Common use of Residual Interest Distribution Account Clause in Contracts

Residual Interest Distribution Account. The Owner Trustee, for the benefit of the Residual Interestholder, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Residual Interest Distribution Account" or "Residual Interestholder Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Residual Interestholder. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Residual Interest Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Transfer and Servicing Agreement, the Residual Interest Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Residual Interestholder. If, at any time, the Residual Interest Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Residual Interest Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Residual Interest Distribution Account.

Residual Interest Distribution Account. The Owner Trustee, -------------------------------------- for the benefit of the Residual Interestholder, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Residual Interest Distribution Account" or "Residual Interestholder Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Residual Interestholder. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Residual Interest Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Transfer and Servicing Agreement, the Residual Interest Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Residual Interestholder. If, at any time, the Residual Interest Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Residual Interest Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Residual Interest Distribution Account.

Residual Interest Distribution Account. The Owner Trustee, for the benefit of the Residual Interestholder, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "“Residual Interest Distribution Account" ” or "“Residual Interestholder Distribution Account"”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Residual Interestholder. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Residual Interest Distribution Account and in all proceeds thereof. Except as otherwise provided herein or in the Transfer and Servicing Agreement, the Residual Interest Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Residual Interestholder. If, at any time, the Residual Interest Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Residual Interest Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Residual Interest Distribution Account.