Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application. (ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least “F1” by Fitch and “A-1” by Standard & Poor’s (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date. (iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 10 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2020-B)
Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least “F1P-1” by Fitch Moody’s and “A-1” by Standard & Poor’s (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 8 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2021-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2021-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2020-C)
Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least “F1” by Fitch and “A-1P-1” by Standard & Poor’s Xxxxx’x (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 8 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2020-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2020-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2019-A)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “"F1” " by Fitch and “"A-1” " by Standard & Poor’s 's (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 6 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-C), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-C), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2023-B)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “F1” "P-1" by Fitch Mxxxx'x and “"A-1” " by Standard & Poor’s 's (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-B), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2023-C)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “"F1” " by Fitch and “A-1” "P-1" by Standard & Poor’s Moody's (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-D), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-D), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-B)
Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least [“F1” by Fitch Fitch, “P-1” by Moody’s and “A-1” by Standard & Poor’s ’s] (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “F1” "P-1" by Fitch Moody's and “"A-1” " by Standard & Poor’s 's (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-C), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-C)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “"F1” " by Fitch and “A-1” "P-1" by Standard & Poor’s Mxxxx'x (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-D), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-A)
Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least “F1” by Fitch and “A-1P-1” by Standard & PoorMoody’s (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2017-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2017-A)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “["F1” " by Fitch Fitch, "P-1" by Mxxxx'x and “"A-1” " by Standard & Poor’s 's] (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)
Deposit of Collections. (i) If the Servicer’s short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s short-term unsecured debt is rated at least [“F1+” by Fitch Fitch, “P-1” by Moody’s and “A-1” by Standard & Poor’s ’s] (the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “["F1” " by Fitch Fitch, "P-1" by Moody's and “"A-1” " by Standard & Poor’s 's] (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)
Deposit of Collections. (i) If the Servicer’s 's short-term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Servicer Termination Event occurs, the Servicer will deposit in the Collection Account all Collections (excluding Recoveries) within two Business Days after application.
(ii) If the Servicer is Ford Credit and Ford Credit’s 's short-term unsecured debt is rated at least “"F1” " by Fitch and “A-1” "P-1" by Standard & Poor’s Xxxxx'x (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit Collections (excluding Recoveries) received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
(iii) The Servicer may deposit Recoveries and Purchase Amounts received and applied in a Collection Period in the Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-A)