Common use of Transfer of Collection Account Clause in Contracts

Transfer of Collection Account. Notwithstanding the provisions of Section 6.02, if the Collection Account shall be maintained with the Servicer and a Servicer Event of Default shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture Trustee, or in any event within ten days after the occurrence of the Servicer Event of Default, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicer.

Transfer of Collection Account. Notwithstanding the provisions of Section 6.027.02, if the Collection Account shall be maintained with the Servicer and a Servicer an Event of Default Termination shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture Trustee, or in any event within ten days after the occurrence of the Servicer Event of DefaultTermination, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicer.

Transfer of Collection Account. Notwithstanding the provisions of Section 6.027.01, if the Collection Account shall be maintained with the Servicer and a Servicer Termination Event of Default shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture TrusteeTrustee or the Note Insurer, or in any event within ten days after the occurrence of the Servicer Event of DefaultTermination Event, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicer.

Transfer of Collection Account. Notwithstanding the provisions of Section 6.02, if the Collection Account shall be maintained with the Servicer and a Servicer Event of Default shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture TrusteeTrustee and the Note Insurer, or in any event within ten days after the occurrence of the Servicer Event of Default, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicerservicer.

Transfer of Collection Account. Notwithstanding the provisions of Section 6.027.02, if the Collection Account shall be maintained with the Servicer and a Servicer an Event of Default Termination shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture Trustee, or in any event within ten days after the occurrence of the Servicer Event of DefaultTermination, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicer.