Common use of Accounts; Investment; Collection of Moneys Clause in Contracts

Accounts; Investment; Collection of Moneys. (a) The Issuing Entity hereby directs the Indenture Trustee to establish, on or before the Closing Date, an Eligible Account that shall be the “Payment Account” for the Notes. The Indenture Trustee shall promptly upon receipt, deposit in the Payment Account and retain therein the Interest Remittance Amount and the Principal Remittance Amount remitted on each Servicer Remittance Date to the Indenture Trustee by the Servicer and any other funds from any deposits to be made by the Servicer pursuant to the Sale and Servicing Agreement. All amounts that are deposited from time to time in the Payment Account are subject to withdrawal by the Indenture Trustee for the purposes set forth in Section 8.01 hereof. All funds withdrawn from the Payment Account pursuant to this Section 8.01 for the purpose of making payments to the Holders of Notes shall be applied in accordance with this Section 8.01 and Section 3.03 hereof. (b) On each Payment Date, the Indenture Trustee will apply the Available Funds to pay the Custodian Fees, the Owner Trustee Fees and the Indenture Trustee Fees for such Payment Date. On each Payment Date, funds will be applied in the following order of priority: (i) Concurrently,