Common use of The PFA Special Reserve Account Clause in Contracts

The PFA Special Reserve Account. (1) If the Series Term Sheet for the Series established hereby so provides, the Trustee, for the benefit of the Certificateholders of this Series, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account in the corporate trust department of an office or branch of a Qualified Trust Institution or (ii) a non-interest bearing segregated demand deposit account at an Eligible Institution (the "PFA Special Reserve Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this Series. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the PFA Special Reserve Account and in all proceeds thereof. The PFA Special Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this Series. Pursuant to authority granted to it under Section 3.01(b) of the Pooling and Servicing Agreement, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the PFA Special Reserve Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the PFA Special Reserve Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Servicer at all times shall maintain accurate records reflecting each transaction in the PFA Special Reserve Account. The Paying Agent shall also have the revocable authority to make withdrawals from the PFA Special Reserve Account. (2) Upon the earlier to occur of (i) the Series Termination Date or (ii) the day on which the Series Invested Amount is paid in full, the Trustee, acting in accordance with the instructions of the Servicer, after the prior payment of all amounts owing to the Investor Certificateholders that are payable from the PFA Special Reserve Account as provided herein, shall withdraw from the PFA Special Reserve Account and pay to or at the direction of the Seller, all amounts, if any, on deposit in the PFA Special Reserve Account and the PFA Special Reserve Account shall have terminated for purposes of this Series Supplement. (3) On or before each Distribution Date with respect to the Controlled Accumulation Period, a withdrawal will be made from the PFA Special Reserve Account in an amount equal to the lesser of (a) the amount on deposit in the PFA Special Reserve Account with respect to such Distribution Date and (b) the excess, if any, of the PFA Covered Amount with respect to such Distribution Date over the amount of investment earnings on the amount on deposit in the Series Principal Funding Account with respect to such Distribution Date. Such amount withdrawn shall be deposited into the Series Collections Account and treated as a "Series Additional Allocable Amount."