Monthly Remittance Conditions definition

Monthly Remittance Conditions means, collectively, (i) TMCC is the Servicer, (ii) either (a) TMCC’s short-term unsecured debt is rated P-1 by Moody’s and A‑1 by S&P, or (b) certain arrangements are made that are acceptable to the Rating Agencies and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Noteholders).

Monthly Remittance Conditions shall have the meaning assigned to such term in Section 5.02.

Monthly Remittance Conditions means, collectively, (i) TMCC is the Servicer, (ii) either (a) TMCC’s short-term unsecured debt is rated A-1 by S&P and F2 by Fitch, (b) TMCC’s long-term unsecured debt is rated at least BBB by S&P and BBB by Fitch, (c) TMCC has such other unsecured debt ratings from S&P and Fitch in respect of which the Rating Agency Condition has been satisfied for such purpose or (d) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Noteholders).

Examples of Monthly Remittance Conditions in a sentence

• At all times when all Monthly Remittance Conditions are satisfied, the Servicer shall remit collections received during a Monthly Period to the Collection Account in immediately available funds on or before the related Distribution Date.

• So long as such Monthly Remittance Conditions are met, the Servicer shall not be required to segregate or otherwise hold separate any Payaheads remitted to the Servicer as aforesaid but shall be required to remit Payaheads to the Collection Account in accordance with Section 4.6(a)(i).

• At all times as such Monthly Remittance Conditions are not met, the Servicer shall deposit in the Payahead Account the amount of any Payaheads then held or received by it.

• Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as all Monthly Remittance Conditions are not satisfied, all Payments Ahead then held by the Servicer shall be immediately deposited into the Payahead Account and all future Payments Ahead shall be remitted by the Servicer to the Payahead Account within two Business Days after receipt thereof.

• Notwithstanding the foregoing, so long as all Monthly Remittance Conditions are satisfied, the Servicer will not be required to deposit Payments Ahead in the Payahead Account within two Business Days after receipt thereof but shall be entitled to retain such Payments Ahead, without segregation from its other funds, until such time as the Servicer shall be required to remit Applied Payments Ahead to the Collection Account pursuant to Section 5.06(a)(i).

More Definitions of Monthly Remittance Conditions

Monthly Remittance Conditions. As defined in Section 2.12 of the Servicing Agreement.

Monthly Remittance Conditions shall have the meaning specified in Section 4.02(a).

Monthly Remittance Conditions means that (i) TMCC is the Servicer, (ii) either (a) TMCC's short-term unsecured debt is rated at least P-1 by Moody's and A-1 by Standard & Poor's (so long as Moody's and Standard & Poor's are Rating Agencies), or (b) certain arrangements are made that have been approved in writing by each Rating Agency that has rated any class of securities issued in connection with a Securitized Financing at the request of the Grantor and (iii) no Early Amortization Event or Event of Servicing Termination as defined in any SUBI Supplement shall have occurred and be continuing.

Monthly Remittance Conditions has the meaning assigned to such term in the 20[__]-[__] Servicing Supplement.

Monthly Remittance Conditions means, with respect to Series 1996-1 Collections, (i) Ford Credit is the Administrative Agent, (ii) the rating of Ford Credit's short-term unsecured debt is at least P-1 by Moody's Investors Service, Inc. and A-1 by Standard & Poor's Ratings Group and (iii) no Event of Default with respect to Series 1996-1 shall have occurred under the Administrative Agency Agreement.

Monthly Remittance Conditions means that (1) TMCC is the Servicer, (ii) either (a) TMCC’s short-term unsecured debt is rated at least P-1 by Moody’s and A-1 by Standard & Poor’s (so long as Moody’s and Standard & Poor’s are Rating Agencies), or (b) certain arrangements are made that have been approved in writing by each Rating Agency that has rated any class of securities issued in connection with a Securitized Financing at the request of the Grantor and (iii) no Early Amortization Event or Event of Servicing Termination as defined in any SUBI Supplement shall have occurred and be continuing.

Monthly Remittance Conditions means each of the following conditions: