Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty (40) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date. (b) Notice of prepayment under Section 8.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a), but not later than thirty (30) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state: (i) the Prepayment Date; (ii) the Prepayment Price; and (iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate. (c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.
Appears in 12 contracts
Samples: Trust Agreement (Usaa Auto Owner Trust 2004-3), Trust Agreement (Usaa Acceptance LLC), Trust Agreement (Usaa Acceptance LLC Auto Owner Trust 2002-1)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. Following payment in full of the Prepayment Price, this Agreement and the Trust shall terminate.
Appears in 8 contracts
Samples: Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Receivables Two L P), Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.3(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.3(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.3(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.3(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. Following payment in full of the Prepayment Price, this Agreement and the Trust shall terminate.
Appears in 7 contracts
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P), Trust Agreement (Ford Credit Auto Receivables Two L P), Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance Securities plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Payment Date on which such prepayment will be made and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment such Payment Date in the Certificate Distribution Account the Certificate Prepayment Price Amount of the Certificates to be redeemedprepayed, whereupon all such Certificates shall be due and payable on the Prepayment such Payment Date.
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment DatePayment Date on which the Certificates will be paid in full, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment such Payment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment purchase shall state:
(i) the Prepayment DatePayment Date on which the purchase of the Receivables will be made and the Certificates will be paid in full;
(ii) the Certificate Prepayment PriceAmount; and
(iii) the place where such Certificates are to be surrendered for payment of the Certificate Prepayment Price Amount (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.2(b), the Certificates shall be paid in full on the Prepayment Payment Date be paid on which the purchase of the Receivables is made by the Trust at the Certificate Prepayment Price Amount and (unless the Trust shall default in the payment of the Certificate Prepayment PriceAmount) no interest shall accrue on the Certificate Prepayment Price Amount for any period after the date to which accrued interest is calculated for purposes of calculating the Certificate Prepayment PriceAmount. Following payment in full of the Certificate Prepayment Amount, this Agreement and the Trust shall terminate.
Appears in 4 contracts
Samples: Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Receivables Two LLC)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty (40) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a), but not later than thirty (30) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. Following payment in full of the Prepayment Price, this Agreement and the Trust shall terminate.
Appears in 3 contracts
Samples: Trust Agreement (Usaa Federal Savings Bank), Trust Agreement (Usaa Federal Savings Bank), Trust Agreement (Usaa Federal Savings Bank Usaa Auto Owner Trust 2001-1)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.3(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.3(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.3(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.3(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.the
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance Securities plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Payment Date on which such prepayment will be made and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment such Payment Date in the Certificate Trust Distribution Account the Certificate Prepayment Price Amount of the Certificates to be redeemedprepaid, whereupon all such Certificates shall be due and payable on the Prepayment such Payment Date.
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment DatePayment Date on which the Certificates will be paid in full, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment such Payment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment purchase shall state:
(i) the Prepayment DatePayment Date on which the purchase of the Receivables will be made and the Certificates will be paid in full;
(ii) the Certificate Prepayment PriceAmount; and
(iii) the place where such Certificates are to be surrendered for payment of the Certificate Prepayment Price Amount (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.2(b), the Certificates shall be paid in full on the Prepayment Payment Date be paid on which the purchase of the Receivables is made by the Trust at the Certificate Prepayment Price Amount and (unless the Trust shall default in the payment of the Certificate Prepayment PriceAmount) no interest shall accrue on the Certificate Prepayment Price Amount for any period after the date to which accrued interest is calculated for purposes of calculating the Certificate Prepayment PriceAmount. Following payment in full of the Certificate Prepayment Amount, this Agreement and the Trust shall terminate.
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Owner Trust 2005-B)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty (40) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.to
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.. Following payment in full of the Prepayment Price, this Agreement and the Trust shall terminate. 42 ARTICLE X
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Receivables Two LLC)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee Certificateholders notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.3(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.3(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.3(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance Securities plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Payment Date on which such prepayment will be made and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment such Payment Date in the Certificate Distribution Account the Certificate Prepayment Price Amount of the Certificates to be redeemedprepayed, whereupon all such Certificates shall be due and payable on the Prepayment such Payment Date.
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment DatePayment Date on which the Certificates will be paid in full, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment such Payment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment purchase shall state:
(i) the Prepayment DatePayment Date on which the purchase of the Receivables will be made and the Certificates will be paid in full;
(ii) the Certificate Prepayment PriceAmount; and
(iii) the place where such Certificates are to be surrendered for payment of the Certificate Prepayment Price Amount (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.83.9). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b9.2(b), the Certificates shall be paid in full on the Prepayment Payment Date be paid on which the purchase of the Receivables is made by the Trust at the Certificate Prepayment Price Amount and (unless the Trust shall default in the payment of the Certificate Prepayment PriceAmount) no interest shall accrue on the Certificate Prepayment Price Amount for any period after the date to which accrued interest is calculated for purposes of calculating the Certificate Prepayment PriceAmount. Following payment in full of the Certificate Prepayment Amount, this Agreement and the Trust shall terminate.
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Owner Trust 2004-A)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee Certificateholders notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.3(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.3(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.3(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the [the] [a] [Master] Servicer pursuant to Section 8.1 [8.1] of the Sale and Servicing Agreement, on any Payment Date on which the [the] [such] [Master] Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the [the] [Master] [such] Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. Any remainder shall be paid to [the holders of the Class E Certificates]. The [Master] Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a), the [Master] Servicer shall furnish notice of such election to the Owner Trustee not later than forty (40) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or [Master] Servicer pursuant to Section 8.2(a), but not later than thirty (30) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.
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Samples: Trust Agreement (Bear Stearns Asset Backed Funding Inc)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 9.1 of the Sale and Servicing Agreement, on any Payment Distribution Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.19.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Aggregate Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a9.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty twenty (4020) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a9.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a9.2(a), but not later than thirty ten (3010) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.
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Samples: Trust Agreement (Ford Credit Auto Receivables Two L P)
Prepayment of Certificates. (a) The Certificates shall be prepaid in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Trust pursuant to said Section 8.1, and the amount paid by the Servicer shall be treated as collections of Receivables and applied to pay the unpaid principal amount of the Notes and the Certificate Balance plus accrued and unpaid interest (including any overdue interest, to the extent lawful) thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee notice of such prepayment. If the Certificates are to be prepaid pursuant to this Section 8.2(a), the Servicer shall furnish notice of such election to the Owner Trustee not later than forty (40) days prior to the Prepayment Date and the Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date in the Certificate Distribution Account the Prepayment Price of the Certificates to be redeemed, whereupon all such Certificates shall be due and payable on the Prepayment Date.
(b) Notice of prepayment under Section 8.2(a) shall be given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted immediately following receipt of notice from the Trust or Servicer pursuant to Section 8.2(a), but not later than thirty (30) days prior to the applicable Prepayment Date, to each Certificateholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such Certificateholder's address or facsimile number appearing in the Certificate Register. All notices of prepayment shall state:
(i) the Prepayment Date;
(ii) the Prepayment Price; and
(iii) the place where such Certificates are to be surrendered for payment of the Prepayment Price (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.8). Notice of prepayment of the Certificates shall be given by the Owner Trustee in the name and at the expense of the Trust. Failure to give notice of prepayment, or any defect therein, to any Certificateholder shall not impair or affect the validity of the prepayment of any other Certificate.
(c) Following notice of prepayment as required by Section 8.2(b), the Certificates shall on the Prepayment Date be paid by the Trust at the Prepayment Price and (unless the Trust shall default in the payment of the Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price.]
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