Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with . (b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 3 contracts
Samples: Trust Agreement (Asset Backed Securities Corp), Trust Agreement (Gs Mortgage Securities Corp), Trust Agreement (Ace Securities Corp)
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2022-P1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Carvana Auto Receivables Trust 2022-P1), Trust Agreement (Carvana Auto Receivables Trust 2022-P1)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2014-SN2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Assets LLC), Trust Agreement (Ally Auto Assets LLC)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2015-SN1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Assets LLC), Trust Agreement (Ally Auto Assets LLC)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2012-3 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Receivables Trust 2012-3), Trust Agreement (Ally Auto Receivables Trust 2012-3)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Certificate Ally Auto Receivables Trust 2012-SN1Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Receivables Trust 2012-Sn1), Trust Agreement (Ally Auto Receivables Trust 2012-Sn1)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2012-4 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Receivables Trust 2012-4), Trust Agreement (Ally Auto Receivables Trust 2012-4)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2014-2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2014-2), Trust Agreement (Capital Auto Receivables Asset Trust 2014-2)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2015-2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2015-2), Trust Agreement (Capital Auto Receivables Asset Trust 2015-2)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2013-3 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2013-3), Trust Agreement (Capital Auto Receivables Asset Trust 2013-3)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2012-5 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Receivables Trust 2012-5), Trust Agreement (Ally Auto Receivables Trust 2012-5)
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2024-P2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Carvana Auto Receivables Trust 2024-P2), Trust Agreement (Carvana Auto Receivables Trust 2024-P2)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2014-1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2014-1), Trust Agreement (Capital Auto Receivables Asset Trust 2014-1)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Trust Administrator, for the benefit of the CARAT 20 -SN Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 20 -SN Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the CARAT 20 -SN Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the CARAT Indenture or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the CARAT Owner Trustee for the benefit of the CARAT 20 -SN Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the CARAT Owner Trustee (or the Servicer Trust Administrator on behalf of the CARAT Owner Trustee, if the Certificate Distribution Account is not then held by the CARAT Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consentconsent if any Rated Notes are outstanding) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Central Originating Lease Trust), Trust Agreement (Central Originating Lease Trust)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2013-1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2013-1), Trust Agreement (Capital Auto Receivables Asset Trust 2013-1)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2014-SN1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Assets LLC), Trust Agreement (Ally Auto Assets LLC)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2015-3 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2015-3), Trust Agreement (Capital Auto Receivables Asset Trust 2015-3)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2013-4 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2013-4), Trust Agreement (Capital Auto Receivables Asset Trust 2013-4)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2015-1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2015-1), Trust Agreement (Capital Auto Receivables Asset Trust 2015-1)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, Paying Agent shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The title of the Certificate Distribution Account shall initially be established with .
(b) “Hyundai Auto Receivables Trust 2019-A: Certificate Distribution Account for the benefit of the Certificateholders”. The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise expressly provided herein or in the Trust Sale and Servicing Agreementherein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) Paying Agent shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as subject to which each satisfaction of the Rating Agency may consentCondition (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes)) establish a new Certificate Distribution Account Account, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or or any investments to such new Certificate Distribution Account.. 20 (2019-A Amended and Restated Trust Agreement)
Appears in 2 contracts
Samples: Trust Agreement (Hyundai Abs Funding LLC), Trust Agreement (Hyundai Abs Funding LLC)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2013-SN1 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Ally Auto Receivables Trust 2013-Sn1), Trust Agreement (Ally Auto Receivables Trust 2013-Sn1)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2013-2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Capital Auto Receivables LLC), Trust Agreement (Capital Auto Receivables LLC)
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2022-P3 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Carvana Auto Receivables Trust 2022-P3), Trust Agreement (Carvana Auto Receivables Trust 2022-P3)
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2022-P2 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 2 contracts
Samples: Trust Agreement (Carvana Auto Receivables Trust 2022-P2), Trust Agreement (Carvana Auto Receivables Trust 2022-P2)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at Chemical Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1996-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the CARAT 200_-__ Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 200_-__ Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the CARAT 200_-__ Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the CARAT Trust Sale and Servicing Agreement, the CARAT Indenture, the Certificate Distribution Account shall be under the sole dominion and control of the CARAT Owner Trustee for the benefit of the CARAT 200_-__ Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the CARAT Owner Trustee (or the Servicer on behalf of the CARAT Owner Trustee, if the Certificate Distribution Account is not then held by the CARAT Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain at ______________________ Trust Company in the name of the Owner Trustee Trust an Eligible Deposit Account known as the First Security Auto Owner Trust 1999-2 Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Trust to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The ServicerOwner Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the "Banc One HELOC Trust 199[__]-[__] Certificate Distribution Account Account" (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee (and the Credit Enhancer as subrogee) on behalf of the Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 5 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency and the Credit Enhancer may consent) notify the Credit Enhancer, establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Banc One Abs Corp)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Trust Administrator, for the benefit of the CARAT 2007-SN1 Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2007-SN1 Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the CARAT 2007-SN1 Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein in the CARAT Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the CARAT Owner Trustee for the benefit of the CARAT 2007-SN1 Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the CARAT Owner Trustee (or the Servicer Trust Administrator on behalf of the CARAT Owner Trustee, if the Certificate Distribution Account is not then held by the CARAT Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2007-Sn1)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Superior Wholesale Inventory Financing Trust VII Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with The Chase Manhattan Bank.
