Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 2018-A Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 2018-A Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Lease Trust 2018-A), Trust Agreement (Ford Credit Auto Lease Trust 2018-A)
Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 20182017-A Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 20182017-A Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Lease Trust 2017-A), Trust Agreement (Ford Credit Auto Lease Two LLC)
Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 2018-A B Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 2018-A B Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Lease Trust 2018-B), Trust Agreement (Ford Credit Auto Lease Trust 2018-B)
Rights Limited to Exchange Notes. Each claim by a Co-the Owner Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 2018-A 20 - Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 2018-A 20 - Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-The Owner Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (CAB East LLC), Trust Agreement (CAB East LLC)
Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 20182016-A Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 20182016-A Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Lease Two LLC), Trust Agreement (Ford Credit Auto Lease Two LLC)
Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 20182017-A B Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 20182017-A B Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Lease Trust 2017-B), Trust Agreement (Ford Credit Auto Lease Trust 2017-B)
Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 2018-A 20 - Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 2018-A 20 - Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.
Appears in 1 contract
Samples: Trust Agreement (CAB West LLC)