Payahead Account. The Servicer shall establish the Payahead Account in the name of the Trustee on behalf of the Obligors and the Certificateholders as their interests may appear. The Payahead Account shall be a segregated interest bearing trust account established with the Trustee or an Eligible Bank. Amounts in the Payahead Account shall be invested in Eligible Investments that mature not later than the Business Day prior to the next succeeding Distribution Date. The Payahead Account is not property of the Trust. Investment income or interest earned on the Payahead Account shall be remitted to the Servicer at least monthly, or as frequently as the Servicer may reasonably request. On or prior to each Distribution Date, the Servicer shall transfer or the Trustee (as instructed in the Servicer's Certificate) shall transfer (a) from the Certificate Account to the Payahead Account, in immediately available funds, all Payaheads received by the Servicer and previously deposited to the Certificate Account during the Collection Period as described in Section 8.02(b); and (b) from the Payahead Account to the Certificate Account, in immediately available funds, the aggregate amount of previously deposited Payaheads to be applied to Scheduled Payments on Precomputed Receivables for the related Collection Period or prepayments for the related Collection Period, pursuant to Section 8.02(b), each in the amounts set forth in the Servicer's Certificate delivered on the related Determination Date. A single, net transfer between the Payahead Account and the Certificate Account may be made. Any amount deposited in the Payahead Account shall not constitute Available Funds under Section 9.02. Any amount deposited to the Certificate Account from the Payahead Account pursuant to Section 9.09(b) shall be included in Available Funds under Section 9.02.
Payahead Account. The Servicer shall establish the Payahead Account in the name of the Trust on behalf of the Obligors and the Noteholder as their interests may appear. The Servicer shall maintain the Payahead Account pursuant to Section 9.09 of the Indenture.
Payahead Account. The Servicer will, prior to the Closing Date, establish and maintain a segregated trust account in the name of "The Bank of New York as Indenture Trustee" at a Qualified Institution or Qualified Trust Institution (initially the corporate trust department of The Bank of New York), that will be designated as the "Payahead Account". The Payahead Account will be held in trust for the benefit of the Obligors. The Payahead Account will be under the sole dominion and control of the Indenture Trustee; provided that the Servicer may make deposits to and direct the Indenture Trustee in writing to make withdrawals from the Payahead Account subject to the terms hereof. The Payahead Account will not be a part of the Trust Property.
Payahead Account. 57 SECTION 8.08 Release of Pledged Assets......................................................... 57 SECTION 8.09
Payahead Account. (a) The Trustee shall withdraw and transfer amounts in the Collection Account that represent the Payahead Amounts from the Collection Account into the Payahead Account on each Monthly Payment Date.
(b) The Trustee shall withdraw from the Payahead Account and transfer to the Collection Account on each Deposit Date in immediately available funds the Payahead Draw Amount for the following Monthly Payment Date.
(c) On each Monthly Payment Date, all interest (including accrued discount realized on liquidation of any Permitted Investment purchased at a discount) and earnings (net of losses and investment expenses, if any) accrued since the preceding Monthly payment Date on funds on deposit in the Payahead Account shall be transferred to the Collection Account.
(d) Notwithstanding the foregoing, if (i) (a) the Servicer's short-term unsecured debt has been rated A-1 or higher by Standard & Poor's or (b) a Servicer letter of credit issued by an institution rated A-1 or higher by Standard & Poor's has been obtained by the Servicer and (ii) the Trustee has received confirmation from the Rating Agency that there would not be a reduction in the then-current rating of the Senior Notes or of the Subordinated Notes, then the Servicer may hold the Payahead Amounts together with its own funds rather than deposit such amounts into the Payahead Account, and shall pay the Payahead Draw Amount to the Trustee in next day funds on or prior to each Deposit Date. As of the date hereof, the provisions of this paragraph are not applicable and the Servicer will notify the Company, and the Company will thereupon promptly notify the Trustee, if this paragraph becomes applicable at any time after the date hereof.
(e) Upon the earlier to occur of (i) the Scheduled Final Monthly Payment Date, and (ii) the date on which the Notes are paid in full, the Trustee, after the payment of all amounts payable from the Payahead Account as provided herein (and after payment of all amounts due to the Trustee hereunder), shall withdraw from the Payahead Account all amounts on deposit in such account and pay such amounts to the Company or its designee.
Payahead Account. (a) The aggregate Payahead Balance $[_________]
(b) The change in the Payahead Balance from
Payahead Account. 33 ARTICLE X The Certificates.......................................................... 33 SECTION 10.01 The Certificates.................................................. 33 SECTION 10.02 Authentication of Certificates.................................... 33 SECTION 10.03 Registration of Transfer and Exchange of Certificates............. 33 SECTION 10.04 Mutilated, Destroyed, Lost, or Stolen Certificates................ 34 SECTION 10.05 Agreement Regarding Tax Matters................................... 34 SECTION 10.06 Signature on Returns; Tax Matters Partner......................... 35
Payahead Account. 62 SECTION 9.11.
Payahead Account. 35 SECTION 9.10. Calculation of Notional Principal Amount........ 35 ARTICLE X Credit Enhancement............................................. 36 SECTION 10.01. Subordination................................... 36 SECTION 10.02. Spread Account.................................. 36 ARTICLE XI The Certificates............................................... 38 SECTION 11.01. The Certificates................................ 38 SECTION 11.02. Authentication of Certificates.................. 38 SECTION 11.03. Registration of Transfer and Exchange of Certificates........................ 38 SECTION 11.04. Mutilated, Destroyed, Lost, or Stolen Certificates.................................... 39 SECTION 11.05. Persons Deemed Owners........................... 39 SECTION 11.06. Access to Agreement and List of Certificateholders' Names and Addresses......... 39 SECTION 11.07. Maintenance of Office or Agency................. 40 SECTION 11.08. Book-Entry Certificates......................... 40 SECTION 11.09. Notices to Clearing Agency...................... 41 SECTION 11.10. Definitive Certificates......................... 41 SECTION 11.11. The Tax Partnership Agreement................... 41
Payahead Account. The Series 1996-1 Payahead Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter under the sole dominion and control of the Lease Trustee; provided, that the Administrative Agent may make deposits to and withdrawals from or request the Indenture Trustee to make withdrawals from the Series 1996-1 Payahead Account in accordance with Section 6.1(a) of the Administrative Agency Agreement and Section 5.2(b) of the Series 1996-1 Supplement. All deposits to and withdrawals from the
