Common use of Information to be Provided by the Trustee Clause in Contracts

Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; (2) any depositor; (3) the issuing entity; (4) any servicer; (5) any other trustee; (6) any originator; (7) any significant obligor; (8) any enhancement or support provider; and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.

Appears in 25 contracts

Samples: Trust Agreement (CNH Capital Receivables LLC), Trust Agreement (CNH Equipment Trust 2014-A), Trust Agreement (CNH Equipment Trust 2013-D)

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Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholdersNoteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholdersNoteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; (2) any depositor; (3) the issuing entity; (4) any servicer; (5) any other trustee; (6) any originator; (7) any significant obligor; (8) any enhancement or support provider; (9) any asset representations reviewer; and (910) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.

Appears in 21 contracts

Samples: Trust Agreement (CNH Equipment Trust 2024-C), Trust Agreement (CNH Equipment Trust 2024-B), Trust Agreement (CNH Equipment Trust 2024-A)

Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholdersNoteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholdersNoteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; (2) any depositor; (3) the issuing entity; (4) any servicer; (5) any other trustee; (6) any originator; (7) any significant obligor; (8) any enhancement or support provider; and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.

Appears in 6 contracts

Samples: Trust Agreement (CNH Equipment Trust 2016-B), Trust Agreement (CNH Equipment Trust 2016-A), Trust Agreement (CNH Equipment Trust 2015-C)

Information to be Provided by the Trustee. (a) For so long as the Depositor Trust is required subject to report under Regulation AB and the reporting requirements of the Exchange Act, for the purpose of satisfying the Depositor's and the Seller's reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Trustee shall, as promptly as practicable, but in shall provide to the Servicer and the Seller a written description of (A) any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal litigation or governmental proceedings pending against the Trustee or any and all proceedings of which any property as of the Trustee is last day of the subject, calendar month that is would be material to the noteholders; Certificateholders, and (iiB) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee affiliations or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, relationships (as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 1119 of Regulation AB, for inclusion in reports filed by or on behalf of ) that develop following the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation Closing Date between the Trustee and any Transaction Party of the following parties (type described in Section 11.02(a)(iv) or 11.02(a)(v) as of the “Affiliation Parties”)last day of each calendar year. Any descriptions required with respect to legal proceedings, as such parties are identified by legal name well as updates to previously provided descriptions, under this Section 11.03 shall be given no later than five Business Days prior to the Determination Date following the month in which the relevant event occurs, and any notices and descriptions required with respect to affiliations, as well as updates to previously provided descriptions, under this Section 11.03 shall be given no later than January 31 of the calendar year following the year in which the relevant event occurs. As of the date the Depositor or the Trustee files each Report on Form 10-D and Report on Form 10-K with respect to the Certificates, the Trustee will be deemed to represent that any information previously provided under this Article XI is materially correct and does not have any material omissions unless the Trustee has provided an update to such information. (b) In addition to such information as the Trustee is obligated to provide pursuant to other provisions of this Agreement, if so requested by the Depositor on Servicer or the Closing Date: (1) the sponsor; (2) any depositor; (3) the issuing entity; (4) any servicer; (5) any other trustee; (6) any originator; (7) any significant obligor; (8) any enhancement or support provider; and (9) any other material party related to the transaction. In additionSeller in its reasonable good faith determination, the Trustee shall provide a description of whether there is, and if so such information regarding the general character of, any business relationship, agreement, arrangement, transaction performance or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding servicing of the Notes. For so long Mortgage Loans as the Notes are outstanding and the Depositor is reasonably required to report under the Exchange Act, to the extent that there is a change facilitate preparation of distribution reports in any accordance with Item 1121 of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or additionRegulation AB.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Fre2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Opt1), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc4)

