Common use of Trust Accounts; Collections Clause in Contracts

Trust Accounts; Collections. (a) On or before the Closing Date, the Issuer shall establish the Collection Account, Note Distribution Account, Reserve Fund, the Residual Account and the Payahead Account, each in the name of the Indenture Trustee for the benefit of the Noteholders. The Residual Account, Reserve Fund, and Payahead Account may be sub-accounts of the Collection Account. All of the Trust Accounts shall be established and maintained at The Chase Manhattan Bank. The Servicer and Indenture Trustee are hereby required to ensure that each of the Trust Accounts is established and maintained as an Eligible Deposit Account with a Qualified Institution. If any institution with which any of the accounts established pursuant to this Section 7.01(a) are established ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the Indenture Trustee shall within 10 Business Days establish a replacement account at a Qualified Institution after notice of such event. In no event shall the Indenture Trustee be responsible for monitoring whether such Eligible Institution shall remain a Qualified Institution.

Trust Accounts; Collections. (a) On or before the Closing Date, the Issuer shall establish the Collection Account, Note Distribution Account, Reserve Fund, the Residual Account and the Payahead Account, each in the name of the Indenture Trustee for the benefit of the Noteholders. The Residual Account, Reserve Fund, and Payahead Account may be sub-accounts of the Collection Account. All of the Trust Accounts shall be established and maintained at The JPMorgan Chase Manhattan Bank. The Servicer and Indenture Trustee are hereby required to ensure that each of the Trust Accounts is established and maintained as an Eligible Deposit Account with a Qualified Institution. If any institution with which any of the accounts established pursuant to this Section 7.01(a) are established ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the Indenture Trustee shall within 10 Business Days establish a replacement account at a Qualified Institution after notice of such event. In no event shall the Indenture Trustee be responsible for monitoring whether such Eligible Institution shall remain a Qualified Institution.