Establishment of Bank Accounts. On or before the Closing Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of ), each in the name “ , as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 20 - “, to be designated as follows:
Establishment of Bank Accounts. On or before the Exchange Note Issuance Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of U.S. Bank National Association), each in the name “U.S. Bank National Association, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2018-B”, to be designated as follows:
Establishment of Bank Accounts. On or before the Exchange Note Issuance Date, the Servicer will establish four segregated trust accounts, each in the name of the Indenture Trustee at a Qualified Institution or a Qualified Trust Institution, to be designated as:
(i) “The Bank of New York Mellon, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2012-A” that will be designated as the “Exchange Note Collection Account;”
(ii) “The Bank of New York Mellon, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2012-A” that will be designated as the “Collection Account;”
(iii) “The Bank of New York Mellon, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2012-A” that will be designated as the “Principal Payment Account;” and
(iv) “The Bank of New York Mellon, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2012-A” that will be designated as the “Reserve Account.” Initially, the Exchange Note Collection Account will be account number 879681, the Collection Account will be account number 879682, the Principal Payment Account will be account number 879683 and the Reserve Account will be account number 879684 and each such account will include any successor or replacement accounts thereto.
Establishment of Bank Accounts. On or before the Closing Date, the Servicer will establish the following segregated accounts or subaccounts at a Qualified Institution (initially the corporate trust department of U.S. Bank National Association), each in the name of “U.S. Bank National Association, as Note Paying Agent for the benefit of the Indenture Trustee, as secured party for Verizon Owner Trust 2018-A”, to be designated as follows:
Establishment of Bank Accounts. (a) The Cash Manager hereby confirms that the Mortgages Trustee GIC Account has been established on or before the date hereof pursuant to the Bank Account Agreement and the Mortgages Trustee Guaranteed Investment Contract and that the Mortgages Trustee GIC Account Mandate in the agreed form will apply thereto at the Initial Closing Date. The Cash Manager undertakes (to the extent to which the same is within its control) that at the Initial Closing Date the Mortgages Trustee GIC Account will be operative and that the Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Mortgages Trustee GIC Account (but without prejudice to the Mortgages Trust and the other Transaction Documents).
(b) The Cash Manager hereby confirms that the Mortgages Trustee Transaction Account has been established on or before the date hereof pursuant to the Bank Account Agreement and that the Mortgages Trustee Transaction Account Mandate in the agreed form will apply thereto at the Initial Closing Date. The Cash Manager undertakes (to the extent to which the same is within its control) that at the Initial Closing Date the Mortgages Trustee Transaction Account will be operative and that the Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Mortgages Trustee Transaction Account (but without prejudice to the Mortgages Trust and the other Transaction Documents).
(c) The Cash Manager hereby confirms that the Funding GIC Account has been established on or before the date hereof pursuant to the Bank Account Agreement and the Funding Guaranteed Investment Contract and that the Funding GIC Account Mandate in the agreed form will apply thereto at the Initial Closing Date. The Cash Manager undertakes (to the extent to which the same is within its control) that at the Initial Closing Date the Funding GIC Account will be operative and that the Cash Manager will not knowingly create or permit to subsist any Security Interest in relation to the Funding GIC Account other than as created under or permitted pursuant to the Funding Deed of Charge.
(d) The Cash Manager hereby confirms that the Funding Transaction Account has been established on or before the date hereof pursuant to the Bank Account Agreement and that the Funding Transaction Account Mandate in the agreed form will apply thereto at the Initial Closing Date. The Cash Manager undertakes (to the extent to which the same is within its control) that...
Establishment of Bank Accounts. The Administrative Agent, each Funding Agent and the Collateral Agent shall be satisfied with the cash collections arrangements for the safe and timely collection of payments in respect of the Receivables.
Establishment of Bank Accounts. On or before the Closing Date, the Servicer will establish the following segregated accounts or subaccounts at a Qualified Institution (initially the corporate trust department of [_________]), each in the name of “[____________], as Note Paying Agent for the benefit of the Indenture Trustee, as secured party for Verizon Owner Trust 20[__]-[__]”, to be designated as follows:
Establishment of Bank Accounts. The Manager shall establish with a federally insured financial institution (or institutions) one or more accounts for the funds of the Company and shall be authorized to draw against such accounts on behalf of the Company.
