Pursuant to the Yield. Supplement Agreement and the Securities Account Control Agreement, the Trust will grant to the Indenture Trustee, for the benefit of the Noteholders, a security interest in all funds (including Eligible Investments) in the Yield Supplement Account (including the Initial Yield Supplement Amount) and the proceeds thereof to secure the payment of interest on the Notes, and the Indenture Trustee shall have all of the rights of a secured party under the UCC with respect thereto. If for any reason the Yield Supplement Account is no longer an Eligible Deposit Account, the Relevant Trustee shall promptly cause the Yield Supplement Account to be moved to another institution or otherwise changed so that the Yield Supplement Account becomes an Eligible Deposit Account.
Appears in 12 contracts
Samples: Sale and Servicing Agreement (Nissan Auto Receivables 2004-B Owner Trust), Sale and Servicing Agreement (Nissan Auto Receivables 2002-a Owner Trust), Sale and Servicing Agreement (Nissan Auto Receivables 2001-a Owner Trust)
Pursuant to the Yield. Supplement Agreement and the Securities Account Control Agreement, the Trust will grant to the Indenture Relevant Trustee, for the benefit of the Noteholders, a security interest in all funds (including Eligible Investments) in the Yield Supplement Account (including the Initial Yield Supplement Amount) and the proceeds thereof to secure the payment of interest on the Notes, and the Indenture Relevant Trustee shall have all of the rights of a secured party under the UCC with respect thereto. If for any reason the Yield Supplement Account is no longer an Eligible Deposit Account, the Relevant Trustee shall promptly cause the Yield Supplement Account to be moved to another institution or otherwise changed so that the Yield Supplement Account becomes an Eligible Deposit Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Nissan Auto Receivables Corp /De)