Common use of Noteholders Clause in Contracts

Noteholders. If, at any time, the institution holding the Interest Reserve Account ceases to be a Qualified Institution, the Issuer will 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) establish a new Interest Reserve Account that is a Qualified Account and shall transfer any cash and/or investments to such new Interest Reserve Account. From the date such new Interest Reserve Account is established, it will be the "Interest Reserve Account." The Interest Reserve Account will receive deposits as described in this Section.

Appears in 7 contracts

Samples: Class A(2003 1) Terms Document (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Class A(2002 1) Terms Document (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Class C Terms Document (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

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