Common use of Prohibited Directions Clause in Contracts

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20[__]-[__] SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20[__]-[__] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20[__]-[__] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20[__]-[__] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20[__]-[__] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20[__]-[__] SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20[__]-[__] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20[__]-[__] SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20[__]-[__] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20[__]-[__] SUBI Portfolio or (vii) to take any actions with respect to the 20[__]-[__] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20[__]-[__] SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20[__]-[__] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20[__]-[__] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20[__]-[__] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20[__]-[__] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20[__]-[__] SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20[__]-[__] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20[__]-[__] SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20[__]-[__] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20[__]-[__] SUBI Portfolio or (vii) to take any actions with respect to the 20[__]-[__] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.

Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20[__]-[____]-[_] SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20[__]-[____]-[_] SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20[__]-[____]-[_] SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20[__]-[____]-[_] SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20[__]-[____]-[_] SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20[__]-[____]-[_] SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20[__]-[____]-[_] SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20[__]-[____]-[_] SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20[__]-[____]-[_] SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20[__]-[____]-[_] SUBI Portfolio or (vii) to take any actions with respect to the 20[__]-[____]-[_] SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.