The Collection Account. The Servicer, for the benefit of the Securityholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “Collection Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereof) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s of at least A-1+ and P-1 from Moody’s in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s of AAA and from Moody’s of Aaa in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereof, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “Qualified Institution”). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Metris Master Trust), Pooling and Servicing Agreement (Metris Master Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, a non-interest interest-bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and or shall cause such Collection Account to be established and maintained, with an office or branch of (i) in the Servicer, (ii) a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not or an Affiliate of the Servicer or any Affiliate thereofServicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits with deposit insurance provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (BIF or SAIF; provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Moody's and Standard & Poor’s 's of at least not less than "P-1" and "A-1+ and P-1 from Moody’s ," respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of not less than "Aa3" and from Standard & Poor’s 's of AAA and from Moody’s of Aaa not less than "AA" in the case of the long-term unsecured debt obligations) , or (iiiii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofthe Trustee, which is acceptable to the each Rating Agency, as evidenced by a letter from such Rating Agency (as to an institution described in the case of (i) and clause (ii) or (iii), a “"Qualified Institution”"). If; provided, at any timefurther, that upon the institution holding failure of the Collection Account ceases Servicer to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account shall not be permitted to be maintained with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofServicer. Pursuant to authority granted to it pursuant to subsection 3.1(b3.01(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Servicer is hereby authorized to withdraw from the Collection Account shall any funds not required by this Agreement to be under deposited into the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such accountCollection Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust), Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-non- interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not or an Affiliate of the Servicer or any Affiliate thereofServicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia and with deposit insurance provided by BIF or SAIF which has at all times maintains a long-term unsecured debt deposit rating of at least Baa3 "Baa3" by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (therein; provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Moody's and Standard & Poor’s 's of at least A-1+ "P-1" and P-1 from Moody’s "A- 1+," respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of at least "Aa2" and from Standard & Poor’s 's of AAA and from Moody’s of Aaa "AAA" in the case of the long-term unsecured debt obligations) , or (ii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If; provided, at any timefurther, that upon the institution holding insolvency of the Servicer, the Collection Account ceases shall not be permitted to be a Qualified Institution, maintained with the Transferor shall direct the Servicer to establish within 10 Business Days a new Servicer. The Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be under the “Collection Account.” The Servicer shall give written notice to "control" (within the Transferor meaning of Sections 8-106 and the Trustee 9-104 of the location and account number UCC as in effect in the applicable jurisdiction) of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofTrustee. Pursuant to authority granted to it pursuant to subsection 3.1(b3.01(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bank One Delaware National Association), Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “Collection Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not or an Affiliate of the Servicer or any Affiliate thereofServicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia and with deposit insurance provided by BIF or SAIF which has at all times maintains a long-term unsecured debt deposit rating of at least Baa3 “Baa3” by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (therein; provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Moody’s and Standard & Poor’s of at least “P-1” and “A-1+ and P-1 from Moody’s +,” respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody’s of at least “Aa2” and from Standard & Poor’s of AAA and from Moody’s of Aaa “AAA” in the case of the long-term unsecured debt obligations) , or (ii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “Qualified Institution”). If; provided, at any timefurther, that upon the institution holding insolvency of the Servicer, the Collection Account ceases shall not be permitted to be a Qualified Institution, maintained with the Transferor shall direct the Servicer to establish within 10 Business Days a new Servicer. The Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be under the “Collection Account.control” The Servicer shall give written notice to (within the Transferor meaning of Sections 8-106 and the Trustee 9-104 of the location and account number UCC as in effect in the applicable jurisdiction) of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofTrustee. Pursuant to authority granted to it pursuant to subsection 3.1(b3.01(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust), Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, deposit short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s 's of at least P-1 in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s 's of Aaa in the case of the long-term unsecured debt obligations) , or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 ten Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders and, to the extent specified in any Supplement, each Enhancement Provider, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s of at least A-1+ and P-1 from Moody’s Satisfactory Short-Term Credit Rating in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s of AAA and from Moody’s of Aaa the Highest Long-Term Credit Rating in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest interest-bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintainedmaintained with a Qualified Institution; PROVIDED, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereof) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, howeverHOWEVER, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution a Qualified Institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such the depositary institution or trust company maintaining such account shall have a credit rating from Moody's and Standard & Poor’s 's of at least P-1 and A-1+ and P-1 from Moody’s , respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's and Standard & Poor’s 's of AAA Aa3 and from Moody’s of Aaa AA, respectively, in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereof, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “Qualified Institution”). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 ten Business Days a new Collection Col- 70 76 lection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Federated Department Stores Inc /De/)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-non- interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s 's in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s 's of Aaa in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fingerhut Companies Inc)
The Collection Account. The Servicer, for the benefit of the SecurityholdersHolders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “Collection Account”"COLLECTION ACCOUNT") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersHolders, and or shall cause such Collection Account to be established and maintained, with an office or branch of (i) in a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not Trustee, the Servicer or any an Affiliate thereofof the Servicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits with deposit insurance provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, BIF or SAIF; provided that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Moody's and Standard & Poor’s 's of at least P-1 and A-1+ and P-1 from Moody’s , respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of at least Aa3 and from Standard & Poor’s 's of AAA and from Moody’s of Aaa at least AA- in the case of the long-term unsecured debt obligations) , or (ii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the each Rating Agency (in the case of (i) and (ii), a “Qualified Institution”). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofforegoing being a "QUALIFIED INSTITUTION"). Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall Any account established with a Qualified Institution pursuant to this Section 4.2 or the provisions of any Supplement which is no longer a Qualified Institution shall, on the fifth Business Day after such Qualified Institution is no longer a Qualified Institution, be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time moved to time on deposit in such accounta Qualified Institution.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “Collection Account”"COLLECTION ACCOUNT") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (providedPROVIDED, howeverHOWEVER, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s (and, if rated by Duff & Phelps Credit Rating Co., D-1+) in the case of the certificates of depositdxxxxxx, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s of Aaa (and, if rated by Duff & Phelps Credit Rating Co., AAA) in the case of the long-term unsecured debt unsecurex xxxx obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “Qualified Institution”"QUALIFIED INSTITUTION"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Apparel Retailers Inc)
The Collection Account. The ServicerTrustee, for the benefit of the SecurityholdersInvestor Certificateholders of each Series and the holder of the Transferor Certificate, shall establish or shall cause to be established and maintained, in the name of the Trustee, on behalf of the Trust, a non-interest bearing fully segregated trust account (which may include one or more subaccounts) with an Eligible Institution (the “"Collection Account”) bearing "). The Collection Account shall bear a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of Certificateholders. An "Eligible Institution" means a depositary institution or trust company (institution, which may include the Trustee but not the Servicer or any Affiliate thereof) of its affiliates, organized under the laws of the United States of America or any one of the states States thereof or including the District of Columbia (or any domestic branches of foreign banks), which either (i) at all times has a long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law "AAA" or its equivalent by the FDIC having corporate trust powers applicable Rating Agency and acting as trustee for funds deposited therein which is a member of the Federal Deposit Insurance Corporation (provided, however, that such the "FDIC") or (ii) maintains the applicable account need not be maintained as a fully segregated trust account with the corporate trust department of such institution if at all times and is rated the certificates equivalent of deposit"BBB-" or "A-3" or higher by the applicable Rating Agency. Except as provided in this Agreement, short-term deposits or commercial paper or the long term unsecured debt obligations (other than such obligation whose rating is based on collateral or on Collection Account shall be under the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s of at least A-1+ sole dominion and P-1 from Moody’s in the case control of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s of AAA and from Moody’s of Aaa in Trustee for the case benefit of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include Investor Certificateholders of each Series and the Trustee but not holder of the Servicer or any Affiliate thereof, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “Qualified Institution”)Transferor Certificate. If, at any time, a Responsible Officer of the Trustee has actual knowledge that the institution holding the Collection Account ceases to be a Qualified an Eligible Institution, the Transferor Trustee shall direct within 30 days of a Responsible Officer of the Servicer to Trustee's learning of such event, establish within 10 Business Days a new Collection Account meeting the conditions specified above with a Qualified an Eligible Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of " Funds on deposit in the Collection Account and (other than certain amounts specified by the Agreement) shall notify at the direction of the Servicer as agent for the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable be invested by the Trustee solely in Permitted Investments. "Permitted Investments" mean (a) negotiable instruments or securities represented by instruments in bearer or registered form which evidence (1) obligations fully guaranteed as to withdraw funds from timely payment by the Collection Account for United States of America; (2) certificates of deposits of, or bankers, acceptances (having original maturities of no more than 180 days) issued by, any depositary institution or trust company, subject to supervision or examination by Federal or state banking or depositary institution authorities; provided, however, that at the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control time of the Trustee and the Trustee Trust's investment or contractual commitment to invest therein, such depositary institution or trust company shall possess all right, title and interest in all funds from time to time on deposit in such account.have a credit
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Stone Container Corp)
The Collection Account. The Servicer, for the benefit of the Securityholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s 's in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s 's of Aaa in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Receivables Inc)
