Common use of Liquidation Yield Reserve Account Clause in Contracts

Liquidation Yield Reserve Account. (3) The Custodian, upon the direction of the Servicer, shall have the right to exercise all rights in connection with the Series 2022-1 Liquidation Yield Reserve Account, including the authority to give to the applicable financial institution at which the Series 2022-1 Liquidation Yield Reserve Account has been established all drafts, demands, withdrawal requests and instructions of every kind and nature with respect to the operation of the Series 2022-1 Liquidation Yield Reserve Account; provided that such drafts, demands, withdrawal requests and instructions shall only be given in accordance with and subject to the provisions of this Agreement and the Pooling and Servicing Agreement. The Custodian, upon the direction of the Servicer, shall: (a) invest or direct another authorized Person to invest on its behalf funds on deposit in the Series 2022-1 Liquidation Yield Reserve Account that are to be invested solely in, subject to Section 7.5, Eligible Investments so that such Eligible Investments will mature on or before the Business Day prior to the payment date for which such funds are required for payment, withdrawal or transfer, and (b) possess all title documents to and other evidence of ownership of all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 2022-1 Liquidation Yield Reserve Account and all proceeds thereof. All income or other gain from, and the principal amount of, investments of funds previously deposited in the Series 2022-1 Liquidation Yield Reserve Account shall, when earned or upon their maturity, forthwith be paid by the Custodian, upon the direction of the Servicer, to the Seller in respect of the Retained Interest. Any charges or expenses associated with such investments may be charged to and netted against such investment earnings.

Liquidation Yield Reserve Account. (3) The Custodian, upon the direction of the Servicer, shall have the right to exercise all rights in connection with the Series 20222024-1 Liquidation Yield Reserve Account, including the authority to give to the applicable financial institution at which the Series 20222024-1 Liquidation Yield Reserve Account has been established all drafts, demands, withdrawal requests and instructions of every kind and nature with respect to the operation of the Series 20222024-1 Liquidation Yield Reserve Account; provided that such drafts, demands, withdrawal requests and instructions shall only be given in accordance with and subject to the provisions of this Agreement and the Pooling and Servicing Agreement. The Custodian, upon the direction of the Servicer, shall: (a) invest or direct another authorized Person to invest on its behalf funds on deposit in the Series 20222024-1 Liquidation Yield Reserve Account that are to be invested solely in, subject to Section 7.5, Eligible Investments so that such Eligible Investments will mature on or before the Business Day prior to the payment date for which such funds are required for payment, withdrawal or transfer, and (b) possess all title documents to and other evidence of ownership of all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 20222024-1 Liquidation Yield Reserve Account and all proceeds thereof. All income or other gain from, and the principal amount of, investments of funds previously deposited in the Series 20222024-1 Liquidation Yield Reserve Account shall, when earned or upon their maturity, forthwith be paid by the Custodian, upon the direction of the Servicer, to the Seller in respect of the Retained Interest. Any charges or expenses associated with such investments may be charged to and netted against such investment earnings.

Liquidation Yield Reserve Account. (3) The Custodian, upon the direction of the Servicer, shall have the right to exercise all rights in connection with the Series 20222019-1 Liquidation Yield Reserve Account, including the authority to give to the applicable financial institution at which the Series 20222019-1 Liquidation Yield Reserve Account has been established all drafts, demands, withdrawal requests and instructions of every kind and nature with respect to the operation of the Series 20222019-1 Liquidation Yield Reserve Account; provided that such drafts, demands, withdrawal requests and instructions shall only be given in accordance with and subject to the provisions of this Agreement and the Pooling and Servicing Agreement. The Custodian, upon the direction of the Servicer, shall: (a) invest or direct another authorized Person to invest on its behalf funds on deposit in the Series 20222019-1 Liquidation Yield Reserve Account that are to be invested solely in, subject to Section 7.5, Eligible Investments so that such Eligible Investments will mature on or before the Business Day prior to the payment date for which such funds are required for payment, withdrawal or transfer, and (b) possess all title documents to and other evidence of ownership of all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 20222019-1 Liquidation Yield Reserve Account and all proceeds thereof. All income or other gain from, and the principal amount of, investments of funds previously deposited in the Series 20222019-1 Liquidation Yield Reserve Account shall, when earned or upon their maturity, forthwith be paid by the Custodian, upon the direction of the Servicer, to the Seller in respect of the Retained Interest. Any charges or expenses associated with such investments may be charged to and netted against such investment earnings.

Liquidation Yield Reserve Account. (3) The Custodian, upon the direction of the Servicer, shall have the right to exercise all rights in connection with the Series 20222020-1 Liquidation Yield Reserve Account, including the authority to give to the applicable financial institution at which the Series 20222020-1 Liquidation Yield Reserve Account has been established all drafts, demands, withdrawal requests and instructions of every kind and nature with respect to the operation of the Series 20222020-1 Liquidation Yield Reserve Account; provided that such drafts, demands, withdrawal requests and instructions shall only be given in accordance with and subject to the provisions of this Agreement and the Pooling and Servicing Agreement. The Custodian, upon the direction of the Servicer, shall: (a) invest or direct another authorized Person to invest on its behalf funds on deposit in the Series 20222020-1 Liquidation Yield Reserve Account that are to be invested solely in, subject to Section 7.5, Eligible Investments so that such Eligible Investments will mature on or before the Business Day prior to the payment date for which such funds are required for payment, withdrawal or transfer, and (b) possess all title documents to and other evidence of ownership of all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 20222020-1 Liquidation Yield Reserve Account and all proceeds thereof. All income or other gain from, and the principal amount of, investments of funds previously deposited in the Series 20222020-1 Liquidation Yield Reserve Account shall, when earned or upon their maturity, forthwith be paid by the Custodian, upon the direction of the Servicer, to the Seller in respect of the Retained Interest. Any charges or expenses associated with such investments may be charged to and netted against such investment earnings.

Liquidation Yield Reserve Account. (3) The Custodian, upon the direction of the Servicer, shall have the right to exercise all rights in connection with the Series 20222023-1 Liquidation Yield Reserve Account, including the authority to give to the applicable financial institution at which the Series 20222023-1 Liquidation Yield Reserve Account has been established all drafts, demands, withdrawal requests and instructions of every kind and nature with respect to the operation of the Series 20222023-1 Liquidation Yield Reserve Account; provided that such drafts, demands, withdrawal requests and instructions shall only be given in accordance with and subject to the provisions of this Agreement and the Pooling and Servicing Agreement. The Custodian, upon the direction of the Servicer, shall: (a) invest or direct another authorized Person to invest on its behalf funds on deposit in the Series 20222023-1 Liquidation Yield Reserve Account that are to be invested solely in, subject to Section 7.5, Eligible Investments so that such Eligible Investments will mature on or before the Business Day prior to the payment date for which such funds are required for payment, withdrawal or transfer, and (b) possess all title documents to and other evidence of ownership of all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 20222023-1 Liquidation Yield Reserve Account and all proceeds thereof. All income or other gain from, and the principal amount of, investments of funds previously deposited in the Series 20222023-1 Liquidation Yield Reserve Account shall, when earned or upon their maturity, forthwith be paid by the Custodian, upon the direction of the Servicer, to the Seller in respect of the Retained Interest. Any charges or expenses associated with such investments may be charged to and netted against such investment earnings.