Common use of The Finance Charge and Principal Accounts Clause in Contracts

The Finance Charge and Principal Accounts. The Trustee, for the benefit of the Secured Parties, shall establish and maintain in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Trustee, two non-interest bearing segregated trust accounts (the "Finance Charge Account" and the "Principal Account" respectively), each bearing a designation clearly indicating that the funds therein are held for the benefit of the Secured Parties. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Finance Charge Account and the Principal Account and in all proceeds thereof. The Trustee shall be the entitlement holder of both the Finance Charge Account and the Principal Account and, subject to the next sentence, the Finance Charge Account and the Principal Account shall be under the sole dominion and control of the Trustee for the benefit of the Secured Parties. Pursuant to authority granted to it hereunder and in the Servicing Agreement, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Finance Charge Account and Principal Account for the purpose of carrying out the Servicer's duties under the Servicing Agreement. The Trustee at all times shall maintain accurate records reflecting each transaction in the Principal Account and the Finance Charge Account and that funds held therein shall at all times be held in trust for the benefit of the Secured Parties.

Appears in 1 contract

Sources: Base Indenture (Conns Inc)

The Finance Charge and Principal Accounts. The Trustee, for the benefit of the Secured PartiesInvestor Certificateholders, shall establish and maintain in with the city in which the Corporate Trust Office is located, with a Qualified Institution, Trustee in the name of the Trustee, Trust two non-interest bearing segregated trust accounts (the "Finance Charge Account" and the "Principal Account," respectively), each bearing a designation clearly indicating that the funds therein are held for the benefit of the Secured PartiesInvestor Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Finance Charge Account and the Principal Account and in all proceeds thereof. The Trustee shall be the entitlement holder of both the Finance Charge Account and the Principal Account and, subject to the next sentence, the Finance Charge Account and the Principal Account shall be under the sole dominion and control of the Trustee for the benefit of the Secured PartiesInvestor Certificateholders. Pursuant to authority granted to it hereunder and in the Servicing Agreementhereunder, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Finance Charge Account and Principal Account for the purpose of carrying out the Servicer's or the Trustee's duties under the Servicing Agreementhereunder. The Trustee at all times shall maintain accurate records reflecting each transaction in the Principal Account and the Finance Charge Account and that funds held therein shall at all times be held in trust for the benefit of the Secured PartiesInvestor Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)

The Finance Charge and Principal Accounts. The Trustee, for the benefit of the Secured PartiesInvestor Certificateholders, shall establish and maintain in the city in which State of New York with the Corporate Trust Office is located, with a Qualified Institution, Paying Agent in the name of the Trustee, Trust two non-interest bearing segregated trust accounts Eligible Deposit Accounts (the "Finance Charge Account" and the "Principal Account" ”, respectively), each bearing a designation clearly indicating that the funds therein are held for the benefit of the Secured PartiesInvestor Certificateholders; provided, however, that each of such accounts may be established as sub-accounts of the Collection Account. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Finance Charge Account and the Principal Account and in all proceeds thereof. The Trustee shall be the entitlement holder of both the Finance Charge Account and the Principal Account and, subject to the next sentence, the Finance Charge Account and the Principal Account shall be under the sole dominion and control of the Trustee for the benefit of the Secured PartiesInvestor Certificateholders. Pursuant to authority granted to it hereunder and in the Servicing Agreementhereunder, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Finance Charge Account and the Principal Account for the purpose of carrying out the Servicer's ’s duties under the Servicing Agreementhereunder. The Trustee at all times shall maintain accurate records reflecting each transaction in the Principal Account and the Finance Charge Account and that funds held therein shall at all times be held in trust for the benefit of the Secured PartiesInvestor Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)

The Finance Charge and Principal Accounts. The Trustee, for the benefit of the Secured PartiesSeries 1999-_ Certificateholders, shall establish and maintain in the city in which name of the Corporate Trust Office is located, with a Qualified InstitutionInstitution (other than the Transferor), in which shall initially be the name of the TrusteePaying Agent, two non-interest bearing segregated trust accounts (the "Finance Charge Account" and the "Principal Account," respectively), each bearing a designation clearly indicating that the funds therein are held for the benefit of the Secured PartiesSeries 1999-_ Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Finance Charge Account and the Principal Account and in all proceeds thereof. The Trustee shall be the entitlement holder of both the Finance Charge Account and the Principal Account and, subject to the next sentence, the Finance Charge Account and the Principal Account shall be under the sole dominion and control of the Trustee for the benefit of the Secured PartiesSeries 1999-_ Certificateholders. Pursuant to authority granted to it hereunder and in the Servicing Agreementhereunder, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Finance Charge Account and the Principal Account for the purpose of carrying out the Servicer's or the Trustee's duties under the Servicing Agreementhereunder. The Trustee at all times shall maintain accurate records copies of all written reports and instructions that it receives reflecting each transaction in the Principal Account and the Finance Charge Account and that funds held therein shall at all times be held in trust for the benefit of the Secured PartiesSeries 1999-_ Certificateholders.

Appears in 1 contract

Sources: Pooling and Servicing Agreement Supplement (First Usa Credit Card Master Trust)