Common use of Establishment and Operation of Reserve Account Clause in Contracts

Establishment and Operation of Reserve Account. (a) Establishment of Reserve Account. Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its agency and trust department, a segregated account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 2023-D Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

Establishment and Operation of Reserve Account. (a) Establishment of Reserve Account. Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its agency and trust department, a segregated account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20232024-D Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.