Appointment of Custodian; Acknowledgment of Receipt. Subject to the terms and conditions hereof, the Depositor hereby appoints the Custodian, and the Custodian hereby accepts such appointment, to act as agent of the Depositor as Custodian to maintain custody of the Receivable Files pertaining to the Receivables. The Custodian hereby acknowledges that the Depositor may sell, transfer and assign all of its right, title and interest under this Custodian Agreement to the Issuing Entity pursuant to the Further Transfer Agreements. The Custodian hereby agrees, in connection with any such sale, transfer and assignment, to act as Custodian for the benefit of the Issuing Entity with respect to those Receivables of which from time to time the Issuing Entity is the Owner. The Custodian acknowledges that the Issuing Entity has pledged the Receivables to the Indenture Trustee under the Indenture and agrees to hold the Receivables on behalf of the Issuing Entity and the Indenture Trustee for the benefit of the Secured Parties. In performing its duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that the Custodian exercises with respect to files relating to comparable motor vehicle related property that the Custodian services and holds for itself or others. The Custodian hereby acknowledges receipt of the Receivable File for each Receivable listed on the Schedule of Receivables.
Appointment of Custodian; Acknowledgment of Receipt. Subject to the terms and conditions hereof, ACOLT hereby appoints Ally Financial as the Custodian, and Ally Financial hereby accepts such appointment, to act as agent of ACOLT, to maintain custody of the following documents or instruments which shall be constructively delivered to ACOLT with respect to each Lease Asset:
Appointment of Custodian; Acknowledgment of Receipt. (a) Subject to the terms and conditions hereof, the Issuer, the Issuer Loan Trustee for the benefit of the Issuer and the Indenture Trustee hereby revocably appoint the Custodian, but shall not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Issuer, the Issuer Loan Trustee for the benefit of the Issuer, and the Indenture Trustee, to maintain exclusive custody of the Loan Notes relating to the Loans and related assets from time to time owned by the Issuer and the Issuer Loan Trustee for the benefit of the Issuer and pledged to the Indenture Trustee; provided, however, if the Servicer implements its own imaging system for Loan Notes, the Servicer shall provide (1) written notice to the Custodian that the Servicer will maintain custody of the Loan Notes representing Additional Loans that are transferred to the Issuer as of or after such date (and any Loan Notes released to the Servicer pursuant to Section 3(c) as of or after such date) and (2) an Officer’s Certificate to the Indenture Trustee as provided for in Section 3.11(d) of the Sale and Servicing Agreement. Except as specifically set forth in Section 3(c) herein, if the Servicer elects to exercise its option to maintain custody of the Loan Notes representing such Additional Loans, the Custodian will continue to maintain exclusive custody of the Loan Notes previously delivered to it. Notwithstanding the previous sentence, the Custodian will not have any responsibility for any Additional Loans that the Servicer holds after the Servicer exercises its right to maintain custody of the Loan Notes representing such Additional Loans. In performing its duties hereunder, the Custodian agrees to act with reasonable care, using the degree of skill and attention that a commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable consumer loans or other similar loan products that it holds for itself or other third parties. The Custodian shall, during the term of this Agreement, provide the services enumerated in this Agreement and in Appendix I hereto (the “Statement of Work”). For purposes of this Agreement, “
Appointment of Custodian; Acknowledgment of Receipt. Subject to the terms and conditions hereof, ABLT hereby appoints Ally Financial as the Custodian, and Ally Financial hereby accepts such appointment, to act as agent of ABLT, to maintain custody of the following documents or instruments which shall be constructively delivered to ABLT with respect to each Lease Asset:
Appointment of Custodian; Acknowledgment of Receipt. Subject to the terms and conditions of the Original Custodian Agreement, the Owner Trustee on behalf of the Trust and the Indenture Trustee on behalf of the Noteholders revocably appointed the Custodian, and the Custodian accepted such appointment, as custodian and bailee and subject to the terms and conditions hereof, the Owner Trustee on behalf of the Trust and the Indenture Trustee on behalf of the Noteholders hereby confirms such revocable appointment of the Custodian, and the Custodian hereby confirms its acceptance of such appointment, as custodian and bailee. Pursuant to the Indenture, from and after the Initial Closing Date through the date of release (such date, the "Release Date") of the security interest granted to the Indenture Trustee in respect of the Secured Obligations pursuant to the terms of the Indenture the Custodian shall not be acting as agent of the Trust, but rather shall be acting as agent of the Indenture Trustee for the benefit of the Noteholders in respect of the Secured Obligations to maintain exclusive custody of the Receivables Files relating to the Receivables from time to time held as part of the Trust. In performing its duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others. The Custodian hereby acknowledges that on the Initial Closing Date, it received the Receivable File for each Receivable listed on the Initial Closing Date in the Schedule of Receivables attached as Exhibit A to the Original Sale and Servicing Agreement (the "Master Schedule of Receivables") and that on each subsequent Transfer Date, it received the Receivable File for each Receivable listed in the Schedule of Receivables attached as Exhibit A to the related Transfer Agreement and made part of the Master Schedule of Receivables. As evidence of such acknowledgement, the Custodian executed and delivered on the Initial Closing Date, and on each subsequent Transfer Date, a Custodian's Acknowledgment substantially in the form attached to the Original Custodian Agreement. In connection with each conveyance of Receivables to the Trust pursuant to each Transfer Agreement from and after the date of this Custodian Agreement the Custodian shall execute and deliver on the applicable Transfer Date a Custodian's Ackno...
