issuer hereby directs and the Indenture Trustee and Paying Agent hereby agree that the Paying Agent on behalf of the Indenture Trustee will establish and maintain an account (the “Prefunding Account”) for the benefit of the Noteholders. On the Closing Date, the Issuer shall cause the Indenture Trustee to deposit into the Prefunding Account an amount equal to the Prefunding Amount Initial Deposit. The Prefunding Account shall be an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Receivables Note Trust 2018-A, Timeshare Loan-Backed Notes, Series 2018-A — Prefunding Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Prefunding Account and in all proceeds thereof. The Prefunding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Prefunding Account ceases to be an Eligible Bank Account, the Paying Agent on behalf of the Indenture Trustee shall, in accordance with Section 3.1(i) hereof, establish a new Prefunding Account (which if not maintained by the Indenture Trustee is subject to an account control agreement satisfactory to the Indenture Trustee) which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Prefunding Account and from the date such new Prefunding Account is established, it shall be the “Prefunding Account”. Amounts on deposit in the Prefunding Account shall be invested in accordance with Section 3.1 hereof. Withdrawals and payments from the Prefunding Account shall be made in the following manner:

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