The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that the Master Servicer fails to direct the Trustee to invest or reinvest any funds that are deposited in the Class Currency Swap Termination Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from the Master Servicer; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I)
The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that the Master Servicer fails to direct the Trustee to invest or reinvest any funds that are deposited in the Class Currency Swap Termination Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from the Master Servicer; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.the
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I)
The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that the Master Servicer fails to direct the Trustee to invest or reinvest any funds that are deposited in the Class Currency Swap Termination Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts 34 49 to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from the Master Servicer; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I)
The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that the Master Servicer fails to direct the Trustee to invest or reinvest any funds that are deposited in the Class Currency Swap Termination Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from the Master Servicer; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.efforts
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)
The Class Currency Swap Termination Account. In the event that any Class is subject to a Class Currency Swap, the Trustee, for the benefit of the Certificateholders of such Class, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (the "Class Currency Swap Termination Account") bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of such Class. The Trustee, at the direction of the Master Servicer, shall deposit into the Class Currency Swap Termination Account any funds (in Dollars) received by the Trustee from the Currency Swap Counterparty with respect to an Event of Default (as defined in the Class Currency Swap) on the date such funds are received. Pursuant to the authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Class Foreign Currency Distribution Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Class Currency Swap Termination Account. Funds on deposit in the Class Currency Swap Termination Account shall be invested in Permitted Investments by the Trustee at the direction of the Master Servicer, as set forth below. Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date or such longer period as will not result in the lowering or withdrawal of the rating of any Class of any Series then outstanding by the Rating Agencies and any funds received with respect to the maturity of a Permitted Investment shall be available in sufficient time to allow for any payments to be made to the Investor Certificateholders on the applicable Interest Payment Date with respect to such Class. The Master Servicer's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, the Master Servicer shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that the Master Servicer fails to direct the Trustee to invest or reinvest any funds that are deposited in the Class Currency Swap Termination Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from the Master Servicer; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.by
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)