Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.
Appears in 30 contracts
Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2017-C Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2017-C Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2017-B Owner Trust)
Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty (30) days.
Appears in 24 contracts
Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2020-C Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2020-C Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2020-B Owner Trust)
Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty sixty (60) days.
Appears in 10 contracts
Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2022-a Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2021-D Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2021-a Owner Trust)
Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in 39 this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty (30) days.
Appears in 2 contracts
Samples: Execution Version Sale and Servicing Agreement (Toyota Auto Receivables 2019-a Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2019-a Owner Trust)
Establishment of Collection Account. (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in 39 this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty sixty (60) days.
Appears in 1 contract
Samples: Form of Sale and Servicing Agreement (Toyota Auto Finance Receivables LLC)
