Common use of Residual Account Clause in Contracts

Residual Account. (a) On or prior to the Closing Date, the Trustee shall establish the Residual Account in the name of the Trustee for the benefit of the Noteholders and the Issuer. The Residual Account shall be an Eligible Account. The Servicer shall deposit or cause to be deposited in the Residual Account all Residual Realizations pursuant to Section 4.2 of the Collection and Servicing Agreement. (b) If on any Payment Date, the Available Pledged Revenues for such Payment Date are insufficient to permit on such Payment Date all distributions required by Section 8.03 (iv) through (viii) (such shortfall, an "Available Funds Shortfall"), then the Trustee shall transfer from the Residual Account to the Collection Account, an amount equal to the lesser of (i) the Available Funds Shortfall and (ii) the amount, if any, on deposit in the Residual Account. (c) On each Payment Date, unless a Residual Event has occurred and is continuing, any funds on deposit in the Residual Account after making required withdrawals, if any, on such Payment Date pursuant to Section 8.06(b) shall be released to the Issuer. (d) On each Payment Date on which a Residual Event has occurred or is continuing, any funds on deposit in the Residual Account after making required withdrawals, if any, on such Payment Date pursuant to Section 8.06(b) shall be retained in the Residual Account.

Residual Account. (a) On or prior to the Closing Date, the Trustee shall establish the Residual Account in the name of the Trustee for the benefit of the Noteholders and the Issuer. The Residual Account shall be an Eligible Account. The Servicer shall deposit or cause to be deposited in the Residual Account all Residual Realizations pursuant to Section 4.2 of the Collection and Servicing Agreement. (b) If on any Payment Date, the Available Pledged Revenues for such Payment Date are insufficient to permit on such Payment Date all distributions required by Section 8.03 (ivi) through (viiiv) (such shortfall, an "Available Funds Shortfall"), then the Trustee shall transfer from the Residual Account to the Collection Account, an amount equal to the lesser of (i) the Available Funds Shortfall and (ii) the amount, if any, on deposit in the Residual Account. (c) On each Payment Date, unless a Residual Event has occurred and is continuing, any funds on deposit in the Residual Account after making required withdrawals, if any, on such Payment Date pursuant to Section 8.06(b) shall be released to the Issuer. (d) On each Payment Date on which a Residual Event has occurred or is continuing, any funds on deposit in the Residual Account after making required withdrawals, if any, on such Payment Date pursuant to Section 8.06(b) shall be retained in the Residual Account.