Examples of Series Payment Account in a sentence
The Master Servicer shall (with a copy to the Trustee) instruct the Paying Agent to make the appropriate transfers from the Series Collection Account and the Series Reserve Account to the Series Payment Account and from the Series Investment Proceeds Account, in each case, to facilitate making the payments required pursuant to Sections 6.02(b) and 6.03 by the close of business on the Business Day immediately preceding the Payment Date following such Series Determination Date.
The amounts to be withdrawn from the Series Collection Account and transferred to the Series Payment Account on the Business Day before each Payment Date pursuant to clause (i)(A) of the preceding sentence and the Monthly Report, will be equal to the amount of all Collections in respect of Series Trust Assets received during the prior Collection Period.
On each Payment Date, the amount of such Investment Proceeds received during the immediately preceding Collection Period shall be distributed in the following order of priority: (i) to the Persons set forth in clauses (i), (ii) and (iv) of Section 6.03(a) (and in the order of such clauses (i), (ii) and (iv)) to the extent insufficient funds in the Series Payment Account exist to pay the amounts owing to such Persons on such Payment Date; and (ii) to the Issuer.
On each Payment Date following the termination of the Series 2010-1 Revolving Period or the receipt by the Collateral Trustee of written notice of the occurrence of any OC Shortfall (unless such OC Shortfall shall have been cured in accordance with the proviso of Section 6.03(a)(v)), the Aggregate Principal Balance of the Series 2010-1 Notes shall be reduced to the extent that funds are available in the Series Payment Account to be distributed for such purpose pursuant to Section 6.03(a)(vi).
The Paying Agent shall make distributions to Investor Certificateholders of each Series, the Applicable Master Servicer for each Series, the Back-up Servicer, the Trustee and to the extent applicable, Series Enhancers, from the Series Payment Account for each Series pursuant to the terms of each Supplement and shall report the amounts of such distributions to the Trustee.
The Paying Agent shall make distributions to Series 2010-1 Noteholders, the Master Servicer, the Back-up Servicer, the Trustee and the Collateral Trustee, from the Series Payment Account pursuant to the terms of the Supplement and shall report the amounts of such distributions to the Trustee.
Any Paying Agent shall have the power, revocable by the Issuer, to withdraw funds from the Series Collection Account, and the Series Payment Account, in each case, for the purpose of making the distributions referred to above.
The Paying Agent shall make distributions to Noteholders of each Series, the Applicable Master Servicer for each Series, the Back- up Servicer, the Trustee and to the extent applicable, Series Enhancers, from the Series Payment Account for each Series pursuant to the terms of each Supplement and shall report the amounts of such distributions to the Trustee.