Common use of Pre-Funding Period Reserve Account Clause in Contracts

Pre-Funding Period Reserve Account. (a) The Indenture Trustee shall establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Pre-Funding Period Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Period Reserve Account and in all proceeds thereof. The Pre-Funding Period Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Period Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Account. The Indenture Trustee, at the written direction of the Servicer, shall make withdrawals from the Pre-Funding Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Period Reserve Account. (b) Funds on deposit in the Pre-Funding Period Reserve Account, from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal on or prior to the following Transfer Date. All interest and earnings on Eligible Investments included in the Pre-Funding Period Reserve Account (net of losses and investment expenses) shall be retained in the Pre-Funding Period Reserve Account and shall be included in the Available Pre-Funding Period Reserve Amount. (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds into the Pre-Funding Period Reserve Account. (d) On the August 2010 Transfer Date, the Indenture Trustee, at the direction of the Servicer, shall transfer an amount equal to the Available Pre-Funding Period Reserve Amount from the Pre-Funding Period Reserve Account to the Finance Charge Account and such amount shall be treated as Available Finance Charge Collections for such Transfer Date. The Pre-Funding Period Reserve Account shall thereafter be automatically terminated for purposes of this Indenture Supplement.

Pre-Funding Period Reserve Account. (a) The Indenture Trustee Servicer shall cause the Trust Collateral Agent to establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account Deposit Account (the “"Pre-Funding Period Reserve Account”)") with the Trust Collateral Agent, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Series 2010-A NoteholdersNoteholders and the Insurer. The Indenture Trustee On or prior to the Closing Date, the Seller shall possess all right, title and interest in all funds on deposit from time an amount equal to time in the Pre-Funding Period Reserve Account and in all proceeds thereof. The Pre-Funding Period Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Period Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Account. The Indenture Trustee, at the written direction of the Servicer, shall make withdrawals from the Pre-Funding Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Period Reserve Account. (b) Funds on deposit in the Pre-Funding Period Reserve Account, from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal on or prior to the following Transfer Date. All interest and earnings on Eligible Investments included in the Pre-Funding Period Reserve Account (net of losses and investment expenses) shall be retained in the Pre-Funding Period Reserve Account and shall be included in the Available Pre-Funding Period Reserve Amount. (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds Initial Deposit into the Pre-Funding Period Reserve Account. (di) On the August 2010 Transfer Date, Distribution Dates occurring on or prior to the Indenture Trustee, at the direction Distribution Date next succeeding termination of the Servicer, shall transfer an amount equal to the Available Pre-Funding Period Reserve Amount Period, the Trust Collateral Agent shall, in accordance with the Servicer's Certificate, withdraw from the Pre-Funding Period Reserve Account the Monthly Pre-Funding Period Reserve Amount for such Distribution Date and deposit such amount in the Collection Account as further provided in Section 5.7. (ii) On the Distribution Dates occurring on or prior to the Finance Charge Account and such amount Distribution Date next succeeding termination of the Pre-Funding Period, Servicer shall be treated as Available Finance Charge Collections for such Transfer Date. The instruct the Trust Collateral Agent in writing to withdraw from the Pre-Funding Period Reserve Account and pay to the Seller on such Distribution Date an amount equal to the amount of funds on deposit in the Pre-Funding Period Reserve Account (after giving effect to any required transfer pursuant to the preceding clause (i) on such Distribution Date) in excess of the Required Reserve Amount for such Distribution Date. Upon any such distributions to the Seller, the Noteholders and the Insurer will have no further rights in, or claims to, such amounts. (iii) Any amounts remaining in the Pre-Funding Period Reserve Account on the Distribution Date next succeeding termination of the Pre-Funding Period after taking into account the transfer pursuant to Section 5.7(a)(i) or (ii) shall thereafter be automatically terminated for purposes of this Indenture Supplementremitted by the Trust Collateral Agent to the Seller. Upon any such distributions to the Seller, the Noteholders and the Insurer will have no further rights in, or claims to, such amounts.

