Common use of SUBI Lease Accounts Clause in Contracts

SUBI Lease Accounts. In the event that for any reason (i)(a) one or more different Servicers shall be engaged to service one or more Sub-Trusts or (b) circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that (1) there has been a UTI Pledge Default Notice or (2) the Trustee has given the Servicer notice that a Trust Asset Transfer into one or more SUBIs would cause an Event of Default to occur in any Securitized Financing secured by such UTI Pledge and (ii) at such time the Trustee, acting pursuant to any SUBI Supplement and at the direction of the Related Beneficiary, would otherwise be causing the Servicer to effect Trust Asset Transfers from the UTI into one or more SUBIs: (A) the Trustee shall establish and maintain in its name for each SUBI a separate "SUBI Lease Account", each of which shall be a Trust Account and a SUBI Account; (B) to the extent that the Trustee would, but for clause (i) above, cause the transfer of funds from any SUBI Collection Account to the UTI Collection Account in connection with any Trust Asset Transfer, the Trustee shall instead cause the transfer of such funds from such SUBI Collection Account to the related SUBI Lease Account; (C) the Trustee shall direct the Servicer then servicing the related SUBI to acquire on behalf of the Trust, for the account of such SUBI rather than for the UTI, Leases and Leased Vehicles; and (D) the Trustee shall apply any such funds in any such SUBI Lease Account directly to reimburse the Servicer then servicing such SUBI for any payments made by it to honor drafts of Dealers in respect of such Leases and Leased Vehicles. In the event that Leases and Leased Vehicles are being acquired by any Servicer(s) on behalf of the Trust both with respect to the UTI and any SUBI simultaneously, the Trustee shall first allocate all such Leases and Leased Vehicles to such SUBI until funds available for such purpose in the related SUBI Lease Accounts are exhausted and shall then allocate all remaining Leases and Leased Vehicles to the UTI.

SUBI Lease Accounts. In the event that for any reason (i)(a) one or more different Servicers shall be engaged to service one or more Sub-Trusts or (b) circumstances with respect to any Securitized Financing Securitization secured by a UTI Pledge are such that either (1) there has been a UTI Pledge Default Notice or (2) the Trustee has given to the Servicer notice that a Trust Asset Transfer into one or more SUBIs would cause an Event of Default a default to occur in any Securitized Financing Securitization secured by such UTI Pledge or (2) there has been a UTI Pledge Default Notice and (ii) at such time the Trustee, acting pursuant to any a SUBI Supplement and at the direction of the Related Beneficiary, would otherwise be causing the Servicer to effect Trust Asset Transfers from the UTI into one or more SUBIs, then: (A) the Trustee shall establish and maintain in its name for each SUBI a separate "SUBI Lease Account", ," each of which shall be a Trust Account and a SUBI Account; (B) to the extent that the Trustee would, but for clause (i) above, cause the transfer of funds from any SUBI Collection Account to the UTI Collection Account in connection with any Trust Asset Transfer, the Trustee shall instead cause the transfer of such funds from such SUBI Collection Account to the related SUBI Lease Account; (C) the Trustee shall direct the Servicer then servicing the related SUBI to acquire on behalf of the Trust, for the account of such SUBI rather than for the UTI, Leases and Leased Vehicles; and (D) the Trustee shall apply any such funds in any such SUBI Lease Account directly to reimburse the Servicer then servicing such SUBI for any payments made by it to honor drafts of Dealers in respect of such Leases and Leased Vehicles. In the event that Leases and Leased Vehicles are being acquired by any Servicer(s) on behalf of the Trust both with respect to the UTI and any SUBI simultaneously, the Trustee shall first allocate all such Leases and Leased Vehicles to such the SUBI until funds available for such purpose in the related all SUBI Lease Accounts are exhausted and shall then allocate all remaining Leases and Leased Vehicles to the UTI.

SUBI Lease Accounts. In the event that for any reason (i)(a) one or more different Servicers Administrative Agents shall be engaged to service one or more Sub-Trusts or (b) circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that (1) there has been a UTI Pledge Default Notice or (2) the Trustee has given the Servicer Administrative Agent notice that a Trust Asset Transfer into one or more SUBIs would cause an Event of Default to occur in any Securitized Financing secured by such UTI Pledge and (ii) at such time the Trustee, acting pursuant to any SUBI Supplement and at the direction of the Related Beneficiary, would otherwise be causing the Servicer Administrative Agent to effect Trust Asset Transfers from the UTI into one or more SUBIs: (Aa) the Trustee shall establish and maintain in its name for each SUBI a separate "SUBI Lease Account", each of which shall be a Trust Account and a SUBI Account; (Bb) to the extent that the Trustee would, but for clause (i) above, cause the transfer of funds from any SUBI Collection Account to the UTI Collection Account in connection with any Trust Asset Transfer, the Trustee shall instead cause the transfer of such funds from such SUBI Collection Account to the related SUBI Lease Account; (Cc) the Trustee shall direct the Servicer Administrative Agent then servicing the related SUBI to acquire on behalf of the Trust, for the account of such SUBI rather than for the UTI, Leases and Leased Vehicles; and (Dd) the Trustee shall apply any such funds in any such SUBI Lease Account directly to reimburse the Servicer Administrative Agent then servicing such SUBI for any payments made by it to honor drafts of Dealers in respect of such Leases and Leased Vehicles. In the event that Leases and Leased Vehicles are being acquired by any Servicer(s) Administrative Agent on behalf of the Trust both with respect to the UTI and any SUBI simultaneously, then the Trustee shall first allocate all such Leases and Leased Vehicles to such SUBI until funds available for such purpose in the related SUBI Lease Accounts Account are exhausted exhausted, and shall then allocate all remaining Leases and Leased Vehicles to the UTI.

SUBI Lease Accounts. In the event that for any reason (i)(a) one or more different Servicers Administrative Agents shall be engaged to service one or more Sub-Trusts or (b) circumstances with respect to any Securitized Financing secured by a UTI Pledge are such that (1) there has been a UTI Pledge Default Notice or (2) the Trustee has given the Servicer Administrative Agent notice that a Trust Asset Transfer into one or more SUBIs would cause an Event of Default to occur in any Securitized Financing secured by such UTI Pledge and (ii) at such time the Trustee, acting pursuant to any SUBI Supplement and at the direction of the Related Beneficiary, would otherwise be causing the Servicer Administrative Agent to effect Trust Asset Transfers from the UTI into one or more SUBIs: (Aa) the Trustee shall establish and maintain in its name for each SUBI a separate "SUBI Lease Account", each of which shall be a Trust Account and a SUBI Account; (Bb) to the extent that the Trustee would, but for clause (i) above, cause the transfer of funds from any SUBI Collection Account to the UTI Collection Account in connection with any Trust Asset Transfer, the Trustee shall instead cause the transfer of such funds from such SUBI Collection Account to the related SUBI Lease Account; (Cc) the Trustee shall direct the Servicer Administrative Agent then servicing the related SUBI to acquire on behalf of the Trust, for the account of such SUBI rather than for the UTI, Leases and Leased Vehicles; and (Dd) the Trustee shall apply any such funds in any such SUBI Lease Account directly to reimburse the Servicer Administrative Agent then servicing such SUBI for any payments made by it to honor drafts of Dealers in respect of such Leases and Leased Vehicles. In the event that Leases and Leased Vehicles are being acquired by any Servicer(s) Administrative Agent on behalf of the Trust both with respect to the UTI and any SUBI simultaneously, then the Trustee shall first allocate all such Leases and Leased Vehicles to such SUBI until funds available for such purpose in the related SUBI Lease Accounts are exhausted and shall then allocate all remaining Leases and Leased Vehicles to the UTI.SUBI