Issuer Accounts; Distributions from Issuer Accounts. (a) On or before the date hereof, the Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Collection Account”) in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Noteholders. Collections and distributions received pursuant to Section 2.1 of the Servicing Agreement shall be credited to the Collection Account. The Collection Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders in accordance with Section 2.11. If, at any time, the institution holding the Collection Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied) establish a new Collection Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Collection Account to such new Collection Account. From the date each such new Collection Account is established, it shall be the “Collection Account.”
Issuer Accounts; Distributions from Issuer Accounts. On or before the date of initial issuance of Notes secured by the Collateral designated for inclusion in a specific Asset Pool, the Issuer will, pursuant to the related Asset Pool Supplement, cause to be established and maintained for such Asset Pool one or more Eligible Deposit Accounts (each such account as described in the related Asset Pool Supplement) in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee and the applicable Noteholders. From time to time in connection with the issuance of a Series, Class or Tranche of Notes, the Issuer may cause the Indenture Trustee to establish one or more Eligible Deposit Accounts denominated as “Supplemental Issuer Accounts” in the name of the Indenture Trustee. Each Issuer Account shall be under the control (within the meaning of Section 9-104 or 9-106, as applicable, of the UCC) of the Indenture Trustee for the applicable Asset Pool for the benefit of the Indenture Trustee and the applicable Noteholders whose Notes are secured by the Collateral designated for inclusion in the applicable Asset Pool. Supplemental Issuer Accounts shall be created as specified in the applicable Asset Pool Supplement or Indenture Supplement. Any Supplemental Issuer Accounts will receive deposits as specified in the applicable Asset Pool Supplement or Indenture Supplement. If, at any time, the institution holding any Issuer Account ceases to be an Eligible Institution, the Issuer shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent in writing) establish a new Issuer Account that is an Eligible Deposit Account and shall transfer any cash and/or investments from the existing Issuer Account to such new Issuer Account.
Issuer Accounts; Distributions from Issuer Accounts. (a) On or before the date hereof, the Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Collection Account”) in the name of the Indenture Trustee as a securities account with the Securities Intermediary in accordance with Section 2.11, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Noteholders. All collections and distributions received pursuant to Section 2.1 of the Servicing Agreement shall be credited to the Collection Account. The Collection Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders in accordance with Section 2.11. If, at any time (i) the institution holding the Collection Account ceases to be an Eligible Institution, the Issuer shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days (or such longer period, not to exceed forty-five (45) Business Days, so long as the Note Rating Agency Condition is satisfied) establish a new Collection Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Collection Account to such new Collection Account or (ii) the Issuer determines for any reason that the Collection Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the Issuer shall establish or cause to be established a new Collection Account that is an Eligible Deposit Account and shall transfer any funds or other property from such Collection Account to such new Collection Account. From the date each such new Collection Account is established, it shall be the “Collection Account.” Prior to or at the time of the establishment of any Collection Account (whether the initial Collection Account or any successor Collection Account), the Issuer shall (I) deliver to the Indenture Trustee an Officer’s Certificate specifying the Eligible Institution at which the Collection Account is maintained and the account number of the Collection Account, and (II) Deliver the Collection Account to the Indenture Trustee.
Issuer Accounts; Distributions from Issuer Accounts. From time to time in connection with the issuance of a Series, Class or Tranche of Notes, the Indenture Trustee may establish one or more Qualified Accounts denominated as "Issuer Accounts" in the name of the Indenture Trustee. Issuer Accounts will be created as specified in the applicable Indenture Supplement. Any Issuer Account will receive deposits as set forth in the applicable Indenture Supplement.