Pre-Funding Period Reserve Account. (a) The Indenture Trustee shall establish and thereafter maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Pre-Funding Period Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Period Reserve Account and in all proceeds thereoffor the Trust. The Pre-Funding Period Reserve Account shall be under the sole dominion an Eligible Account. The Pre-Funding Period Reserve Account shall be entitled "Xxxxxx Trust and control of the Indenture Trustee Savings Bank", as Trustee, for the benefit of registered holders of National Auto Finance 1996-1 Trust Automobile Receivables-Backed Certificates, and the Series 2010Certificate Insurer -- Pre-A Noteholders. If at any time Funding Period Reserve Account." On the institution holding Closing Date, the Transferor shall deliver to the Trustee for deposit in the Pre-Funding Period Reserve Account ceases to be an Eligible Institution, immediately available funds in the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Accountamount of $161,856.71. The Indenture Trustee, at Trustee shall deposit the written direction of the Servicer, shall make withdrawals from foregoing amount in the Pre-Funding Period Reserve Account from time to timeimmediately upon its receipt thereof. In addition, in on each Distribution Date during the amounts and for Pre-Funding Period, the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in deposit into the Pre-Funding Period Reserve AccountAccount the amount required to be deposited therein pursuant to Section 4.01(b). The Trustee also shall deposit into the Pre-Funding Period Reserve Account any income or gain earned from the investment of amounts on deposit in the Pre- Funding Period Reserve Account as received. (b) Funds On each Distribution Date occurring on or prior to the Distribution date next succeeding Termination of the Pre-Funding Period, the Trustee will withdraw from the Pre- Funding Period Reserve Account and transfer to the Certificate Account an amount equal to the excess,if any, of (i) the product of (a) 1/12th, (b) the Certificate Rate and (c) the average daily balance of funds on deposit in the Pre-Funding Account from and including the preceding Distribution Date (or, in the case of the first Distribution Date, the Closing Date) to but not including the current Distribution Date, over (ii) the amount of interest accrued on Permitted Investments on deposit in the Pre-Funding Account from and including the preceding Distribution Date (or, in the case of the first Distribution Date, the Closing Date) to but not including the current Distribution Date. If after making any required transfer from the Pre- Funding Period Reserve Account to the Certificate Account on any Distribution Date the amount of funds on deposit in the Pre-Funding Period Reserve AccountAccount exceeds the Required Reserve Amount, from time the Trustee shall withdraw such excess amount and distribute it to time, shall be invested and reinvested at the direction Transferor. On the first Distribution Date related to the Reporting Date next succeeding termination of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal on or prior to the following Transfer Date. All interest and earnings on Eligible Investments included in the Pre-Pre- Funding Period Reserve Account (net of losses and investment expenses) after payment on the Certificates on such date the Trustee shall be retained in withdraw from the Pre-Funding Period Reserve Account and shall be included in the Available Pre-Funding Period Reserve Amount. (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds into the Pre-Funding Period Reserve Account. (d) On the August 2010 Transfer Date, the Indenture Trustee, at the direction of the Servicer, shall transfer an amount equal distribute to the Available Pre-Funding Period Reserve Amount from Transferor the Pre-Funding Period Reserve Account to the Finance Charge Account and such amount shall be treated as Available Finance Charge Collections for such Transfer Date. The Pre-Funding Period Reserve Account shall thereafter be automatically terminated for purposes balance of this Indenture Supplementany funds on deposit therein.

Pre-Funding Period Reserve Account. (a) The Indenture Trustee shall establish and thereafter maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account (the “Pre-Funding Period Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-A Noteholders. The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Pre-Funding Period Reserve Account and in all proceeds thereoffor the Trust. The Pre-Funding Period Reserve Account shall be under the sole dominion an Eligible Account. The Pre-Funding Period Reserve Account shall be entitled "Xxxxxx Trust and control of the Indenture Trustee Savings Bank", as Trustee, for the benefit of registered holders of National Auto Finance 1995-1 Trust Automobile Loan Asset-Backed Certificates, and the Series 2010Certificate Insurer -- Pre-A Noteholders. If at any time Funding Period Reserve Account." On the institution holding Closing Date, the Transferor shall deliver to the Trustee for deposit in the Pre-Funding Period Reserve Account ceases to be an Eligible Institution, immediately available funds in the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Accountamount of $74,766.38. The Indenture Trustee, at Trustee shall deposit the written direction of the Servicer, shall make withdrawals from foregoing amount in the Pre-Funding Period Reserve Account from time to timeimmediately upon its receipt thereof. In addition, in on each Distribution Date during the amounts and for Pre-Funding Period, the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in deposit into the Pre-Funding Period Reserve Account. (b) Funds Account the amount required to be deposited therein pursuant to Section 4.01(b). The Trustee also shall deposit into the Pre-Funding Period Reserve Account any income or gain earned from the investment of amounts on deposit in the Pre-Funding Period Reserve Account, from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal Account as received. (b) On each Distribution Date occurring on or prior to the following Transfer Date. All interest and earnings on Eligible Investments included in Distribution date next Succeeding Termination of the Pre-Funding Period Reserve Account (net of losses and investment expenses) shall be retained in Period, the Trustee will withdraw from the Pre-Funding Period Reserve Account and shall be included in transfer to the Available Pre-Funding Period Reserve Amount. (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds into the Pre-Funding Period Reserve Account. (d) On the August 2010 Transfer Date, the Indenture Trustee, at the direction of the Servicer, shall transfer Certificate Account an amount equal to the Available excess,if any, of (i) the product of (a) 1/12th, (b) the Certificate Rate and (c) the average daily balance of funds on deposit in the Pre-Funding Period Reserve Amount Account from and including the preceding Distribution Date (or, in the case of the first Distribution Date, the Closing Date) to but not including the current Distribution Date, over (ii) the amount of interest accrued on Permitted Investments on deposit in the Pre-Funding Account from and including the preceding Distribution Date (or, in the case of the first Distribution Date, the Closing Date) to but not including the current Distribution Date. If after making any required transfer from the Pre-Funding Period Reserve Account to the Finance Charge Certificate Account and such on any Distribution Date the amount shall be treated as Available Finance Charge Collections for such Transfer Date. The of funds on deposit in the Pre-Funding Period Reserve Account exceeds the Required Reserve Amount, the Trustee shall thereafter be automatically terminated for purposes withdraw such excess amount and distribute it to the Transferor. On the first Distribution Date related to the Reporting Date next succeeding termination of this Indenture Supplementthe Pre-Funding Period after payment on the Certificates on such date the Trustee shall withdraw from the Pre-Funding Period Reserve Account and distribute to the Transferor the balance of any funds on deposit therein.

