Common use of The Series Reserve Account Clause in Contracts

The Series 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, may 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 "Series 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 Series Reserve Account and in all proceeds thereof. The Series 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 Series Reserve Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the Series 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 Series Reserve Account. The Paying Agent shall also have the revocable authority to make withdrawals from the Series Reserve Account. (2) On or before the last day of any Due Period during the Revolving Period or, if applicable, the Controlled Accumulation Period, the Servicer may designate an amount (the "Series Reserve Fund Monthly Deposit Amount") to be deposited into the Series Reserve Account on the Distribution Date relating to that Due Period for the benefit of the Certificateholders of this Series in accordance with the provisions of Section 8. The total amount on deposit in the Series Reserve Account shall be referred to as the "Series Reserve Fund Available Amount." (3) On or before each Distribution Date on which the Series Reserve Fund Available Amount is greater than zero, the Servicer shall direct the Trustee to make a withdrawal from the Series Reserve Account and deposit it into the Series Collections Account in an amount equal to the lesser of (a) the Series Reserve Fund Available Amount with respect to such Distribution Date and (b) an amount equal to the sum of the Class A Investment Shortfall and the Class B Investment Shortfall, for such Distribution Date. Such amount shall be treated as a "Series Additional Allocable Amount." (4) Upon the earliest to occur of (i) the Class B Expected Final Payment Date; (ii) payment of all amounts on deposit in the Series Principal Funding Account on the first Distribution Date of the Rapid Amortization Period, or (iii) delivery by the Servicer of a certificate to the effect that the Servicer reasonably believes that the Trust will have sufficient available assets to pay all Class A Certificate Interest and Class B Certificate Interest and to reimburse all Class A Investor Charged-Off Amounts and Class B Investor Charged-Off Amounts on each subsequent Distribution Date without any draws on the Series Reserve Account, the Servicer may direct the Trustee to withdraw from the Series Reserve Account and pay to or at the direction of the Seller, all amounts on deposit in the Series Reserve Account.

The Series 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, may 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 "Series 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 Series Reserve Account and in all proceeds thereof. The Series 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 Series Reserve Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the Series 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 Series Reserve Account. The Paying Agent shall also have the revocable authority to make withdrawals from the Series Reserve Account. (2) On or before the last day of any Due Period during the Revolving Period or, if applicable, the Controlled Accumulation Period, the Servicer may designate an amount (the "Series Reserve Fund Monthly Deposit Amount") to be deposited into the Series Reserve Account on the Distribution Date relating to that Due Period for the benefit of the Certificateholders of this Series in accordance with the provisions of Section 8. The total amount on deposit in the Series Reserve Account shall be referred to as the "Series Reserve Fund Available Amount." (3) On or before each Distribution Date on which the Series Reserve Fund Available Amount is greater than zero, the Servicer shall direct the Trustee to make a withdrawal from the Series Reserve Account and deposit it into the Series Collections Account in an amount equal to the lesser of (a) the Series Reserve Fund Available Amount with respect to such Distribution Date and (b) an amount equal to the sum of the Class A Investment Shortfall and the Class B Investment Shortfall, for such Distribution Date. Such amount shall be treated as a "Series Additional Allocable Amount." (4) Upon the earliest to occur of (i) the Class B Expected Final Payment Date; (ii) payment of all amounts on deposit in the Series Principal Funding Account on the first Distribution Date of the Rapid Amortization Period, or (iii) delivery by the Servicer of a certificate to the effect that the Servicer reasonably believes that the Trust will have sufficient available assets to pay all Class A Certificate Interest and Class B Certificate Interest and to reimburse all Class A Investor Charged-Off Amounts and Class B Investor Charged-Off Amounts on each subsequent Distribution Date without any draws on the Series Reserve Account, the Servicer may direct the Trustee to withdraw from the Series Reserve Account and pay to or at the direction of the Seller, all amounts on deposit in the Series Reserve Account.

The Series 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, may 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 "Series 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 Series Reserve Account and in all proceeds thereof. The Series 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 Series Reserve Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the Series 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 Series Reserve Account. .The Paying Agent shall also have the revocable authority to make withdrawals from the Series Reserve Account. (2) On or before the last day of any Due Period during the Revolving Period or, if applicable, the Controlled Accumulation Period, the Servicer may designate an amount (the "Series Reserve Fund Monthly Deposit Amount") to be deposited into the Series Reserve Account on the Distribution Date relating to that Due Period for the benefit of the Certificateholders of this Series in accordance with the provisions of Section 8. The total amount on deposit in the Series Reserve Account shall be referred to as the "Series Reserve Fund Available Amount." (3) On or before each Distribution Date on which the Series Reserve Fund Available Amount is greater than zero, the Servicer shall direct the Trustee to make a withdrawal from the Series Reserve Account and deposit it into the Series Collections Account in an amount equal to the lesser of (a) the Series Reserve Fund Available Amount with respect to such Distribution Date and (b) an amount equal to the sum of the Class A Investment Shortfall and the Class B Investment Shortfall, for such Distribution Date. Such amount shall be treated as a "Series Additional Allocable Amount." (4) Upon the earliest to occur of (i) the Class B Expected Final Payment Date; (ii) payment of all amounts on deposit in the Series Principal Funding Account on the first Distribution Date of the Rapid Amortization Period, or (iii) delivery by the Servicer of a certificate to the effect that the Servicer reasonably believes that the Trust will have sufficient available assets to pay all Class A Certificate Interest and Class B Certificate Interest and to reimburse all Class A Investor Charged-Off Amounts and Class B Investor Charged-Off Amounts on each subsequent Distribution Date without any draws on the Series Reserve Account, the Servicer may direct the Trustee to withdraw from the Series Reserve Account and pay to or at the direction of the Seller, all amounts on deposit in the Series Reserve Account.