Establishment of Reserve Fund and Funding Accounts. (a) (i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders. (ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Reserve Fund on the Business Day preceding a Payment Date are not required to be invested overnight. (i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders. (ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight. (i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders. (ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight. (i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders. (ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight. (i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account. (ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CDF Financing LLC)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The Trustee, for the benefit of the Series 20032000-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Master Trust, Series 20032000-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20032000-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20032000-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Reserve Fund on the Business Day preceding a Payment Distribution Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 20032000-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Master Trust, Series 20032000-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20032000-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20032000-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Distribution Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 20032000-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Master Trust, Series 20032000-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20032000-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20032000-1 Certificateholders. On each Payment Distribution Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 20032000-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 20032000-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20032000-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20032000-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Distribution Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Distribution Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Distribution Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Distribution Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2000-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Yield Supplement Account"), which shall be identified as the "Yield Supplement Account for the Distribution Financial Services Floorplan Master Trust, Series 2000-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2000-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Yield Supplement Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Distribution Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2000-1 Certificateholders. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Yield Supplement Account and received prior to such Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Yield Supplement Account on the Business Day preceding a Distribution Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account, the Yield Supplement Account and the Excess Funding Account (collectively, the "Series 20032000-1 Accounts") and in all proceeds thereof. The Series 20032000-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 20032000-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 20032000-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i), (d)(i) or (d)(ie)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 20032000-1 Account. Neither the TransferorSeller, the Servicer nor any other Person or entity claiming by, through or under the TransferorSeller, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 20032000-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 20032000-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 20032000-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 20032000-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 20032000-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall at the direction of the Servicer be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.such
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031999-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031999-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031999-1 Certificateholders. On the Closing Date, the Seller shall cause to be deposited in the Reserve Fund the Initial Reserve Fund Deposit Amount.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031999-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 20031999-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031999-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031999-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031999-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall at the direction of the Servicer be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment DateServicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Interest Funding Account on any Distribution Date (which are not distributed to Certificateholders pursuant to Section 4.07 on such Distribution Date) shall be invested at the direction of the Servicer in Eligible Investments that will mature so that such funds will be available on or before the close of business on the Business Day preceding the next following Distribution Date or, if an Early Amortization Event shall have occurred, the next following Special Payment Date. Funds deposited in the Interest Funding Account on a Business Day (which immediately precedes a Semi-Annual Payment Date Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Trust Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer Servicer; provided that shall mature so that (unless otherwise agreed to by the Rating Agencies) such funds shall be available investments bear interest at a rate based on One-Month Libor, payable on a monthly basis with the close of business on or before the Business Day next preceding the following Payment Dateinterest rate thereon reset monthly. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ford Credit Auto Loan Master Trust)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders. On the Closing Date, the Seller shall cause to be deposited in the Reserve Fund the Initial Reserve Fund Deposit Amount.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Yield Supplement Account"), which shall be identified as the "Interest Funding Yield Supplement Account for the Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Trust Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders. On the Closing Date, the Seller shall cause to be deposited into the Yield Supplement Account the Initial Yield Supplement Account Deposit Amount.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Yield Supplement Account shall be invested by the Trustee in Eligible Investments investments consisting of financial assets selected by the Servicer that shall mature so Servicer; provided, however, that such funds shall be available at the close assets must, by their terms, convert to cash within a finite period of business on or before the Business Day next preceding the following Payment Datetime. All such Eligible Investments financial assets shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Deutsche Floorplan Receivables Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Reserve Fund on the Business Day preceding a Payment Distribution Date are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Deutsche Floorplan Receivables Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Interest Funding Account on any Distribution Date (which are not distributed to Certificateholders pursuant to Section 4.7 on such Distribution Date) shall be invested at the direction of the Servicer in Eligible Investments that will mature so that such funds will be available on or before the close of business on the Business Day preceding the next following Distribution Date. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment Distribution Date are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Deutsche Floorplan Receivables Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 20031996-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders. On the Closing Date, the Seller shall cause to be deposited in the Reserve Fund the Initial Reserve Fund Deposit Amount.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Yield Supplement Account"), which shall be identified as the "Interest Funding Yield Supplement Account for the Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Trust Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders. On the Closing Date, the Seller shall cause to be deposited into the Yield Supplement Account the Initial Yield Supplement Account Deposit Amount.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Yield Supplement Account shall be invested by the Trustee in Eligible Investments investments consisting of financial assets selected by the Servicer that shall mature so Servicer; provided, however, that such funds shall be available at the close assets must, by their terms, convert to cash within a finite period of business on or before the Business Day next preceding the following Payment Datetime. All such Eligible Investments financial assets shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Yield Supplement Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited .
