Common use of Renewal Account Clause in Contracts

Renewal Account. (a) On or before the Issuance Date, the Trustee shall establish the Renewal Account in accordance with Section 3.01(a) hereof. (b) The Servicer shall deposit all Renewal Payments into the Collection Account. Prior to each Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account the amount specified by the Servicer in the related Servicing Report representing investment earnings on amounts held in the Renewal Account. During a Renewal Account Deposit Period, Available Funds remaining after the payment of the Required Payments and amounts required to be deposited into the Reserve Account shall be deposited into the Renewal Account to the extent the amount on deposit in the Renewal Account is less than the Required Renewal Amount, but not in excess of the amount of Renewal Payments for the preceding Due Period. Any amounts on deposit in the Renewal Account in excess of the Required Renewal Amount will be deposited into the Collection Account. (c) In the event that Available Funds (exclusive of amounts on deposit in the Reserve Account and the Renewal Account) are insufficient to pay the Required Payments and amounts required to be deposited in the Reserve Account on any Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account an amount equal to the lesser of the funds on deposit in the Renewal Account and the amount of such deficiency. (d) Upon the satisfaction and discharge of this Indenture, any balance remaining in the Renewal Account, after all obligations to the Noteholders hereunder have been fully satisfied, shall be paid to reimburse the Trustee for any amounts owing to it arising from the performance of its obligations under this Indenture and then, to the Issuer.

Renewal Account. (a) On or before the Issuance Date, the Trustee shall establish the Renewal Account in accordance with Section 3.01(a) hereof. (b) The Servicer shall deposit all Renewal Payments into the Collection Account. Prior to each Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account the amount specified by the Servicer in the related Servicing Report representing investment earnings on amounts held in the Renewal Account. During a Renewal Account Deposit Period, Available Funds remaining after the payment of the Required Payments and amounts required to be deposited into the Reserve Account shall be deposited into the Renewal Account to the extent the amount on deposit in the Renewal Account is less than the Required Renewal Amount, but not in excess of the amount of Renewal Payments for the preceding Due Period. Any amounts on deposit in the Renewal Account in excess of the Required Renewal Amount will be deposited into the Collection Account. (c) In the event that Available Funds (exclusive of amounts on deposit in the Reserve Account and the Renewal Account) are insufficient to pay the Required Payments and amounts required to be deposited in the Reserve Account on any Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account an amount equal to the lesser of the funds on deposit in the Renewal Account and the amount of such deficiency. (d) Upon the satisfaction and discharge of this Indenture, any balance remaining in the Renewal Account, after all obligations to the Noteholders hereunder have been fully satisfied, shall be paid to reimburse the Trustee for any amounts owing to it arising from the performance of its obligations under this Indenture and then, to the Issuer.] [ARTICLE IV

Renewal Account. (a) On or before the Issuance Date, the Trustee shall establish the Renewal Account in accordance with Section 3.01(a) hereof. (b) The Servicer shall deposit all Renewal Payments into the Collection Account. Prior to each Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account the amount specified by the Servicer in the related Servicing Report representing investment earnings on amounts held in the Renewal Account. During a Renewal Account Deposit Period, Available Funds remaining after the payment of the Required Payments and amounts required to be deposited into the Reserve Account shall be deposited into the Renewal Account to the extent the amount on deposit in the Renewal Account is less than the Required Renewal Amount, but not in excess of the amount of Renewal Payments for the preceding Due Period. Any amounts on deposit in the Renewal Account in excess of the Required Renewal Amount will be deposited into the Collection Account. (c) In the event that Available Funds (exclusive of amounts on deposit in the Reserve Account and the Renewal Account) are insufficient to pay the Required Payments and amounts required to be deposited in the Reserve Account on any Payment Date, the Trustee shall transfer from the Renewal Account to the Collection Account an amount equal to the lesser of the funds on deposit in the Renewal Account and the amount of such deficiency. (d) Upon the satisfaction and discharge of this Indenture, any balance remaining in the Renewal Account, after all obligations to the Noteholders and the Insurer hereunder have been fully satisfied, shall be paid to reimburse the Trustee for any amounts owing to it arising from the performance of its obligations under this Indenture and then, to the Issuer.