Information to be Provided by the Trustee. (a) For so long as the Depositor Trust is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each Januarymonth, April, July and October provide to the DepositorSeller, in writing, such information regarding or relating to the Trustee as is required requested by the Seller (if any) for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) Item 1117 of Regulation AB; provided, however, that the Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Trustee to Seller, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change)information, provide to the DepositorSeller, in writing, such updated information. Such information shall include, at a minimum:. (Ab) the Trustee’s name and form As soon as available but no later than March 15 of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee each calendar year for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; (2) any depositor; (3) the issuing entity; (4) any servicer; (5) any other trustee; (6) any originator; (7) any significant obligor; (8) any enhancement or support provider; and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor Trust is required to report under the Exchange Act, commencing in [____________], the Trustee shall: (i) deliver to the extent that there is Seller a change in any report regarding the Trustee's assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Affiliation PartiesExchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Trustee, and shall address each of the Servicing Criteria specified in Exhibit D or such criteria as mutually agreed upon by the Seller and the Trustee; (ii) deliver to the Seller a report of a registered public accounting firm that attests to, and reports on, the Depositor will notify assessment of compliance made by the Indenture Trustee in writing of a change or addition to any such Affiliation Parties, and delivered pursuant to the extent preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and (iii) deliver to the Seller and any other Person that an Authorized Officer will be responsible for signing the certification (a "Sarbanes Certification") required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Depositor has actual knowledge Xxxxxxxx-Xxxxx Act of 2002) on behalf of the Issuer or the Seller substantially in the form attached hereto as Exhibit E or such change or additionform as mutually agreed upon by the Seller and the Trustee. THE TRUSTEE ACKNOWLEDGES THAT THE PARTIES IDENTIFIED IN CLAUSE (III) ABOVE MAY RELY ON THE CERTIFICATION PROVIDED BY THE TRUSTEE PURSUANT TO SUCH CLAUSE IN SIGNING A SARBANES CERTIFICATION AND FILING SUCH WITH THE COMMISSION.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Volkswagen Public Auto Loan Securitization LLC), Pooling and Servicing Agreement (Vw Credit Leasing LTD)

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Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization;: (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; ; (2) any depositor; ; (3) the issuing entity; ; (4) any servicer; ; (5) any other trustee; ; (6) any originator; ; (7) any significant obligor; ; (8) any enhancement or support provider; and and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.

Appears in 2 contracts

Samples: Trust Agreement (CNH Capital Receivables LLC), Trust Agreement (CNH Capital Receivables LLC)

Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; ; (2) any depositor; ; (3) the issuing entity; ; (4) any servicer; ; (5) any other trustee; ; (6) any originator; ; (7) any significant obligor; ; (8) any enhancement or support provider; and and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.

Appears in 1 contract

Samples: Trust Agreement (CNH Capital Receivables LLC)

Information to be Provided by the Trustee. For so long as the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall, as promptly as practicable, but in any case no later than each Payment Date, notify the Depositor, in writing, of: (i) the commencement of or, if applicable, the termination of, any and all legal proceedings pending against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders; and (ii) the commencement of or, if applicable, the termination of, any and all such proceedings known to be contemplated by governmental authorities against the Trustee or any and all proceedings of which any property of the Trustee is the subject, that is material to the noteholders. The Trustee shall also notify the Depositor, in writing, as promptly as practicable, but in any case no later than each Payment Date, following notice to or discovery by a Responsible Officer of the Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Trustee describing such proceedings required to be disclosed under Regulation AB, including Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. For so long as the Notes are outstanding and the Depositor is required to report under Regulation AB and the Exchange Act, the Trustee shall (i) on or before the fifth Business Day of each January, April, July and October provide to the Depositor, in writing, such information regarding or relating to the Trustee as is required for the purpose of compliance by the Depositor with Regulation AB, including Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Trustee of any changes to such information (but in any case no later than the next March 15 following such change), provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum: (A) the Trustee’s name and form of organization; (B) a description of the extent to which the Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving equipment receivables; and (C) a description of any affiliation between the Trustee and any of the following parties (the “Affiliation Parties”), as such parties are identified by legal name to the Trustee by the Depositor on the Closing Date: (1) the sponsor; ; (2) any depositor; ; (3) the issuing entity; ; (4) any servicer; ; (5) any other trustee; ; (6) any originator; ; (7) any significant obligor; ; (8) any enhancement or support provider; and (9) any other material party related to the transaction. In addition, the Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes. For so long as the Notes are outstanding and the Depositor is required to report under the Exchange Act, to the extent that there is a change in any of the Affiliation Parties, the Depositor will notify the Trustee in writing of a change or addition to any such Affiliation Parties, to the extent that an Authorized Officer of the Depositor has actual knowledge of such change or addition.;

Appears in 1 contract

Samples: Trust Agreement (CNH Capital Receivables LLC)

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