(iii) If on any Distribution Date there is a Carry-over Amount, the Servicer shall cause the Trustee to apply the amounts on deposit in the Interest Funding Yield Supplement Account up to the amount of such Carry-over Amount to satisfy such Carryover Amount. The Trustee shall be authorized to dispose of investments in the Yield Supplement Account in order to obtain funds with which to satisfy any Carry-over Amount.
(iv) If on any Distribution Date the amount on deposit in the Yield Supplement Account (after giving effect to any withdrawals to be made from the Yield Supplement Account on such Distribution Date) is greater than the Business Day preceding a Payment Yield Supplement Account Required Amount, the Servicer shall cause the Trustee to pay to the Seller on such Distribution Date are not required to be invested overnightthe excess of such amount on deposit in the Yield Supplement Account over the Yield Supplement Account Required Amount.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment DateServicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date therein shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds on deposit in the Principal Funding Account shall be invested at the direction of the Servicer in Eligible Investments that will mature so that such funds will be available on or before the close of business on the Business Day next preceding the Expected Payment Date. Funds deposited in the Principal Funding Account on the a Business Day preceding (which immediately precedes the Expected Final Payment Date Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan CARCO Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders. No deposit will be made to the Excess Funding Account on the Closing Date.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Distribution Date shall be invested at the direction of the Servicer in Eligible Investments that shall will mature so that such funds shall will be available on or before the close of business on the Business Day next preceding the following Payment Date; provided that if, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Distribution Date. Funds deposited in the Excess Funding Account on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments and other financial assets credited to, the Reserve Fund, the Interest Funding Yield Supplement Account, the Principal Funding Account and the Excess Funding Account (collectively, collectively the "Series 20031996-1 2 Accounts") and in all proceeds thereof. The Series 20031996-1 2 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Series 1996-2 Certificateholders. If, at any time, any of the Series 20031996-1 2 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 20031996-1 2 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Series 20031996-1 2 Account. Neither the TransferorSeller, the Servicer nor any other Person person or entity claiming by, through or under the TransferorSeller, the Servicer or any such other Person person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 20031996-1 2 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 20031996-1 2 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 20031996-1 2 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 20031996-1 2 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a3.01(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 20031996-1 2 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall at the direction of the Servicer be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment DateServicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Interest Funding Account on the Business Day preceding a Payment any Distribution Date (which are not required distributed to Certificateholders pursuant to Section 4.07 on such Distribution Date) shall be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At at the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee Servicer in Eligible Investments selected by the Servicer that shall will mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment Date. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Principal Funding Account on the Business Day preceding the Expected Final Payment Date are not required to be invested overnight.
(i) The Trustee, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Master Trust, Series 2003-1" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2003-1 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 2003-1 Certificateholders. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Date shall be invested in Eligible Investments that shall mature so that such funds shall will be available on or before the close of business on the Business Day next preceding the next following Payment Date; provided that ifDistribution Date or, pursuant to Section 4.12, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments if an Early Amortization Event shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall be available on or before the close of business on the Business Day next preceding the following Payment Date. Funds deposited in the Excess Funding Account on the Business Day preceding a Payment Date are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited tohave occurred, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 2003-1 Accounts") and in all proceeds thereof. The Series 2003-1 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 2003-1 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 2003-1 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or investments to such new Series 2003-1 Account. Neither the Transferor, the Servicer nor any other Person or entity claiming by, through or under the Transferor, the Servicer or any such other Person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 2003-1 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 2003-1 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 2003-1 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 2003-1 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make withdrawals and payments from the Series 2003-1 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.next
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)
Establishment of Reserve Fund and Funding Accounts. (a)
