Common use of Deposit of Collections Clause in Contracts

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 2017-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172021-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 “F1F-1” by Fitch and “A-1P-1” by Standard & Poor’s Xxxxx’x (the “Monthly Deposit Required Ratings”), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172018-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172023-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172018-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172023-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172020-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172021-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 “F1F-1” by Fitch and “A-1” by Standard & Poor’s (the “Monthly Deposit Required Ratings”), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172024-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172020-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 Xxxxx’x and “A-1” by Standard & Poor’s (the “Monthly Deposit Required Ratings”), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 2017-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172024-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 & PoorMoody’s (the “"Monthly Deposit Required Ratings”"), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172019-B Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172022-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20172019-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

Deposit of Collections. (i) If the Servicer’s short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 2017-B 20 - Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 Xxxxx’x and “A-1” by Standard & Poor’s ’s] (the “Monthly Deposit Required Ratings”), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, [Active Lease Advances, ,] Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172025-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 2017-B 20__-__ Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, [Active Lease Advances, ,] Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

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 Reference Pool Servicer Termination Event for the 20172025-B A Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases 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 all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note 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 in the Exchange Note Collection Account all Administrative Reallocation Amounts, Active Lease Advances, Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.