Common use of General Provisions Regarding Spread Accounts Clause in Contracts

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Seller, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller and each Secured Party at least ten Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party or the Seller and at the expense of the Seller, the Collateral Agent shall cause, at the expense of the Seller, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent.

Appears in 8 contracts

Samples: Spread Account Agreement (Arcadia Financial LTD), Master Spread Account Agreement (Consumer Portfolio Services Inc), Spread Account Agreement (Arcadia Financial LTD)

AutoNDA by SimpleDocs

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a the Spread Account hereunder, the Collateral Agent shall advise the Seller Issuer and each Secured Party in writing of the name and address of the depository institution or trust company where such the Spread Account has been established (if not Norwest at Xxxxxx Trust and Savings Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such the Spread Account, the account number and the individuals whose names appear on the signature cards for such the Spread Account. The Seller Issuer shall cause each such depository institution or trust company to execute a written agreement, in form and substance reasonably satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other the Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, agrees to notify the Seller, the Collateral Agent, Issuer and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller Issuer and each Secured Party at least ten Business Days' prior written notice of any change in the location of such the Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any the Spread Account. (b) Upon the written request of the Controlling Party or the Seller Issuer and at the expense of the SellerIssuer, the Collateral Agent shall cause, at the expense of the SellerIssuer, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such the Spread Account. (c) If at any time any the Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution.Party (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a the Spread Account shall be held by the Collateral Agent.

Appears in 1 contract

Samples: Spread Account Agreement (Prudential Securities Secured Financing Corp)

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Seller, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller and each Secured Party at least ten Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party or the Seller and at the expense of the Seller, the Collateral Agent shall cause, at the expense of the Seller, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent. (e) A Spread Account Recourse Reduction Amount with respect to a Spread Account shall be treated fungibly with all other amounts on deposit in such Spread Account, except that: (i) if with respect to any Series, there exists a Collection Account Shortfall and cash amounts available pursuant to priority FIRST of Section 3.03(b) are not sufficient to satisfy such Collection Account Shortfall, the Collateral Agent shall next withdraw cash amounts available pursuant to priority SECOND of Section 3.03(b) up to the amount of any remaining Collection Account Shortfall; if such amounts are not sufficient to satisfy such Collection Account Shortfall, Spread Account Recourse Reduction Amounts, if any, shall be deemed to be made available pursuant to priority FIRSTof Section 3.03(b) up to the amount of any remaining Collection Account Shortfalls, and if such amounts are not sufficient to satisfy such Collection Account Shortfall, all other Spread Account Recourse Reduction Amounts, if any, shall be deemed to be made available pursuant to priority SECOND of Section 3.03(b); (ii) if amounts are to be made available from two or more Spread Accounts pursuant to priority SECOND of Section 3.03(b), such amounts shall, first, be withdrawn pro rata from cash amounts on deposit therein and, if such amounts are exhausted, second, shall be deemed to be made available pro rata from Spread Account Recourse Reduction Amounts, if any (after taking into account amounts deemed to be made available from Spread Account Recourse Reduction Amounts pursuant to clause (i) above); (iii) if amounts are to be made available from a Spread Account pursuant to priority FIRST or SECOND of Section 3.03(b) and any portion or all of such amounts represent Spread Account Recourse Reduction Amounts, the Collateral Agent shall notify the Trustee with respect to the Series receiving the benefit of such Spread Account Recourse Reduction Amounts of the amount so to be made available which is represented by Spread Account Recourse Reduction Amounts; (iv) if amounts are to be made available from a Spread Account pursuant to priority THIRD, FOURTH, FIFTH, SIXTH, SEVENTH or EIGHTH of Section 3.03(b), such amounts shall be withdrawn pro rata from cash amounts on deposit therein and not from Spread Account Recourse Reduction Amounts; (v) any Spread Account Withdrawal Floor requirement for any Series must be satisfied with cash amounts in the related Spread Account and not with amounts representing a Spread Account Recourse Reduction Amount; and (vi) all references to investments in Eligible Investments in this Agreement shall apply only to cash amounts in the respective Spread Accounts and not to amounts representing a Spread Account Recourse Reduction Amount.

Appears in 1 contract

Samples: Spread Account Agreement (Arcadia Financial LTD)

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Seller, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller and each Secured Party at least ten Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party or the Seller and at the expense of the Seller, the Collateral Agent shall cause, at the expense of the Seller, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent.account

Appears in 1 contract

Samples: Spread Account Agreement (Olympic Financial LTD)

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller Transferor and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Xxxxxx Trust and Savings Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller Transferor shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the SellerTransferor, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller Transferor and each Secured Party at least ten (10) Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party or the Seller and at the expense of the SellerTransferor, the Collateral Agent shall cause, at the expense of the SellerTransferor, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 five (5) Business Days of such determination, determination in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution or trust company acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution. The Transferor shall cause such depository institution to execute a written agreement under terms provided for in paragraph (a) of this Section. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent.

