Common use of Currency Swap Agreement Clause in Contracts

Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuing Entity may, from time to time, as directed by the Certificateholders by means of notice to the Administrative Agent, enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to Trust Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuing Entity enters into the Currency Swap Agreement, the Rating Agency Condition shall have been satisfied, and (2) any payments to the Currency (NALT 2011-B SUBI Servicing Supplement) Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Trust Certificateholders. Any payments received by the Issuing Entity from the Currency Swap Counterparty under a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture Trustee directly to or to the order of the Trust Certificateholders on the related Payment Date. In connection with executing any such Currency Swap Agreement, the Issuing Entity, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement, subject to Section 9.03, in a form approved by the Trust Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions hereof to the extent necessary or appropriate to effectuate the intention of such Currency Swap Agreement.

Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuing Entity may, from time to time, as directed by the Certificateholders by means of notice to the Administrative Agent, enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to Trust Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuing Entity enters into the Currency Swap Agreement, the Rating Agency Condition shall have been satisfied, and (2) any payments to the Currency (NALT 2011-B A SUBI Servicing Supplement) Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Trust Certificateholders. Any payments received by the Issuing Entity from the Currency Swap Counterparty under a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture Trustee directly to or to the order of the Trust Certificateholders on the related Payment Date. In connection with executing any such Currency Swap Agreement, the Issuing Entity, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement, subject to Section 9.03, in a form approved by the Trust Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions hereof to the extent necessary or appropriate to effectuate the intention of such Currency Swap Agreement.

Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuing Entity Issuer may, from time to time, as directed by the Certificateholders by means of notice to the Administrative AgentAdministrator, enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to Trust Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuing Entity Issuer enters into the Currency Swap Agreement, the Rating Agency Condition shall Agencies have been satisfied(Nissan 2008-C Sale and Servicing Agreement) 53 confirmed the then-existing ratings of the Notes, and (2) any payments to the Currency (NALT 2011-B SUBI Servicing Supplement) Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Trust Certificateholders. Any payments received by the Issuing Entity Issuer from the Currency Swap Counterparty under such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture Trustee directly to or to the order of the Trust Certificateholders on the related Payment Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuing EntityIssuer, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement, subject to Section 9.03, 10.01 in a form approved by the Trust Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions hereof to the extent necessary or appropriate to effectuate the intention of such Currency Swap Agreement.

Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuing Entity Issuer may, from time to time, as directed by the Certificateholders by means of notice to the Administrative AgentAdministrator, enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to Trust Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuing Entity Issuer enters into the Currency Swap Agreement, the Rating Agency Condition shall rating agencies have been satisfiedconfirmed the then-existing ratings of the Notes, and (2) any payments to the Currency (NALT 2011-B SUBI Servicing Supplement) Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Trust Certificateholders. Any payments received by the Issuing Entity Issuer from the Currency Swap Counterparty under such a Currency Swap Agreement shall not be deposited in the Collection (Nissan 2007-A Sale and Servicing Agreement) 53 Account and shall be paid by the Indenture Trustee directly to or to the order of the Trust Certificateholders on the related Payment Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuing EntityIssuer, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement, subject to Section 9.03, 10.01 in a form approved by the Trust Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions hereof to the extent necessary or appropriate to effectuate the intention of such Currency Swap Agreement.