Common use of Replacement of Ineligible Accounts Clause in Contracts

Replacement of Ineligible Accounts. If, at any time, any Class A Notes Interest Reserve Account, the Collection Account or any Administrative Account shall cease to be an Eligible Account (each, an “Ineligible Account”), the Issuers shall (i) within five (5) Business Days of obtaining Actual Knowledge thereof, notify the Control Party thereof and (ii) within thirty (30) days of obtaining Actual Knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, and (D) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. In the event that any of the Collection Account or any Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each payor of a change in payment instructions, if any.

Replacement of Ineligible Accounts. If, at any time, any Class A Notes Interest Reserve Account, either of the Collection Account or any Administrative Account Series 2022-1 Distribution Accounts shall cease to be an Eligible Account (each, an a “Series 2022-1 Ineligible Account”), the Co-Issuers shall (i) within five (5) Business Days of obtaining Actual Knowledge knowledge thereof, notify the Control Party thereof and (ii) within thirty sixty (3060) days of obtaining Actual Knowledge knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Series 2022-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfertransfer or, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, transfer all cash and investments from such Series 2022-1 Ineligible Account into such new Eligible Account, Account and (DC) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible new Eligible Account is required to be subject to an Account Control Agreement in accordance not established with the terms of the IndentureTrustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party Servicer and the Trustee. In the event that any of the Collection Account or any Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each payor of a change in payment instructions, if any.

Replacement of Ineligible Accounts. If, at any time, any Class A Notes Interest Reserve Account, the Collection Account or any Collection Account Administrative Account shall cease to be an Eligible Account (each, an “Ineligible Account”), the Issuers Issuer shall (i) within five (5) Business Days of obtaining Actual Knowledge knowledge thereof, notify the Control Party Trustee and the Controlling Class Representative thereof and (ii) within thirty sixty (3060) days of obtaining Actual Knowledge knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Indenture Trust Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, and (DC) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party Controlling Class Representative and the Trustee. In the event that any of the Collection Account or any Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each payor of a change in payment instructions, if any.