Establishment of Bank Accounts. (a) The Administrator shall have the right to open and maintain the Bank Accounts in respect of the LBL Contracts in accordance with the terms of the Reinsurance Agreement, provided that the Administrator shall notify the Company in writing upon opening any such Bank Account in the name of the Company.
(b) During the term of this Agreement, the Administrator may use such Bank Accounts or open and maintain one or more additional bank accounts with banking institutions with respect to the Vermont Captive Contracts (the “Vermont Captive Bank Accounts”). The Administrator shall have the exclusive authority over the Vermont Captive Bank Accounts including, without limitation, the exclusive authority to (a) open the Vermont Captive Bank Accounts in the name of the Company, (b) designate the authorized signatories on the Vermont Captive Bank Accounts, (c) issue drafts on and make deposits in the Vermont Captive Bank Accounts in the name of the Company, (d) make withdrawals from the Vermont Captive Bank Accounts and (e) enter into agreements with respect to the Vermont Captive Bank Accounts on behalf of the Company; provided, that in no event shall the Company be responsible for any fees, overdraft charges or other payments, liabilities or obligations with respect to any such Bank Accounts or be obligated to provide funding for the Bank Accounts. The Company shall do all things necessary at the Reinsurer’s expense to (x) enable and authorize the Administrator to use the Company’s existing lockboxes with respect to the Vermont Captive Contracts, if any, and (y) enable the Administrator to open and maintain the Vermont Captive Bank Accounts including, without limitation, executing and delivering such depository resolutions and other documents as may be requested from time to time by the banking institutions. The Company agrees that without the Reinsurer’s prior written consent it shall not make any changes to the authorized signatories on the Vermont Captive Bank Accounts nor attempt to withdraw any funds therefrom.
Establishment of Bank Accounts. The Cash Manager hereby represents, warrants and covenants to the Bond Trustee and Guarantor as follows:
(a) that the GDA Account has been established on or before the date hereof pursuant to the Bank Account Agreement, Guaranteed Deposit Account Contract and the Security Agreement in the agreed form and will apply thereto as at the Program Date;
(b) that the Transaction Account has been established on or before the date hereof pursuant to the Bank Account Agreement and the Security Agreement in the agreed form and will apply thereto as at the Program Date;
(c) that it will use its best reasonable efforts to cause the GDA Account and the Transaction Account to be operative as at the Program Date;
(d) that it will not knowingly create or permit to subsist any Security Interest in relation to the GDA Account or the Transaction Account, other than as created under or permitted pursuant to the terms of the Security Agreement or any other Transaction Document;
(e) that it has entered into, on or before the date hereof, the Standby Guaranteed Deposit Account Contract and the Standby Bank Account Agreement;
(f) that if one or more Rating Agencies downgrades or withdraws the ratings of the unsecured, unsubordinated and unguaranteed debt obligations of the Account Bank, or the issuer default rating of the Account Bank, as applicable, below the Account Bank Required Ratings (such an event an “Account Bank Ratings Downgrade”) or if the Bank Account Agreement is otherwise terminated for any reason except pursuant to Section 7.4(a) of the Bank Account Agreement, or an Issuer Event of Default (A) occurs and is continuing, or (B) has previously occurred and is continuing (provided that the Account Bank is the Issuer or an Affiliate thereof), it will:
(i) within two (2) Toronto Business Days:
A. serve a Standby Account Bank Notice on the Standby Account Bank with a copy to the Standby GDA Provider (if different than the Standby Account Bank); and
B. subject to Section 4.1(f)(ii), establish the Standby GDA Account and the Standby Transaction Account in accordance with the terms of the Standby Guaranteed Deposit Account Agreement and the Standby Account Agreement and cause the amounts standing to the credit of the GDA Account held with the Account Bank to be transferred to the Standby GDA Account and the amounts standing to the credit of the Transaction Account, if any, to be transferred to the Standby Transaction Account in each case, promptly upon the establishment of suc...