Appears in 1 contract

Samples: Master Spread Account Agreement (National Auto Finance Co Inc)

AutoNDA by SimpleDocs

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller Transferor and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Xxxxxx Trust and Savings Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller Transferor shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account Account, and any other Spread Account Account, and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the SellerTransferor, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller Transferor and each Secured Party at least ten (10) Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party Party, the Transferor, or the Seller and at the expense of the Sellerany Reversionary Holder, the Collateral Agent shall cause, at the expense of the SellerTransferor, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 five (5) Business Days of such determination, determination in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution or trust company acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account Account, at the same depository institution. The Transferor shall cause such depository institution to execute a written agreement under terms provided for in paragraph (a) of this Section. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent.

Appears in 1 contract

Samples: Master Spread Account Agreement (National Auto Finance Co Inc)

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller Transferor and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Harris Trust and Savings Bank Minnesota, National Association or any successor Collateral Agent in Agexx xx its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller Transferor shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account Account, and any other Spread Account Account, and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the SellerTransferor, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller Transferor and each Secured Party at least ten (10) Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party Party, the Transferor, or the Seller and at the expense of the Sellerany Reversionary Holder, the Collateral Agent shall cause, at the expense of the SellerTransferor, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Deposit Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 five (5) Business Days of such determination, determination in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Deposit Account, at another depository institution or trust company acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account Deposit Account, at the same depository institution. The Transferor shall cause such depository institution to execute a written agreement under terms provided for in paragraph (a) of this Section. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent.

Appears in 1 contract

Samples: Master Spread Account Agreement (National Auto Finance Co Inc)

General Provisions Regarding Spread Accounts. (a) Promptly upon the establishment (initially or upon any relocation) of a Spread Account hereunder, the Collateral Agent shall advise the Seller and each Secured Party in writing of the name and address of the depository institution or trust company where such Spread Account has been established (if not Norwest Bank Minnesota, National Association or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing such Spread Account, the account number and the individuals whose names appear on the signature cards for such Spread Account. The Seller shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker's or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to such Spread Account and any other Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Seller, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to such Spread Account. The Collateral Agent shall give the Seller and each Secured Party at least ten Business Days' prior written notice of any change in the location of such Spread Account or in any related account information. If the Collateral Agent changes the location of any Spread Account, it shall change the location of the other Spread Accounts, so that all Spread Accounts shall at all times be located at the same depository institution. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of any Spread Account. (b) Upon the written request of the Controlling Party or the Seller and at the expense of the Seller, the Collateral Agent shall cause, at the expense of the Seller, the depository institution at which any Spread Account is located to forward to the requesting party copies of all monthly account statements for such Spread Account. (c) If at any time any Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party and shall establish successor Spread Accounts with respect to all other Spread Accounts, each of which shall be an Eligible Account at the same depository institution. (d) No passbook, certificate of deposit or other similar instrument evidencing a Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing a Spread Account shall be held by the Collateral Agent. (e) A Spread Account Recourse Reduction Amount with respect to a Spread Account shall be treated fungibly with all other amounts on deposit in such Spread Account, EXCEPT THAT: (i) if with respect to any Series, there exists a Collection Account Shortfall and cash amounts available pursuant to priority FIRST of Section 3.03(b) are not sufficient to satisfy such Collection Account Shortfall, the Collateral Agent shall next withdraw cash amounts available pursuant to priority SECOND of Section 3.03(b) up to the amount of any remaining Collection Account Shortfall; if such amounts are not sufficient to satisfy such Collection Account Shortfall, Spread Account Recourse Reduction Amounts, if any, shall be deemed to be made available pursuant to priority FIRST of Section 3.03(b) up to the amount of any remaining Collection Account Shortfalls, and if such amounts are not sufficient to satisfy such Collection Account Shortfall, all other Spread Account Recourse Reduction Amounts, if any, shall be deemed to be made available pursuant to priority SECOND of Section 3.03(b); (ii) if amounts are to be made available from two or more Spread Accounts pursuant to priority SECOND of Section 3.03(b), such amounts shall, FIRST, be withdrawn PRO RATA from cash amounts on deposit therein and, if such amounts are exhausted, SECOND, shall be deemed to be made available PRO RATA from Spread Account Recourse Reduction Amounts, if any (after taking into account amounts deemed to be made available from Spread Account Recourse Reduction Amounts pursuant to clause (i) above); (iii) if amounts are to be made available from a Spread Account pursuant to priority FIRST or SECOND of Section 3.03(b) and any portion or all of such amounts represent Spread Account Recourse Reduction Amounts, the Collateral Agent shall notify the Trustee with respect to the Series receiving the benefit of such Spread Account Recourse Reduction Amounts of the amount so to be made available which is represented by Spread Account Recourse Reduction Amounts; (iv) if amounts are to be made available from a Spread Account pursuant to priority THIRD, FOURTH, FIFTH, SIXTH, SEVENTH or EIGHTH of Section 3.03(b), such amounts shall be withdrawn pro rata from cash amounts on deposit therein and not from Spread Account Recourse Reduction Amounts; (v) any Spread Account Withdrawal Floor requirement for any Series must be satisfied with cash amounts in the related Spread Account and not with amounts representing a Spread Account Recourse Reduction Amount; and (vi) all references to investments in Eligible Investments in this Agreement shall apply only to cash amounts in the respective Spread Accounts and not to amounts representing a Spread Account Recourse Reduction Amount.

Appears in 1 contract

Samples: Spread Account Agreement (Arcadia Financial LTD)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!