Common use of BACKGROUND Clause in Contracts

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

Appears in 84 contracts

Samples: Account Control Agreement (Ford Credit Auto Owner Trust 2020-A), Account Control Agreement (Ford Credit Auto Owner Trust 2022-C), Account Control Agreement (Ford Credit Auto Lease Trust 2018-B)

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BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an the Indenture (as defined below), and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

Appears in 30 contracts

Samples: Control Agreement (Verizon Master Trust), Control Agreement (Verizon Master Trust), Control Agreement (Verizon Master Trust)

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture the Indenture, and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

Appears in 14 contracts

Samples: Control Agreement (Verizon Owner Trust 2019-B), Account Control Agreement (Verizon Owner Trust 2019-C), Control Agreement (Verizon Owner Trust 2019-B)

BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Series 2018-3 Notes under an Indenture Supplement to an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Series 2018-3 Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

Appears in 2 contracts

Samples: Control Agreement (Ford Credit Floorplan LLC), Control Agreement (Ford Credit Floorplan LLC)

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BACKGROUND. The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture Indenture, and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders. The parties are entering into this Agreement to perfect the security interest in the bank accounts. The parties agree as follows:

Appears in 2 contracts

Samples: Control Agreement (Verizon ABS LLC), Control Agreement (Verizon ABS LLC)

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