General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee). (b) A Responsible Person of the Indenture Trustee will notify the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing with respect to the Notes.
Appears in 10 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2014-A), Indenture (Ford Credit Auto Lease Trust 2014-A), Indenture (Ford Credit Auto Lease Trust 2013-B)
General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such the Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such the Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such the Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).
(b) A Responsible Person of the Indenture Trustee will notify the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing with respect to for the Notes.
Appears in 7 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2015-B), Indenture (Ford Credit Auto Lease Trust 2015-B), Indenture (Ford Credit Auto Lease Trust 2015-A)
General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the The Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s 's failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).
(b) A Responsible Person of the Indenture Trustee will notify provide notice to the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts Reserve Account and the Collection Account (if not the Indenture Trustee) if an Event of Default has occurred and is continuing with respect to the Notes.
Appears in 4 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2007-A), Indenture (Ford Credit Auto Owner Trust 2007-B), Indenture (Ford Credit Auto Receivables Two LLC)
General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).
(b) A Responsible Person of the The Indenture Trustee will notify the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an a Default or Event of Default has occurred and is continuing with respect to the Notes.
Appears in 3 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2011-A), Indenture (Ford Credit Auto Lease Trust 2011-A), Indenture (CAB West LLC)
General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the The Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).
(b) A Responsible Person of the Indenture Trustee will notify provide notice to the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts Reserve Account and the Collection Account (if not the Indenture Trustee) if an Event of Default has occurred and is continuing with respect to the Notes.
Appears in 3 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2006-A), Indenture (Ford Credit Auto Owner Trust 2006-B), Indenture (Ford Credit Auto Owner Trust 2006-C)
General Provisions Regarding Bank Accounts. (a) Subject to Section 6.1(c), the Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless such Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).
(b) A Responsible Person of the Indenture Trustee will notify the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an a Default or Event of Default has occurred and is continuing with respect to the Notes.
Appears in 2 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2011-B), Indenture (Ford Credit Auto Lease Trust 2011-B)