Common use of Acceleration of Series 20  -   Notes Clause in Contracts

Acceleration of Series 20  -   Notes. An Event of Default for Series 20 - occurs and the Series 20 - Notes are accelerated under Section 5.2 of the Indenture. If an event described in subsections (a) through (c) above occurs and is continuing, either the Indenture Trustee or the Series 20 - Noteholders of a majority of the Note Balance of the Series 20 - Notes by notifying the Depositors and the Servicer (and to the Indenture Trustee if given by the Series 20 - Noteholders) may declare that an Amortization Event for the Series 20 - Notes (a “Series 20 - Amortization Event”) has occurred. If an event described in subsections (d) through (h) above occurs, a Series 20 - Amortization Event will occur immediately without any notice or other action by the Indenture Trustee or the Series 20 - Noteholders.

Appears in 2 contracts

Samples: Series (Ford Credit Floorplan LLC), Series (Ford Credit Floorplan LLC)

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Acceleration of Series 20  -   Notes. An Event of Default for Series 20 - occurs and the Series 20 - Notes are accelerated under Section 5.2 of the Indenture. If an event described in subsections (a) through (c) above occurs and is continuing, either the Indenture Trustee or the Series 20 - Noteholders of a majority of the Note Balance of the Series 20 - Notes by notifying notice to the Depositors and the Servicer (and to the Indenture Trustee if given by the Series 20 - Noteholders) may declare that an Amortization Event for the Series 20 - Notes (a “Series 20 - Amortization Event”) has occurred). If an event described in subsections (d) through (h) above occurs, a Series 20 - Amortization Event will occur immediately without any notice or other action by the Indenture Trustee or the Series 20 - Noteholders.

Appears in 1 contract

Samples: Ford Credit Floorplan LLC

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Acceleration of Series 20  -   Notes. An Event of Default for Series 20 - occurs and the Series 20 - Notes are accelerated under Section 5.2 of the Indenture. If an event described in subsections (a) through (c) above occurs and is continuing, either the Indenture Trustee or the Series 20 - Noteholders of a majority of the Note Balance of the Series 20 - Notes by notifying the Depositors and the Servicer (and to the Indenture Trustee if given by the Series 20 - Noteholders) may declare that an Amortization Event for the Series 20 - Notes (a “Series 20 - Amortization Event”) has occurred). If an event described in subsections (d) through (h) above occurs, a Series 20 - Amortization Event will occur immediately without any notice or other action by the Indenture Trustee or the Series 20 - Noteholders.

Appears in 1 contract

Samples: Ford Credit Floorplan LLC

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