Common use of Note Payment Account Clause in Contracts

Note Payment Account. (a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the Noteholders. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from the Collection and Funding Account pursuant to Section 4.2(b) and (iii) the Indenture Trustee shall transfer amounts from the General Reserve Account pursuant to, and to the extent required by, Section 4.6. (b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a), as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and paid to the Issuer. (c) Amounts held in the Note Payment Account shall be invested in Permitted Investments at the direction of the Administrator as provided in Section 4.1.

Note Payment Account. (a) Pursuant to Section 4.14.01, the Indenture Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the Noteholders. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded to the extent that (i1) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.111.02, (ii2) the Indenture Trustee shall remit thereto any Available Funds from the Collection and Funding Account pursuant to Section 4.2(b4.02(b) and (iii3) the Indenture Trustee shall transfer amounts from the General Reserve Account pursuant to, and to the extent required by, by Section 4.64.05. (b) On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a4.04(b) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons persons or accounts Accounts described therein for payment as described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a), as applicablewith respect to the Notes, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest lien of the Trust Estate and paid to the Issuer. (c) Amounts held in the Note Payment Account shall be invested in Permitted Investments at the direction of the Administrator Issuer as provided in Section 4.14.01.