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Trust Administrator, for the benefit of the CARAT 200_-_ Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 200_-_ Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the CARAT 200_-_ Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the CARAT Indenture or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the CARAT Owner Trustee for the benefit of the CARAT 200_-_ Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the CARAT Owner Trustee (or the Servicer Trust Administrator on behalf of the CARAT Owner Trustee, if the Certificate Distribution Account is not then held by the CARAT Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at Chemical Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1994-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at the Wilmington Trust Company in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Alliance Laundry Equipment Receivables Trust 2000-A Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2024-P4 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Carvana Auto Receivables Trust 2024-P4)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1997-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust - Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee [Certificateholders][Trust] shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 2001-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at Chemical Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1994-C Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with with.
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Goldman Sachs Asset Backed Securities Corp)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Certificate Capital Auto Receivables Asset Trust ___-___Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Superior Wholesale Inventory Financing Trust VI Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with The Chase Manhattan Bank.
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at Chemical Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1995-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2002-4 Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 2000-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 20 -SN Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the AART Indenture, or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner Trustee (or the Servicer Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Ally Central Originating Lease Trust)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1996-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at JPMorgan Chase Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 2002-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 2001-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The ServicerAdministrator, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Carvana Auto Receivables Trust 2024-P3 Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established as a segregated trust account by the Paying Agent with the Account Holder.
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing AgreementIndenture, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer Administrator on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall direct the Paying Agent to transfer any cash and/or or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Carvana Auto Receivables Trust 2024-P3)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 2000-B Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 20 - Certificate Distribution Account (the "“Certificate Distribution Account"”), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the Indenture or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee or the Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 ten (10) Business Days (or such longer period, not to exceed 30 thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Except as otherwise provided in Section 5.2, the Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2002-1 Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Superior Wholesale Inventory Financing Trust V Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with The Chase Manhattan Bank.
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at Chemical Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1994-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain at The Chase Manhattan Bank in the name of the Owner Trustee an Eligible Deposit Account known as the Navistar Financial 1998-A Owner Trust Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein or in the Trust Sale Pooling and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall cause the Owner Trustee to transfer any cash and/or any investments in the old Certificate Distribution Account to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Establishment of Certificate Distribution Account. (a) The ServicerExcept as otherwise provided in Section 5.2, the Trust Administrator, for the benefit of the CARAT 2005-SN1 Certificateholders, shall establish and maintain in the name of the Owner Trustee Trust an Eligible Deposit Account known as the Capital Auto Receivables Asset Trust 2005-SN1 Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the CARAT 2005-SN1 Certificateholders. The Certificate Distribution Account shall initially be established with .
(b) The Owner Trustee Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholdersthereof. Except as otherwise provided herein herein, in the CARAT Indenture or in the Trust Sale and Servicing Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the CARAT Owner Trustee for the benefit of the CARAT 2005-SN1 Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the CARAT Owner Trustee (or the Servicer Trust Administrator on behalf of the CARAT Owner Trustee, if the Certificate Distribution Account is not then held by the CARAT Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.
Appears in 1 contract
Samples: Trust Agreement (Capital Auto Receivables Asset Trust 2005-Sn1)