Common use of Lease Funding Accounts Clause in Contracts

Lease Funding Accounts. In the event that for any reason (a) (i) a different Servicer shall be engaged by the Titling Trustee to manage one or more SUBI Portfolios, on the one hand, and the UTI Portfolio, on the other hand, or (ii) the Titling Trustee has actual knowledge that circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that a Trust Asset Transfer into one or more SUBI Portfolios would cause a borrowing base deficiency (as defined in the documents related to such Securitized Financing or UTI Pledge) or similar default to occur with respect to such Securitized Financing or UTI Pledge, and (b) at such time the Titling Trustee, acting pursuant to any SUBI Supplement, would otherwise be causing the related Servicer to effect Trust Asset Transfers from the UTI Portfolio into one or more SUBI Portfolios upon the written direction of the UTI Beneficiary, the Titling Trustee shall (1) establish (to the extent such account has not already been established with respect to such SUBI Portfolio) and maintain in its name for each SUBI a separate SUBI Lease Funding Account, each of which shall be a Titling Trustee Account and a SUBI Account; (2) to the extent that the Titling Trustee would, but for the conditions set forth in clauses (a)(i) and (a)(ii) of this Section 12.04, cause the transfer of funds from any SUBI Collection Account to the Lease Funding Account (or directly to the Servicer) in connection with any Trust Asset Transfer, instead cause the transfer of such funds from that SUBI Collection Account to the related SUBI Lease Funding Account; (3) direct the Servicer then servicing the respective SUBI Portfolio to acquire on behalf of the Titling Trust, for the account of that SUBI Portfolio rather than for the UTI Portfolio, Contracts and Leased Vehicles from Dealers, and (4) apply any such funds in any such SUBI Lease Funding Account directly to reimburse the Servicer then servicing that SUBI Portfolio for any payments made by it to Dealers in respect of such Contracts and Leased Vehicles. In the event that Contracts and Leased Vehicles are being acquired by any Servicer(s) at such direction of the Titling Trustee on behalf of the Titling Trust with respect to both the UTI Portfolio and any SUBI Portfolio simultaneously, the Titling Trustee and the Servicer shall first allocate all such Contracts and Leased Vehicles to the relevant SUBI Portfolios until funds available for such purpose in any SUBI Lease Account shall be exhausted and then shall allocate all remaining Contracts and Leased Vehicles to the UTI Portfolio.

Lease Funding Accounts. In the event that for any reason (a) (i) a different Servicer shall be engaged by the Titling Trustee to manage one or more SUBI Portfolios, on the one hand, and the UTI Portfolio, on the other hand, or (ii) the Titling Trustee has actual knowledge that circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that a Trust Asset Transfer into one or more SUBI Portfolios would cause a borrowing base deficiency (as defined in the documents related to such Securitized Financing or UTI Pledge) or similar default to occur with respect to such Securitized Financing or UTI Pledge, and (b) at such time the Titling Trustee, acting pursuant to any SUBI Supplement, would otherwise be causing the related Servicer to effect Trust Asset Transfers from the UTI Portfolio into one or more SUBI Portfolios upon the written direction of the UTI Beneficiary, the Titling Trustee shall (1) establish (to the extent such account has not already been established with respect to such SUBI Portfolio) and maintain in its name for each SUBI a separate SUBI Lease Funding Account, each of which shall be a Titling Trustee Account and a SUBI Account; (2) to the extent that the Titling Trustee would, but for the conditions set forth in clauses (a)(i) and (a)(ii) of this Section 12.04, cause the transfer of funds from any SUBI Collection Account to the Lease Funding Account (or directly to the Servicer) in connection with any Trust Asset Transfer, instead cause the transfer of such funds from that SUBI Collection Account to the related SUBI Lease Funding Account; (3) direct the Servicer then servicing the respective SUBI Portfolio to acquire on behalf of the Titling Trust, for the account of that SUBI Portfolio rather than for the UTI Portfolio, Contracts and Leased Vehicles from Dealers, and (4) apply any such funds in any such SUBI Lease Funding Account directly to reimburse the Servicer then servicing that SUBI Portfolio for any payments made by it to Dealers in respect of such Contracts and Leased Vehicles. In the event that Contracts and Leased Vehicles are being acquired by any Servicer(s) at such direction of the Titling Trustee on behalf of the Titling Trust with respect to both the UTI Portfolio and any SUBI Portfolio simultaneously, the Titling Trustee and the Servicer shall first allocate all such Contracts and Leased Vehicles to the relevant SUBI Portfolios until funds available for such purpose in any SUBI Lease Funding Account shall be exhausted and then shall allocate all remaining Contracts and Leased Vehicles to the UTI Portfolio.

Lease Funding Accounts. In the event that for any reason (a) (i) a different Servicer shall be engaged by the Titling Trustee to manage one or more SUBI Portfolios, on the one hand, and the UTI Portfolio, on the other hand, or (ii) the Titling Trustee has actual knowledge that circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that a Trust Asset Transfer into one or more SUBI Portfolios would cause a borrowing base deficiency (as defined in the documents related to such Securitized Financing or UTI Pledge) or similar default to occur with respect to such Securitized Financing or UTI Pledge, and (b) at such time the Titling Trustee, acting pursuant to any SUBI Supplement, would otherwise be causing the related Servicer to effect Trust Asset Transfers from the UTI Portfolio into one or more SUBI Portfolios upon the written direction of the UTI Beneficiary, the Titling Trustee shall (1) establish (to the extent such account has not already been established with respect to such SUBI Portfolio) and maintain in its name for each SUBI a separate SUBI Lease Funding Account, each of which shall be a Titling Trustee Account and a SUBI Account; (2) to the extent that the Titling Trustee would, but for the conditions set forth in clauses (a)(i) and (a)(ii) of this Section 12.04, cause the transfer of funds from any SUBI Collection Account to the Lease Funding Account (or directly to the Servicer) in connection with any Trust Asset Transfer, instead cause the transfer of such funds from that SUBI Collection Account to the related SUBI Lease Funding Account; (3) direct the Servicer then servicing the respective SUBI Portfolio to acquire on behalf of the Titling Trust, for the account of that SUBI Portfolio rather than for the UTI Portfolio, Contracts and Leased Vehicles from Dealers, and (4) apply any such funds in any such SUBI Lease Funding Account directly to reimburse the Servicer then servicing that SUBI Portfolio for any payments made by it to Dealers in respect of such Contracts and Leased Vehicles. In the th event that Contracts and Leased Vehicles are being acquired by any Servicer(s) at such direction of the Titling Trustee on behalf of the Titling Trust with respect to both the UTI Portfolio and any SUBI Portfolio simultaneously, the Titling Trustee and the Servicer shall first allocate all such Contracts and Leased Vehicles to the relevant SUBI Portfolios until funds available for such purpose in any SUBI Lease Funding Account shall be exhausted and then shall allocate all remaining Contracts and Leased Vehicles to the UTI Portfolio.