Common use of Investment of Funds on Deposit in the Bank Accounts Clause in Contracts

Investment of Funds on Deposit in the Bank Accounts. (a) For so long as no Default or Event of Default has occurred and is continuing, funds on deposit in the Collection Account (but not amounts in the Principal Payment Account) and in the Reserve Account will, to the extent permitted by law, be invested in Permitted Investments by the Qualified Institution maintaining such accounts as directed by the Servicer with respect to the Collection Account, and as directed by the Depositor or by any Person appointed by the Depositor with respect to the Reserve Account, in each case without requiring any action by the Indenture Trustee. The Servicer and the Depositor, as applicable, may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any such action, with respect to any matters available to the holder of such Permitted Investments.

Investment of Funds on Deposit in the Bank Accounts. (a) For so long as no Default or Event of Default has occurred and is continuing, funds Collections on deposit in the Collection Account (but not amounts in the Principal Payment Account) and funds on deposit in the Reserve Account will, to the extent permitted by law, be invested in Permitted Investments by the Qualified Institution or Qualified Trust Institution maintaining such accounts as directed by the Servicer with respect to the Collection Account, and as directed by the Depositor or by any Person appointed by the Depositor with respect to the Reserve Account, in each case without requiring any action by the Indenture Trustee. The Servicer and the Depositor, as applicable, may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any such action, with respect to any matters available to the holder of such Permitted Investments.