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which shall be identified as the "Reserve Fund for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Reserve Fund shall at the direction of the Servicer be invested by the Trustee in Eligible Investments selected by the Servicer that shall will mature so that such funds shall will be available at the close of business on or before the Business Day next preceding the following Payment Distribution Date. All Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund and received prior to such Payment Distribution Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Reserve Fund on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Interest Funding Account"), which shall be identified as the "Interest Funding Account for the Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Interest Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer that shall mature so that such funds shall be available at the close of business on or before the Business Day next preceding the following Payment DateServicer. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Interest Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Interest Funding Account on any Distribution Date (which are not distributed to Certificateholders pursuant to Section 4.07 on such Distribution Date) shall be invested at the direction of the Servicer in Eligible Investments that will mature so that such funds will be available on or before the close of business on the Business Day preceding the next following Distribution Date or, if an Early Amortization Event shall have occurred, the next following Special Payment Date. Funds deposited in the Interest Funding Account on a Business Day (which immediately precedes a Quarterly Payment Date Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 2003-1 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Principal Funding Account"), which shall be identified as the "Principal Funding Account for Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Trust Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Principal Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer Servicer; provided that shall mature so that (unless otherwise agreed to by the Rating Agencies) such funds shall be available investments bear interest at a rate based on LIBOR, payable on a monthly basis with the close of business on or before the Business Day next preceding the following Payment Dateinterest rate thereon reset monthly. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Principal Funding Account and received prior to such Payment Date therein shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds on deposit in the Principal Funding Account shall be invested at the direction of the Servicer in Eligible Investments that will mature so that such funds will be available on or before the close of business on the Business Day next preceding the following Distribution Date or, if an Early Amortization Event shall have occurred, the next Special Payment Date; provided however, Eligible Investments may mature so that funds will be available on the following Distribution Date or Special Payment Date, as applicable, upon notice from the Servicer to each Rating Agency and written confirmation from Moody's to the Servicer that such change would not result in a change in its rating on the Certificates. Funds deposited in the Principal Funding Account on the a Business Day preceding (which immediately precedes the Expected Final Payment Date Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The TrusteeServicer, for the benefit of the Series 20031996-1 2 Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Excess Funding Account"), which shall be identified as the "Excess Funding Account for Distribution Financial Services Floorplan Ford Credit Auto Loan Master Trust, Series 20031996-12" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 20031996-1 2 Certificateholders.
(ii) At the direction of the Servicer, funds on deposit in the Excess Funding Account shall be invested by the Trustee in Eligible Investments selected by the Servicer; provided that (unless otherwise agreed to by the Rating Agencies) such investments bear interest at a rate based on LIBOR, payable on a monthly basis with the interest rate thereon reset monthly. All such Eligible Investments shall be held by the Trustee for the benefit of the Series 20031996-1 2 Certificateholders. On each Payment Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account and received prior to such Payment Date shall be applied as set forth in Section 4.6(a4.06(a) of this Series Supplement. Funds deposited in the Excess Funding Account on any Payment Distribution Date shall be invested in Eligible Investments that shall will mature so that such funds shall will be available on or before the close of business on the Business Day next preceding the following Payment Distribution Date; provided that if, pursuant to Section 4.124.13, deposits to and withdrawals from the Excess Funding Account are being made on a weekly or daily basis, then such Eligible Investments shall mature on each Business Day on a weekly or daily basis, as the case may be; provided further that such Eligible Investments shall still mature so that funds shall will be available on or before the close of business on the Business Day next preceding the following Payment Distribution Date. Funds deposited in the Excess Funding Account on the a Business Day preceding (which immediately precedes a Payment Date Distribution Date) upon the maturity of any Eligible Investments are not required to be invested overnight.
(i) The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in, and all Eligible Investments credited to, the Reserve Fund, the Interest Funding Account, the Principal Funding Account and the Excess Funding Account (collectively, the "Series 20031996-1 2 Accounts") and in all proceeds thereof. The Series 20031996-1 2 Accounts shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders. If, at any time, any of the Series 20031996-1 2 Accounts ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) 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 Series 20031996-1 2 Account meeting the conditions specified in paragraph (a)(i), (b)(i), (c)(i) or (d)(i) above, as applicable, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Series 20031996-1 2 Account. Neither the TransferorSeller, the Servicer nor any other Person person or entity claiming by, through or under the TransferorSeller, the Servicer or any such other Person person or entity shall have any right, title or interest in, or any right to withdraw any amount from, any Series 20031996-1 2 Account, except as expressly provided herein. Schedule 1, which is hereby incorporated into and made part of this Series Supplement, identifies each Series 20031996-1 2 Account by setting forth the account number of each such account, the account designation of each such account and the name of the institution with which such account has been established. If a substitute Series 20031996-1 2 Account is established pursuant to this Section, the Servicer shall provide to the Trustee an amended Schedule 1, setting forth the relevant information for such substitute Series 20031996-1 2 Account.
(ii) Pursuant to the authority granted to the Servicer in Section 3.1(a3.01(a) of the Agreement, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments or to instruct the Trustee to make take withdrawals and payments from the Series 20031996-1 2 Accounts for the purposes of carrying out the Servicer's or the Trustee's duties hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ford Credit Auto Loan Master Trust)
