Common use of Series Accounts Clause in Contracts

Series Accounts. (a) Upon the issuance of a Series of Notes, the Administrator shall cause to be established and maintained a Series Account for such Series of Notes. (b) On each Payment Date, amounts will be deposited into each applicable Series Account in accordance with Section 3.08 and Section 3.11. (c) All amounts transferred to a Series Account for any Series of Notes in accordance with Section 3.08 and Section 3.11 shall be used by the Indenture Trustee for the payment of such Series of Notes (or Class thereof) in accordance with the terms of this Master Indenture and the related Series Supplement.