Common use of Use of Proceeds; Security Interest in Term-out Period Account Clause in Contracts

Use of Proceeds; Security Interest in Term-out Period Account. The Transferor hereby agrees that it shall use the proceeds of the Term-out Period Advances solely to fund and maintain the Term-out Period Account for the purpose of funding Incremental Transfers from time to time. The Transferor hereby grants to the applicable Nonrenewing Committed Purchaser, a security interest in the Term-out Period Account, all funds from time to time credited to the Term-out Period Account, all financial assets (including without limitation, Permitted Investments) from time to time acquired with any such funds or otherwise credited to the Term-out Period Account, all interest, dividends, cash, instruments and other investment property from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or all of such funds or such financial assets, and all proceeds, collateral for, and supporting obligations relating to any and all of the foregoing. The grant of a security interest by the Transferor to each such Nonrenewing Committed Purchaser pursuant to this Section secures the payment of the Transferor’s obligations to repay the Term-out Period Advances, and to pay Discount thereon, pursuant to the terms of this Agreement.

Use of Proceeds; Security Interest in Term-out Period Account. The Transferor Each Seller hereby agrees that it shall use the proceeds of the Term-out Period Advances solely to fund and maintain the Term-out Period Account for the purpose of funding Incremental Transfers Purchases from time to time. The Transferor Each Seller hereby grants to the applicable each Nonrenewing Committed PurchaserFinancial Institution, a security interest in the Term-out Period AccountAccount maintained by such Nonrenewing Financial Institution, all funds from time to time credited to the such Term-out Period Account, all financial assets (including including, without limitation, Permitted Eligible Investments) from time to time acquired with any such funds or otherwise credited to the such Term-out Period Account, all interest, dividends, cash, instruments and other investment property from time to time received, receivable, receivable or otherwise distributed in respect of or in exchange for any or all of such funds or such financial assets, and all proceedsproceeds of, collateral for, and supporting obligations relating to any and all of the foregoing. The grant of a security interest by the Transferor each Seller to each such Nonrenewing Committed Purchaser Financial Institution pursuant to this Section secures the payment of the Transferoreach Seller’s obligations obligation to repay the Term-out Period AdvancesAdvances made by each such Nonrenewing Financial Institution, and to pay Discount Yield thereon, pursuant to the terms of this Agreement.

Use of Proceeds; Security Interest in Term-out Period Account. The Transferor Seller hereby agrees that it shall use the proceeds of the Term-out Period Advances solely to fund and maintain the Term-out Period Account for the purpose of funding Incremental Transfers additional purchases from time to time. The Transferor Seller hereby grants to the each applicable Nonrenewing Committed Purchaser, a security interest in the such Nonrenewing Purchaser’s Term-out Period Account, all funds from time to time credited to the Term-out Period Accountthereto, all financial assets (including including, without limitation, Permitted Eligible Investments) from time to time acquired with any such funds or otherwise credited to the such Term-out Period Account, all interest, dividends, cash, instruments and other investment property from time to time received, receivable, receivable or otherwise distributed in respect of or in exchange for any or all of such funds or such financial assets, and all proceedsproceeds of, collateral for, and supporting obligations relating to any and all of the foregoing. The grant of a security interest by the Transferor Seller to each such Nonrenewing Committed Purchaser pursuant to this Section secures the payment of the TransferorSeller’s obligations obligation to repay the applicable Term-out Period Advances, and to pay Discount Yield thereon, pursuant to the terms of this Agreement.

Use of Proceeds; Security Interest in Term-out Period Account. The Transferor Seller hereby agrees that it shall use the proceeds of the Term-out Period Advances solely to fund and maintain the Term-out Period Account for the purpose of funding Incremental Transfers Purchases from time to time. The Transferor Seller hereby grants to the applicable Nonrenewing Non-Renewing Committed Purchaser, a security interest in the Term-out Period Account, all funds from time to time credited to the Term-out Period Account, all financial assets (including including, without limitation, Permitted Eligible Investments) from time to time acquired with any such funds or otherwise credited to the Term-out Period Account, all interest, dividends, cash, instruments and other investment property from time to time received, receivable, receivable or otherwise distributed in respect of or in exchange for any or all of such funds or such financial assets, and all proceedsproceeds of, collateral for, and supporting obligations relating to any and all of the foregoing. The grant of a security interest by the Transferor Seller to each such Nonrenewing Non-Renewing Committed Purchaser pursuant to this Section secures the payment of the TransferorSeller’s obligations obligation to repay the Term-out Period Advances, and to pay Discount Yield thereon, pursuant to the terms of this Agreement.