Common use of Establishment of the Note Accounts Clause in Contracts

Establishment of the Note Accounts. (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Collection Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Collection Account”). Funds in the Collection Account shall not bear interest, except to the extent invested in Eligible Investments. (b) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Reserve Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Reserve Account”). Amounts on deposit in the Reserve Account shall be transferred to the Collection Account (a) on any Payment Date in accordance with Section 8.03(a), and (b) upon the commencement of an Event of Default or the final distribution in accordance with Section 10.02, except to the extent invested in Eligible Investments.

Establishment of the Note Accounts. (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Collection Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Collection Account”). Funds in the Collection Account shall not bear interest, except to the extent invested in Eligible Investments. (b) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Reserve Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Reserve Account”). Amounts on deposit in the Reserve Account shall be transferred to the Collection Account (a) on any Payment Date in accordance with Section 8.03(a), and (b) upon the commencement of an Event Early Amortization PeriodEvent of Default or the final distribution in accordance with Section 10.02, except to the extent invested in Eligible Investments.