Pre-Funding Period Reserve Account. (a) The Indenture Trustee Servicer shall cause the Trust Collateral Agent to establish and maintain with an Eligible Institution, which may be the Indenture Trustee in the name of the Trust, on behalf of the Trust, for the benefit of the Series 2010-A Noteholders, a segregated trust account Deposit Account (the “"Pre-Funding Period Reserve Account”)") with the Trust Collateral Agent, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Series 2010-A NoteholdersNoteholders and the Insurer. The Indenture Trustee On or prior to the Closing Date, the Seller shall possess all right, title and interest in all funds on deposit from time an amount equal to time in the Pre-Funding Period Reserve Account and in all proceeds thereof. The Pre-Funding Period Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series 2010-A Noteholders. If at any time the institution holding the Pre-Funding Period Reserve Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee in writing, and the Indenture Trustee upon being notified (or the Servicer on its behalf) shall, within ten (10) Business Days, establish a new Pre-Funding Period Reserve Account meeting the conditions specified above with an Eligible Institution, and shall transfer any cash or any investments to such new Pre-Funding Period Reserve Account. The Indenture Trustee, at the written direction of the Servicer, shall make withdrawals from the Pre-Funding Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. The Indenture Trustee at all times shall maintain accurate records reflecting each transaction in the Pre-Funding Period Reserve Account. (b) Funds on deposit in the Pre-Funding Period Reserve Account, from time to time, shall be invested and reinvested at the direction of the Servicer by the Indenture Trustee in Eligible Investments that will mature so that funds will be available for withdrawal on or prior to the following Transfer Date. All interest and earnings on Eligible Investments included in the Pre-Funding Period Reserve Account (net of losses and investment expenses) shall be retained in the Pre-Funding Period Reserve Account and shall be included in the Available Pre-Funding Period Reserve Amount. (c) On the Closing Date, Transferor shall deposit $316,647.07 in immediately available funds Initial Deposit into the Pre-Funding Period Reserve Account. (di) On the August 2010 Transfer Date, Distribution Dates occurring on or prior to the Indenture Trustee, at the direction Distribution Date next succeeding termination of the Servicer, shall transfer an amount equal to the Available Pre-Funding Period Reserve Amount Period, the Trust Collateral Agent shall, in accordance with the Servicer's Certificate, withdraw from the Pre-Funding Period Reserve Account the Monthly Pre-Funding Period Reserve Amount for such Distribution Date and deposit such amount in the Collection Account as further provided in Section 5.7. (ii) On the Distribution Dates occurring on or prior to the Finance Charge Account and such amount Distribution Date next succeeding termination of the Pre-Funding Period, Servicer shall be treated as Available Finance Charge Collections for such Transfer Date. The instruct the Trust Collateral Agent in writing to withdraw from the Pre-Funding Period Reserve Account shall thereafter be automatically terminated for purposes and pay to the Seller on such Distribution Date an amount equal to the amount of this Indenture Supplement.funds on deposit in the Pre-Funding Period Reserve Account (after giving effect to any required transfer pursuant to the preceding clause (i) on such Distribution Date) in