Withdrawals from Gain on Sale Account. No later than 2:00 p.m., New York City time, on each Transfer Date, the Issuer shall direct the Indenture Trustee in writing to withdraw from the Gain on Sale Account an amount equal to the lesser of (x) the Monthly Residual Value Loss for the immediately preceding Monthly Period and (y) the amount then on deposit in the Gain on Sale Account and deposit such amount into the Collection Account for allocation in accordance with Article 5, as modified by any Indenture Supplement. On any Transfer Date on which the amount on deposit in the Gain on Sale Account (after giving effect to any withdrawals therefrom pursuant to the immediately preceding sentence) is greater than an amount equal to the Applicable Gain on Sale Account Percentage of the sum of the aggregate Lease Balance of each Eligible Lease that is a Closed-End Lease allocated to the Lease SUBI as of last day of the Monthly Period immediately preceding such Transfer Date and the Aggregate Residual Value Amount as of such date, the Issuer shall direct the Indenture Trustee in writing to withdraw such excess from the Gain on Sale Account and deposit it in the Issuer General Account.
Withdrawals from Gain on Sale Account. No later than 2:00 p.m., New York City time, on each Transfer Date, the Issuer shall direct the Indenture Trustee in writing to withdraw from the Gain on Sale Account an amount equal to the lesser of (x) the Monthly Residual Value Loss for the immediately preceding Monthly Period and (y) the amount then on deposit in the Gain on Sale Account and deposit such amount into the Collection Account for allocation in accordance with Article 5, as modified by any Indenture Supplement. On any Transfer Date on which the amount on deposit in the Gain on Sale Account (after giving effect to any withdrawals therefrom pursuant to the immediately preceding sentence) is greater than an amount equal to the Applicable Gain on Sale Account Percentage of the sum of the aggregate Lease Balance of each Eligible Lease that is a Closed-End Lease allocated to the Lease SUBI as of last day of the Monthly Period immediately preceding such Transfer Date and the Aggregate Residual Value Amount as of such date, the Issuer shall direct the Indenture Trustee in writing to withdraw such excess from the Gain on Sale Account and deposit it in the Issuer General Account. Except as otherwise provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Issuer Assets, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceeds thereafter as provided in Article 9.
