Payments Account and Cardholder guide
Payments Account. (a) The Administrative Agent shall establish and maintain an account in the name of the
Payments Account. The Series 1996-1 Payments 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 or request the Indenture Trustee to make deposits to or withdrawals from the Series 1996-1 Payments Account in accordance with Section 5.2(e). All monies deposited from time to time in the Series 1996-1 Payments Account pursuant to the Indenture and this Series 1996-1 Supplement shall be made only upon the terms and conditions of the Basic Documents. Any amounts on deposit in the Series 1996-1 Payments Account shall be invested by the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter by the Lease Trustee, and at the direction of Ford Credit and Ford Credit Leasing, in Permitted Investments with a maturity date no later than the Business Day preceding the next succeeding Payment Date. No such investment shall be sold prior to maturity. All investment earnings on amounts deposited to the Series 1996-1 Payments Account, including any proceeds thereof, shall be credited to the Administrative Agent, and losses, if any, resulting from Permitted Investments in the Series 1996-1 Payments Account shall be charged to the Administrative Agent.
Payments Account. (a) Subject to Section 5.1(d) hereof, the Administrative Agent shall establish and maintain an account in the name of the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter in the name of the Lease Trustee, at an Eligible Institution (which initially shall be The Chase Manhattan Bank), to be designated as the FCTT Specified Assets Collection Account, Series 1996-1 (the "Series 1996-1 Collection Account"). The Series 1996-1 Collection Account is the "Series Collection Account" for Series 1996-1. The Series 1996-1 Collection 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 the Series 1996-1 Collection Account in accordance with Sections 5.2(c) and 5.2(d) of the FCTT Agreement, Section 6.2(b) of the Administrative Agency Agreement and Sections 5.2(a), 5.2(c), 5.2(d), 5.2(e), and 5.4(a) and 5.4(b) hereof. All deposits to and withdrawals from the Series 1996-1 Collection Account shall be made only upon the terms and conditions of the Basic Documents. Any amounts on deposit in the Series 1996-1 Collection Account shall be invested by the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter by the Lease Trustee, in Permitted Investments which mature on the Business Day preceding the next succeeding Payment Date. No such investment shall be sold prior to maturity. All investment earnings on amounts deposited to the Series 1996-1 Collection Account, including any proceeds thereof, shall be credited to the Series 1996-1 Collection Account, and losses, if any, and investment expenses resulting from Permitted Investments in the Series 1996-1 Collection Account shall be charged to the Series 1996-1 Collection Account. All such investment income shall be reported for federal income tax purposes as earned (i) 99% by RCL Trust 1996-1 and (ii) 1% by Ford Credit Leasing; the 99% accruing to RCL Trust 1996-1 shall be re-
Payments Account. The Series 1996-1 Payments 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 or request the Indenture Trustee to make deposits to or withdrawals from the Series 1996-1 Payments Account in accordance with Section 5.2(e). All deposits to and withdrawals from the Series 1996-1 Payments Account shall be made only upon the terms and conditions of the Basic Documents. Any amounts on deposit in the Series 1996-1 Payments Account shall be invested by the Indenture Trustee until the Outstanding Amount of the Senior Notes has been reduced to zero, and thereafter by the Lease Trustee, in Permitted Investments which mature on the Business Day preceding the next succeeding Payment Date. No such investment shall be sold prior to maturity. All investment earnings on amounts deposited to the Series
Payments Account. 6.6.1.1 The Contractor is entitled to drawdown funds from the OPG Payments Account on a daily basis which it requires:
Payments Account. The Series 1996-1 Payments Account shall be under the sole dominion
Payments Account. Pursuant to Sections 5.2(e) of the Series 1996-1 Supplement, on the Business Day preceding each Payment Date, the Administrative Agent shall withdraw an amount equal to the Cash Collateral Deposit Amount from the Series 1996-1 Collection Account and deposit such amount into the Cash Collateral Account. On the Business Day preceding each Payment Date, the Indenture Trustee shall, in accordance with the Cash Collateral Account Certificate received from the Administrative Agent pursuant to Section 8.3(a), withdraw from the Cash Collateral Account and deposit in the Series 1996-1 Payments Account the Cash Collateral Required Draw Amount.
Payments Account. The Series 1996-1 Payments 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 or request the Indenture Trustee to make deposits to or withdrawals from the Series 1996-1 Payments Account in accordance with Section 5.2(e) of the Series 1996-1
Payments Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.6 only upon receipt of an Issuer Request accompanied by an Officers' Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Section Section 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.
