Trust Accounts Distributions Statements to Certificateholders and Noteholders. Establishment of Trust Accounts(a) . (a) (i) The Master Servicer, on behalf of the Series Secured Parties with respect to each Series the holders of the Series Trust Certificates of each Series and the holders of the Owner Trust Certificates, shall establish and maintain in the name of the Trustee, a trust account which is an Eligible Deposit Account (the "Master Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series Secured Parties with respect to the Household Automotive Revolving Trusts the holders of the Series Trust Certificates of each Series and the holders of the Owner Trust Certificates. The Master Collection Account shall initially be established with the Trustee. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in, and shall have sole dominion and control with respect to, the Master Collection Account and in all proceeds thereof for the benefit of the Series Secured Parties, the holders of the Series Trust Certificates of each Series, the holders of the Owner Trust Certificates, and, if a Trust Collateral Agent shall have been appointed with respect to any Series, the Trust Collateral Agent. Except as expressly provided in this Agreement, the Master Servicer agrees that it shall have no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds held in the Master Collection Account for any amount owed to it by the Trust Collateral Agent, the Trust, or any Series Secured Party.
Trust Accounts Distributions Statements to Certificateholders and Noteholders. SECTION 5.
Trust Accounts Distributions Statements to Certificateholders and Noteholders. SECTION 5.01 Lock-Box Account.
(a) No later than five (5) Business Days after the Closing Date, the Subservicer shall establish the Lock-Box Account as an Eligible Account with the Lock-Box Bank, all in accordance with the terms of the Lock-Box Agreement; provided that the Servicer, with the prior written consent of the Note Insurer, may from time to time (a) establish additional or substitute Lock-Box Accounts, each of which shall be an Eligible Account, and (b) close or terminate the use of such account or any subsequently established accounts, each of which accounts, at such time, shall no longer be deemed to be a Lock-Box Account; provided, further, that pursuant to the Lock-Box Agreement, the Lock-Box Processor and no other person, save the Trust Collateral Agent or the Servicer, shall have authority to direct disposition of funds related to the Receivables on deposit in the Lock-Box Account consistent with the provisions of this Agreement and the Lock-Box Agreement. The Trust Collateral Agent shall have no liability or responsibility with respect to the Lock-Box Processor's or the Servicer's directions or activities as set forth in the preceding sentence. The Lock-Box Account shall be established pursuant to and maintained in accordance with the Lock-Box Agreement and shall be a demand deposit account which shall at all times be an Eligible Account. In conjunction with the establishment of the Lock-Box Account, the Subservicer shall establish and maintain the Lock-Box at a United States Post Office Branch. Notwithstanding the Lock-Box Agreement or any of the provisions of this Agreement relating to the Lock-Box and the Lock-Box Agreement, the Servicer shall remain obligated and liable to the Trust Collateral Agent and the Noteholders for servicing and administering the Receivables and the other Trust Property in accordance with provisions of this Agreement without diminution of such obligation or liability by virtue thereof.
(b) In the event the Servicer shall for any reason no longer be acting as such, the Lock-Box Agreement shall terminate in accordance with its terms and funds on deposit in the Lock-Box Account shall be distributed by the Lock-Box Bank, as agent for the beneficial owners of funds in the Lock-Box Account at such time (including the Issuer), and the Lock-Box Bank shall deposit any such funds relating to the Receivables to such other account as shall be identified by the Back-up Servicer or successor Servicer for deposit therein; pro...
Trust Accounts Distributions Statements to Certificateholders and Noteholders. SECTION 5.1. Establishment of Trust Accounts. (a) (i) Name: Sxxxxx X. Xxxxx Title: Vice President and Assistant Treasurer The Administrator shall establish and maintain the Trust Accounts required to be established and maintained pursuant to the Series Supplement, and such Trust Accounts shall be subject to the sole dominion and control of the Administrator on behalf of the Indenture Trustee for the benefit of the Noteholders.
Trust Accounts Distributions Statements to Certificateholders and Noteholders
