Common use of Source for Payment; Limited Recourse Clause in Contracts

Source for Payment; Limited Recourse. The 2019-B Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2019-B Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 2019-B Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 2019-B Reference Pool from and after the related Cutoff Date. Recourse for the 2019-B Exchange Noteholder will be limited to the 2019-B Reference Pool.

Appears in 2 contracts

Samples: 2019 B Exchange Note Supplement (Ford Credit Auto Lease Trust 2019-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2019-B)

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Source for Payment; Limited Recourse. The 20192021-B A Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 20192021-B A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 20192021-B A Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 20192021-B A Reference Pool from and after the related Cutoff Date. Recourse for the 20192021-B A Exchange Noteholder will be limited to the 20192021-B A Reference Pool.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2021-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2021-A)

Source for Payment; Limited Recourse. The 2019-B A Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2019-B A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 2019-B A Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 2019-B A Reference Pool from and after the related Cutoff Date. Recourse for the 2019-B A Exchange Noteholder will be limited to the 2019-B A Reference Pool.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2019-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2019-A)

Source for Payment; Limited Recourse. The 20192020-B A Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 20192020-B A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 20192020-B A Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 20192020-B A Reference Pool from and after the related Cutoff Date. Recourse for the 20192020-B A Exchange Noteholder will be limited to the 20192020-B A Reference Pool.

Appears in 2 contracts

Samples: 2020 a Exchange Note Supplement (Ford Credit Auto Lease Trust 2020-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2020-A)

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Source for Payment; Limited Recourse. The 20192023-B A Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 20192023-B A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 20192023-B A Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 20192023-B A Reference Pool from and after the related Cutoff Date. Recourse for the 20192023-B A Exchange Noteholder will be limited to the 20192023-B A Reference Pool.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2023-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2023-A)

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