Common use of Payahead Account Clause in Contracts

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. The Servicer will, prior to the Closing Date, establish and maintain a segregated trust account in the name of "The Bank of New York " [INDENTURE TRUSTEE] 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.