The Collection Account. The Servicer, for the benefit of the Securityholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereof) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s 's in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s 's of Aaa in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereof, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Master Trust)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, with (i) in a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not or an Affiliate of the Servicer or any Affiliate thereofServicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia and with deposit insurance provided by BIF or SAIF which has at all times maintains a long-term unsecured debt deposit rating of at least Baa3 by Moody’s Xxxxx'x and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (therein; provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Xxxxx'x and Standard & Poor’s 's of at least P-1 and A-1+ and P-1 from Moody’s +, respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Xxxxx'x of at least Aa2 and from Standard & Poor’s 's of AAA and from Moody’s of Aaa in the case of the long-term unsecured debt obligations) , or (ii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If; provided further, at any timethat upon the insolvency of the Servicer, the institution holding the Collection Account ceases shall not be permitted to be a Qualified Institution, maintained with the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account.” The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofServicer. Pursuant to authority granted to it pursuant to subsection 3.1(b3.01(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
The Collection Account. The Servicer, for the benefit of the Securityholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust deposit account with the corporate trust department of a depositary institution or trust company com- pany (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia Columbia, which at all times has a short-term rating of P-1 by Moody's and of A-1+ by Standard & Poor's or long-term unsecured debt rating of at least Baa3 by Moody’s and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-term deposits or commercial paper or the long term unsecured debt obligations obligation (other than any such obligation whose the rating of which is based on collateral or on the credit of a Person other than such institution or trust company) rating of such depositary institution or trust company shall have a credit rating from at least Aa3 by Moody's and of AAA by Standard & Poor’s of at least A-1+ 's and P-1 from Moody’s in deposit insurance provided by the case of the certificates of depositFDIC, short-term deposits or commercial paper, or a rating from Standard & Poor’s of AAA and from Moody’s of Aaa in the case of the long-term unsecured debt obligations) or (ii) in a segregated trust account with the corporate trust department of a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency rated at least Baa3 by Moody's (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fingerhut Receivables Inc)
The Collection Account. The Servicer, for the benefit of the Securityholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Securityholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary institution or trust company (which may include the Trustee but not the Servicer or any Affiliate thereofTrustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia which has a long-term unsecured debt rating of at least Baa3 by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-short- term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Standard & Poor’s 's of at least A-1+ and P-1 from Moody’s 's in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Standard & Poor’s 's of AAA and from Moody’s 's of Aaa in the case of the long-term unsecured debt obligations) or (ii) with a depositary institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Transferor shall direct the Servicer to establish within 10 Business Days a new Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the “"Collection Account.” " The Servicer shall give written notice to the Transferor and the Trustee of the location and account number of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereof. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Companies Inc)
The Collection Account. The Servicer, for the benefit of the SecurityholdersCertificateholders, shall establish in the name of the Trustee, on behalf of the Trust, a non-interest bearing segregated account (the “"Collection Account”") bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the SecurityholdersCertificateholders, and shall cause such Collection Account to be established and maintained, (i) in a segregated trust account with the corporate trust department of a depositary depository institution or trust company (which may include the Trustee but not or an Affiliate of the Servicer or any Affiliate thereofServicer) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia and with deposit insurance provided by BIF or SAIF which has at all times maintains a long-term unsecured debt deposit rating of at least Baa3 "Baa3" by Moody’s 's and whose deposits are insured to the limits provided by law by the FDIC having corporate trust powers and acting as trustee for funds deposited therein (therein; provided, however, that such account need not be maintained as a segregated trust account with the corporate trust department of such institution if at all times the certificates of deposit, short-short- term deposits or commercial paper or the long long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depositary depository institution or trust company shall have a credit rating from Moody's and Standard & Poor’s 's of at least "P-1" and "A-1+ and P-1 from Moody’s +," respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of at least "Aa2" and from Standard & Poor’s 's of AAA and from Moody’s of Aaa "AAA" in the case of the long-term unsecured debt obligations) , or (ii) with a depositary depository institution, which may include the Trustee but not the Servicer or any Affiliate thereofTrustee, which is acceptable to the Rating Agency (in the case of (i) and (ii), a “"Qualified Institution”"). If; provided, at any timefurther, that upon the institution holding insolvency of the Servicer, the Collection Account ceases shall not be permitted to be a Qualified Institution, maintained with the Transferor shall direct the Servicer to establish within 10 Business Days a new Servicer. The Collection Account with a Qualified Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be under the “Collection Account.” The Servicer shall give written notice to "control" (within the Transferor meaning of Sections 8-106 and the Trustee 9-104 of the location and account number UCC as in effect in the applicable jurisdiction) of the Collection Account and shall notify the Transferor and the Trustee in writing prior to any subsequent change thereofTrustee. Pursuant to authority granted to it pursuant to subsection 3.1(b3.01(b), the Servicer shall have the revocable power revocable by the Trustee to withdraw funds from the Collection Account for the purposes of carrying out its duties hereunder. The Collection Account shall be under the sole dominion and control of the Trustee and the Trustee shall possess all right, title and interest in all funds from time to time on deposit in such account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)