Examples of Grantor Trust Seller in a sentence
If the Grantor Trust Seller shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request to do so, the Grantor Trust Trustee alone shall have the power to make such appointment.
To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of July 24, 2024, between the Grantor Trust Seller, the Grantor Trust, Bridgecrest Auto Funding LLC, as seller, Bridgecrest Acceptance Corporation, as Servicer, and Computershare Trust Company, National Association, as Standby Servicer and as Indenture Trustee, as the same may be amended or supplemented from time to time.
All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Grantor Trust Seller, the Grantor Trust Trustee and its successors and each Grantor Trust Certificateholder and its successors and permitted assigns, all as herein provided.
Upon the formation of the Grantor Trust and until the issuance of the Grantor Trust Certificates, the Grantor Trust Seller shall be the sole beneficiary of the Grantor Trust, and upon the issuance of the Grantor Trust Certificates, the Grantor Trust Seller will no longer be a beneficiary of the Grantor Trust, except to the extent that the Grantor Trust Seller is a Grantor Trust Certificateholder.
The Grantor Trust Seller hereby appoints the Grantor Trust Trustee as trustee of the Grantor Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein.
Upon receiving such notice of resignation, the Grantor Trust Seller and the Administrator, acting jointly, shall promptly appoint a successor Grantor Trust Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Grantor Trust Trustee and one copy to the successor Grantor Trust Trustee.
The Grantor Trust was created pursuant to a trust agreement dated as of December 22, 2023 (as amended and restated as of July 24, 2024, the “Grantor Trust Agreement”), between the Grantor Trust Seller and Wilmington Trust, National Association, as grantor trust trustee (the “Grantor Trust Trustee”), a summary of certain of the pertinent provisions of which is set forth below.
The Grantor Trust Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Grantor Trust Seller, the Administrator, the Servicer, the Indenture Trustee and the Grantor Trust Certificateholders.
The Grantor Trust Seller shall provide (or shall cause to be provided) notice of such resignation or removal of the Grantor Trust Trustee to each of the Rating Agencies.
If the Administrator on behalf of the Grantor Trust Seller has actual knowledge that withholding tax under FATCA applies with respect to one or more payments on a Grantor Trust Certificate, the Administrator on behalf of the Grantor Trust Seller will notify the Grantor Trust Trustee of such fact.